Mortgage rates continued their frustrating, and somewhat puzzling, rise today, with the average lender approaching its highest level since the end of May. While rising interest rates are always frustrating for the housing and mortgage market and for prospective borrowers, ups and downs are a part of life — in other words, it's completely normal to have good and bad interest rate days. What is less common is that counterintuitive interest rate movements do occur from time to time. In other words, a sudden drop or rise in interest rates can usually be linked to one or more root causes…
Author: Private Lending Agent
Chicago-based Guaranteed Rate, one of the nation's largest mortgage lenders, is rebranding to “Rate.” The company made the announcement on social media on Monday. “Today, we are rebranding as Rate,” the company posted on LinkedIn. “Like our simplified name, we're focused on using AI to empower both customers and loan officers to make the mortgage process smoother, faster and smarter. This isn't just a new name. It's a new era.” Guaranteed Rate was the ninth-largest mortgage lender in the United States last year, according to data from Scotsman Guide. The company originated more than 59,000 loans, totaling $21.7 billion. It…
After a close final round, KBS took first and second place at the Rocket Mortgage Classic. The winners were using KBS Tour-V 120HT shafts on Titleist irons and wedges. The Australian golfer started the tournament with a score of 68 and improved on that with a round of 66 on Friday. On Saturday, he shot another 66 to give himself a chance heading into the final round. The KBS golfer admitted that he has been battling mental challenges for the past six months due to his poor golf performance. The final round will be the ultimate test to see if…
The emerging scenario of sustained high interest rates could boost profitability for U.S. banks.That's the comment from Goldman Sachs analyst Richard Lumsden, who offered a cautiously optimistic outlook for the second-quarter earnings season in a note on Monday.The first to report on July 12 are JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C), and Bank of New York Mellon (BK). Goldman Sachs (GS) and Bank of America (BAC) are scheduled to report on July 15 and 16, respectively.Analysts optimistic ahead of banks' second-quarter results”In an environment of elevated long-term interest rates, longer-term rate sensitive assets continue to reset at elevated…
To comfortably purchase a typical U.S. home, a middle-income homebuyer would need to put down about $127,750, or 35.4%, according to real estate market analysis by Zillow (Nasdaq: Z and ZG). Five years ago, when mortgage rates “were hovering just above 4% and the typical home was worth about 50% less, the home would have been affordable with no down payment,” Zillow's update noted. Real Estate Update noted that a down payment of $127,750 is “the amount that an average-income household would need to pay to purchase a typical U.S. home, worth about $360,000, so that their monthly mortgage payments…
Find out what’s happening with mortgage rates today and calculate monthly repayments across a range of different rates and deals. 1 July: NatWest’s Second Round Of Reductions In Less Than Fortnight NatWest has cut selected fixed rate mortgage deals, available direct and through brokers, by up to 0.23 percentage points, effective from tomorrow (2 July), writes Jo Thornhill. It follows cuts of up to 0.17 percentage points to fixed rate deals by the bank less than two weeks ago. Among the newly-priced deals is a five-year fixed rate for purchase at 4.34%, or 4.77% over two years. For remortgage, five-year…
Source: Leeds Business Confidence Index. BOULDER — National issues, particularly the upcoming presidential election and persistent inflation, are worrying Colorado business leaders more than their local counterparts, leading to a decline in optimism about the economy, according to a recent University of Colorado Boulder survey. The Leeds Business Confidence Index fell 3.1 points between Q2 and Q3 2024, but the overall picture remained slightly more optimistic. Going into the third quarter, the index was at 50.6. The LBCI score, which is based on impressions of the state economy, the national economy, industry sales, industry profits, industry employment and capital spending,…
Yahoo's take: AmeriHome Mortgage offers a variety of mortgage options and borrower incentives that can help you lower your out-of-pocket expenses, but if you live in Hawaii, Massachusetts or New York, or if you want a USDA loan, home equity loan or HELOC, you'll need to look elsewhere.AmeriHome Mortgage is a national mortgage lender offering loans in 47 states. The company offers a variety of mortgage options, including conventional, FHA, VA, non-conformed and jumbo loans, as well as interest rate buydown options that can reduce your interest rate by up to 3%.The company is highly rated by customers, with a…
MARTINEZ — Real estate values in Contra Costa County are falling as prices for many commercial properties, including office buildings, have plummeted, according to an annual government report.While property values are rising in Contra Costa County, the rate of increase is the slowest in the past three years, pointing to weakness in sectors such as commercial real estate.NoMa Apartments is a 135-unit apartment complex located at 1910 North Main Street in Walnut Creek. (Google Maps)Sluggish property value growth could put a strain on the revenue that Contra Costa County city, regional and county agencies receive from property tax revenue.The total…
Key Takeaways Construction spending fell month-on-month for the first time in a year and a half. The Federal Reserve raised its key interest rate to its highest level in 23 years and has maintained it there for the past 12 months. Higher interest rates, designed to slow spending and thus curb inflation, appear to be having the desired effect on the construction sector. Construction spending fell from the previous month for the first time in a year and a half due to high interest rates. Spending on residential and commercial building construction projects fell in May, according to a report…