Just in! Biden Admin Cuts Mortgage Insurance Payments for New Homebuyers
The Biden administration has announced a reduction in the annual mortgage insurance premium charged to new borrowers taking out loans insured by the Federal Housing Administration (FHA). The premium rate will decrease from 0.85% to 0.55%, lowering monthly mortgage...Navigating the Housing Market in 2023: Insights from CoreLogic and Zillow’s Latest Surveys
The latest data from CoreLogic and Zillow shows that the market is expected to continue to appreciate in the coming years, though not at the breakneck pace of 2020 and 2021. According to CoreLogic’s Home Price Index, home values increased by 6.9% in December 2022...Break for Homebuyers: Mortgage Rates Fall for 4th Week in a Row
Mortgage rates have fallen for the fourth week in a row, following a smaller interest rate hike by the Federal Reserve. The 30-year fixed-rate mortgages for prime borrowers with a 20% down payment averaged 6.09% this week, down from 6.13% the previous week. This...Pending Home Sales up 2.5% in December, Mortgage Rates Down
According to data from the National Association of Realtors (NAR), pending home sales rose 2.5% month over month in December. This marks the first increase since May 2022, following six consecutive months of declines. But what's driving this positive change in the...January 2023: The Year Ahead
The Federal Reserve's decision to increase the Federal Funds Rate from nearly 0% at the start of 2022 to 4.5% in December 2022 was made to combat inflation. However, this increase in the Fed Funds Rate resulted in long-term mortgage rates more than doubling, rising...
Chris Mason, Loan Officer
