Mortgage rates have fallen to their lowest since mid-March 2024, with 30-year fixed rates at 6.77%. Shawn Grzebin, head of consumer lending at Chase Home Lending, appears on Wealth! to discuss the current state of the U.S. housing market, with buyers who have been on the sidelines now stepping up to buy.Grevin said buyers tend to focus more on mortgage interest rates and less on the fees and costs associated with the interest rate and the cost of buying a home. With mortgage rates still relatively high, Grevin encourages buyers to shop around with mortgage lenders to find the best…
Author: Private Lending Agent
ICE Mortgage Technology's Encompass loan origination system was shut down due to a global technical outage. By Friday afternoon, many parts of the mortgage software provider's system had been restored, a company representative said.The industry technology provider said the disruptions were related to the larger CrowdStrike incident, but would not confirm or deny whether the company itself uses the software. The company's status center said its data and document automation software was also affected but had been fully restored by noon PDT. The first visible update about technical issues with Encompass, DDA and ICE's Velocify software was posted at 1:45…
Fannie Mae on Thursday priced the transfer of $659 million of credit risk through a real estate mortgage investment conduit structure, the fifth transaction of its kind the company has brought to market this year.Since its first CAS deal in 2013, the government-backed company has issued $68 billion in bonds and shared some of the credit risk on about $2.3 trillion in single-family loans with private investors, but the presidential election has raised questions about the scope of its future activities.The vote this fall will pit former President Trump against current President Biden, whose administrations handled capital requirements for structured…
Everyone is eagerly awaiting lower mortgage rates. Some may have marked their calendars for the upcoming rate cut in September. For borrowers, it will be a much-needed relief after the Federal Reserve has been battling runaway inflation for two years. But the rate cut won't immediately translate into lower mortgage rates, according to one industry watcher. “The bond market has already priced in a rate cut, so a simple Fed action of cutting rates won't necessarily have a direct impact on mortgage rates,” Alan Ratner, managing director at housing research firm Zelman & Associates, said in an interview with CNBC…
As mortgage rates have soared, the American housing market has fallen into a “mortgage rate lock-in effect,” with homeowners unwilling to sell because it would mean they would have to trade their lower-interest loans for their current higher-interest loans. A new report from U.S. News & World Report finds that this lock-in effect is much worse in some states than others. It all depends on the state's “lock-in gap,” which is the average mortgage rate homeowners currently pay minus the interest rate they could qualify for if they were to purchase another property. This gap can vary from place to…
Each month we feature one of Portland's many unique suburbs and share our assessment of its housing market to help guide your real estate buying decision. You can see all the suburbs we've featured in our Portland Suburban Real Estate Market Report, or read our latest monthly report for an overview of the Portland metropolitan area's real estate market as a whole. This month, we focus on the suburb of Sandy, located in Clackamas County, about 30 miles east of Downtown Portland. Named for the nearby Sandy River, the suburb serves as the western gateway to the…
In the article The umbrella term “passive real estate investing” includes just about anything other than directly owned real estate. Common examples include real estate syndications (group investments in large properties), private equity real estate funds, real estate secured debt funds, private notes, real estate crowdfunding investments, and private partnerships where you invest money as a silent partner. As a “recovering landlord” who sold my last rental property and a digital nomad living abroad, I love passive real estate investing – I can invest hassle-free from anywhere in the world. When most people talk about building generational wealth in real…
The Fed has entered the final stretch of its fight against inflation, and with credibility at stake, it cannot afford to back down before reaching the finish line.Photo: BloombergMichael R Strain With inflation subsiding and unemployment rising in the U.S., investors are betting the Federal Reserve will cut interest rates. At the time of writing, market prices are suggesting less than a 2% chance that the Fed will not cut interest rates at its September policy meeting, and even a 7% chance that it will cut rates at its next meeting later this month. The case for a rate cut…
Rising interest rates and rising home prices have put many potential home buyers off purchasing in recent months. While the prime rate increases the cost of borrowing for credit cards and other lending products, mortgage rates are more influenced by the bond market and the 10-year Treasury yield. With that in mind, here are some tips to help you manage the impact of rising interest rates on your home search. Get Ready It's nearly impossible to time a drop in mortgage rates with the purchase of a new home, and lower rates may even increase competition, so focus on what…
In this IssueEconomic growth for Q1 2024 slows to the lowest level since Q2 2022 while the labor market also shows signs of cooling.Home sales continue to remain low even as mortgage rates ease slightly, and while we see improvement in inventory, it remains below pre- pandemic averages.While credit card and auto loans are performing worse than their pre-pandemic average, mortgage loans are performing better. We also find that non-mortgage credit performance is better for people with mortgages as compared to people who do not have one. MORERecent developmentsU.S. economy: The third estimate of U.S. economic growth released by the Bureau…