Daily Dose

The good news is that purchase loans are closing in record time. The bad news is that FICO scores are going down as interest rates go up.

The average monthly Homeowners Association fee was $250 in 2005, but by 2015, that number grew to $331.

The majority of respondents to a recent survey by the National Association of Realtors said they believe this is a good time to buy or sell a home, that the economy is improving, and that housing prices will continue to escalate.

GSE says slow consumer spending in January should not dampen the national economy. Jobs and residential construction key to GDP growth.

Looking forward, experts discuss what effects the rate hike may have.

Outside of pockets of extreme growth such as Silicon Valley, today’s consumers seem to be holding onto their money rather than putting it into a home. In response, the mortgage industry must evolve to reach the first-time homebuyer, and understanding millennials is the key.

Millennials and first-time home buyers are expected to continue buying homes regardless of a mortgage rate increase, according to real estate and title professionals.

The rising rent costs could mean now is a good time to buy a home in the U.S., especially in high-rent financial centers like New York and San Francisco, as high rents in these areas may cause some consumers to switch from renting to homeownership.

Mortgage applications for new homes are up nearly 16 percent over the year and 2 percent since January 2017, according to recent data.

Home appraisals were an average of 1.69 percent lower than what homeowners expected, a gap that has widened for the third month in a row.