Mortgage news
Here are some recent mortgage news updates:
Interest Rates
- The average 30-year fixed mortgage rate in the US has fallen to 3.45%, according to Freddie Mac's Primary Mortgage Market Survey (PMMS) for the week ending March 17, 2023.
- The 15-year fixed mortgage rate has also decreased to 2.83%.
Mortgage Applications
- Mortgage applications in the US increased by 2.5% on a seasonally adjusted basis for the week ending March 17, 2023, according to the Mortgage Bankers Association (MBA).
- The MBA's Market Composite Index, which measures mortgage application volume, rose to its highest level since June 2020.
Housing Market
- The National Association of Realtors (NAR) reported that existing home sales in the US fell by 6.6% in February 2023, compared to the same period last year.
- The median existing home price in the US increased by 12.2% year-over-year to $340,000 in February 2023, according to the NAR.
Regulatory Changes
- The Consumer Financial Protection Bureau (CFPB) has proposed new rules to improve the mortgage servicing process, including requirements for servicers to provide more transparent and accurate information to borrowers.
- The Federal Housing Administration (FHA) has announced changes to its mortgage insurance premiums, which will increase the premiums for some borrowers and decrease them for others.
Industry Trends
- The use of digital mortgage platforms is becoming increasingly popular, with 71% of lenders reporting that they offer digital mortgage applications, according to a survey by the Mortgage Bankers Association.
- The rise of non-QM (non-qualified mortgage) lending is also gaining traction, with many lenders offering non-QM products to borrowers who may not qualify for traditional mortgage programs.
Economic News
- The US economy grew at an annualized rate of 2.1% in the fourth quarter of 2022, according to the Bureau of Economic Analysis (BEA).
- The unemployment rate in the US fell to 3.8% in February 2023, according to the Bureau of Labor Statistics (BLS).
These are just a few of the recent mortgage news updates. If you have any specific questions or would like more information on a particular topic, feel free to ask!