The value of non-performing mortgages in Kenya hit a record high of 40 billion Kenyan shillings in December 2023 on the back of rising interest rates and tough economic conditions facing borrowers. Newly released data from the Central Bank of Kenya (CBK) shows mortgage lenders' non-performing loans rose 8 per cent, or Sh3 billion, last year, capping a tough two years for the sector. The rate of non-performing loans in this sector was in the low single digits a decade ago. Deteriorating mortgage balances have forced lenders to seize and auction partially paid-off homes in the past two years to…
Author: Private Lending Agent
Four months ago, I asked myself the following question: If I had a few million dollars to start a real estate brokerage right now, free from inertia, office politics and traditional expectations, what would I do? The “now” part is key. The sandstorm of confusion and uncertainty that has hit the real estate industry since last fall has been brutal. How can we find opportunity in this situation? I decided to explore this by creating a fictional real estate company and “launching” it at the inaugural 1000WATT Brand & Marketing Summit. Presenting the concept developed could challenge the traditional leaders…
Mortgage rates broke the 7% barrier this week, according to Bankrate's latest survey of lenders. This is the first time the 30-year average has dipped below 7% since February, driven by optimism that the Federal Reserve may cut rates in the near future. The 30-year mortgage rate fell to 6.92%. The 15-year rate fell to 6.92% and the 30-year jumbo rate fell to 6.92%. In this week's survey, discount points and origination points for a 30-year fixed mortgage averaged a total of 0.28. Discount points are a way to lower your mortgage interest rate, while origination points are a fee…
Lumber Market News Fixed-rate mortgages continue to decline in week ending July 18 Posted on July 18, 2024 Freddie Mac released its Primary Mortgage Market Survey® for the week ending Thursday, July 18th. The average 30-year fixed-rate mortgage was 6.77%, down from last week's average of 6.89%. At the same time a year ago, 30-year rates averaged 6.78%. The average 15-year fixed-rate mortgage was 6.05%, down from last week's average of 6.17%. At the same time a year ago, 15-year rates averaged 6.06%. Commenting on this week's survey results, Freddie Mac Chief Economist Sam Carter said: “The 30-year fixed-rate mortgage…
Lumber Market News Mortgage applications for new home purchases decline in June End Use Posted on July 18, 2024 On Thursday, the Mortgage Bankers Association (MBA) said data from the Builders Applications Survey (BAS) showed that mortgage applications for new home purchases fell 16.0% in June from the previous month but increased 0.7% from a year ago. This change does not include adjustments for typical seasonal patterns. The MBA estimates that new single-family home sales in June were a seasonally adjusted annual rate of 626,000, down 10.8% from May. On an unadjusted basis, the MBA estimates that new home sales…
Triple-A mortgage bonds are defaulting…look at local banks…even with interest rates being cut, refinance rates will hurt…what to do with your portfolio In 2014, private equity giant Blackstone purchased the Manhattan skyscraper using $308 million in mortgage financing.These bonds were AAA rated. The safest bonds. What could go wrong?By 2022, the Manhattan skyscraper's largest tenant had moved out, leaving 77% of the space vacant. Blackstone no longer saw the math and handed the keys over to its lenders.Mortgage bond holders, including MetLife and Farmers Insurance, lost at least 25% of their money. Today, the commercial real estate collapse is spreading…
What happens when you combine a decentralized application (dApp) tokenization platform with a decentralized finance (DeFi) protocol built on real-time data? More than just an interesting bunch of words, two real estate proptech startups think this means very good things for property owners using non-fungible tokens (NFTs). Propy and Parcl announced a strategic partnership on Thursday, hoping that Parcl's data integration will improve analytics for valuing real estate created on the dapp PropyKeys. According to the companies, $10 billion worth of homes in the U.S. have been tokenized or are ready to be tokenized, with their value expected to reach…
Key Takeaways Mortgage rates fell for the second straight week to their lowest since mid-March, according to Freddie Mac. Mortgage rates have eased slightly from their high levels, but they remain elevated as the Federal Reserve continues to fight inflation. Economists believe mortgage rates could rise above 6.5% by the end of the year. This week, average mortgage rates fell to their lowest level since mid-March. The average rate on a 30-year fixed-rate mortgage is 6.77%, down 12 basis points from last week, according to Freddie Mac. Mortgage rates have generally been trending downward since early May, despite a few…
The timing couldn't be better: Home-buying season is in full swing and mortgage rates are at their lowest since March.The average interest rate on a 30-year fixed-rate mortgage for the week ending July 18 was 6.67%, down 10 basis points from the previous week's average. A basis point is one-one-one-hundredth of a percentage point. The average interest rate for the week was the lowest since the week ending March 14, according to rates provided to NerdWallet by Zillow.Interest rates fall in line with inflationInterest rates tend to rise when overall prices are soaring and fall when prices are stable. You…
The timing couldn't be better: Home-buying season is in full swing and mortgage rates are at their lowest since March.The average interest rate on a 30-year fixed-rate mortgage for the week ending July 18 was 6.67%, down 10 basis points from the previous week's average. A basis point is one-one-one-hundredth of a percentage point. The average interest rate for the week was the lowest since the week ending March 14, according to rates provided to NerdWallet by Zillow.Interest rates fall in line with inflationInterest rates tend to rise when overall prices are soaring and fall when prices are stable. You…