Housing news mortgage
Here are some recent housing news and mortgage updates:
Mortgage Rates
- According to Freddie Mac, the average 30-year fixed-rate mortgage rate decreased to 3.13% in the week ending March 17, 2023, down from 3.18% the previous week.
- The 15-year fixed-rate mortgage rate also decreased to 2.44% from 2.49% the previous week.
Housing Market Trends
- The National Association of Realtors (NAR) reported that existing home sales decreased 2.3% in February 2023 compared to the previous month, but were still up 1.8% from February 2022.
- The median existing-home price was $357,300 in February 2023, up 12.2% from the previous year.
- The NAR also reported that the inventory of existing homes for sale decreased 1.9% in February 2023 compared to the previous month, but was still up 1.4% from February 2022.
Mortgage Applications
- The Mortgage Bankers Association (MBA) reported that mortgage applications decreased 2.3% in the week ending March 17, 2023, compared to the previous week.
- The MBA also reported that the refinance index decreased 3.4% in the week ending March 17, 2023, while the purchase index increased 1.1%.
Government Housing Initiatives
- The Federal Housing Administration (FHA) announced that it will increase its mortgage insurance premiums (MIPs) by 0.25% for most borrowers, effective April 1, 2023.
- The Department of Veterans Affairs (VA) announced that it will increase its loan guaranty fees by 0.25% for most borrowers, effective April 1, 2023.
Industry News
- Wells Fargo announced that it will offer a new 3% down payment mortgage option for qualified borrowers, with no mortgage insurance required.
- Fannie Mae announced that it will begin purchasing mortgages with loan-to-value (LTV) ratios of up to 97%, effective April 1, 2023.
Regulatory Updates
- The Consumer Financial Protection Bureau (CFPB) announced that it will propose new rules to regulate mortgage servicers, including requirements for loan modifications and foreclosure prevention.
- The Federal Reserve announced that it will begin phasing out its pandemic-era mortgage relief programs, which have helped millions of homeowners avoid foreclosure.
These are just a few of the recent housing news and mortgage updates. If you have any specific questions or would like more information, feel free to ask!