Interest rates on the most popular type of U.S. home loan shot to a six-month high last week as global rates continued their march higher against a bout of stiff inflation and expectations that central banks will back further away from their pandemic-era easy-money policies. The contract rate on a 30-year fixed rate mortgage climbed…
Vulnerable US Homeowners Face Uncertainty as Mortgage Forbearance Ends
Close to half a million low-income homeowners in the United States, many of them minorities, are nearing the end of mortgage forbearance plans that allowed them to halt loan payments during the pandemic. The number of borrowers exiting the plans is expected to surge over coming weeks as people who signed up early on in…
Home Sales Dip, Prices Ease in August
Sales of previously occupied homes in the United States fell in August, breaking two consecutive months of growth, while prices eased somewhat, according to the National Association of Realtors (NAR). Existing home sales—which include single-family houses, condominiums, and co-ops—fell 2 percent in August, after rising 1.6 percent in June and 2.2 percent in July, according…
Stronger Mortgage Demand Suggests Tailwind for Housing Market
The number of applications for home mortgages rose sharply last week, according to the Mortgage Bankers Association (MBA), dovetailing with recent federal data showing a surge in building permits and pointing to a likely boost in future home sales. Total mortgage application volume rose 4.9 percent last week, according to MBA’s composite index that tracks mortgage…
Canadians Have High Debt Loads, and Most of It Is for Housing
Canadians are spending record amounts on housing, putting themselves at much higher risk than before should home prices collapse or interest rates rise. Canada’s seasonally adjusted annual rate of residential investment, which includes home construction, significant renovations, and ownership transfer costs, hit $249.3 billion in the second quarter of 2021, with $67.9 billion spent during…
Mortgage Rates Remain Relatively Flat as Economy Loses Momentum: Freddie Mac
Mortgage rates remain relatively flat as the economy has lost momentum amid the COVID-19 pandemic, according to the latest results of Freddie Mac’s Primary Mortgage Market Survey. According to the data released Thursday by the federally chartered mortgage investor, the rate on a 30-day fixed-rate mortgage averaged 2.88 percent for the week ending Sept. 9, up slightly from 2.87 percent…
Average New Home Loan Size Hit Record High in July
The average new home loan size rose to a record high in July as the housing supply crunch drove more prospective buyers to turn to newly-built homes, according to the Mortgage Bankers Association (MBA). Even as the number of mortgage applications for new home purchases fell by a seasonally unadjusted 4 percent between June and July, the…
Far-Left Democrats Want Eviction Moratorium to Last Forever
Commentary Far-left Congressional Democrats Cori Bush (Missouri), Ilhan Omar (Minnesota), and Ayanna Pressley (Massachusetts) slept in the rough on the Capitol steps over the weekend, surrounded by cases of bottled water, pizza boxes, staffers, and fawning press. These Democrats, who are part of a group who call themselves “The Squad,” are protesting the end of…
Photos: Woman Feeling ‘Crippled’ by Mortgage Debt Builds Her Own Tiny Home on Wheels
Ingrid Stanway was living in a rental home with her mother when she was struck by a bright idea. Then single, 41, and crippled by mortgage debt, she decided to go it alone and build a tiny home for the debt-free future she coveted. Inspired by DIY videos, Ingrid’s big dream made up for her…
Housing Policy Mismanaged at All Government Levels, Critics Say
Soaring house prices have made buying a home difficult for Canadians, a situation experts attribute to various factors including policies at the federal, provincial, and municipal levels. Carleton University business professor Ian Lee is a former Bank of Montreal mortgage manager and pays close attention to housing markets and policy. “The housing crisis is not…
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