While rising mortgage rates have set potential homebuyers scrambling, a poll from Redfin finds sellers are also concerned about the development. According to the survey, 47 percent of sellers said they are worried about a spike in rates driving down buyer demand, up from 23 percent in the last poll. An increasing percentage of homeowners are also anticipating larger price gains, though concerns over rising prices eased, falling from 32 percent to 29 percent quarter-over-quarter.
Read More »Senate Banking Committee Passes FHA Solvency Act
The Federal Housing Administration (FHA) Solvency Act of 2013 (S. 1376) is headed to the Senate after receiving approval from the Committee on Banking, Housing, and Urban Affairs.
Read More »FOMC Issues Mortgage Rate Warning, Sticks to Bond Purchases
Despite concerns about rising mortgage rates and low inflation, the Federal Open Market Committee (FOMC) voted Wednesday to continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. In a subtle change of language, the committee "reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends."
Read More »DocuTech Hires Technology Expert as Product Manager
DocuTech Corp., a compliance and documentation technology provider headquartered in Idaho, hired Frank Colson as product manager.
Read More »Mortgage Insurers Report Decline in June Policies, Rise in Dollar Volume
June saw a decline in the number of private mortgage insurance policies issued, though dollar volume for those policies increased, according to the latest monthly report from Mortgage Insurance Companies of America (MICA). Member companies issued a combined 49,666 insurance certificates, down from 52,545 in May. June's decline was the first since February. While policies fell, dollar volume rose, jumping to nearly $12.3 billion from May's $12.0 billion.
Read More »Mortgage Applications Drop for Seventh Straight Week
Mortgage application volume declined last week at a more sudden rate than in previous weeks, according to data from the Mortgage Bankers Association (MBA).
Read More »MBA: Commercial/Multifamily Originations Up in Q2
Commercial and multifamily loan originations are up both quarterly and over the year, according to MBA's Quarterly Survey of Commercial/Multifamily Originations.
Read More »VeroSCORE Updated to Measure Appraisal Complexity, Other Factors
Veros, a provider of collateral valuation technology, enterprise risk management, and predictive analytics, announced an update to its VeroSCORE appraisal risk scoring tool.
Read More »Consumer Confidence Slips as Outlook Weakens
The Conference Board's Consumer Confidence Index, which had increased for the third straight month in June, pulled back to 80.3 in July as its two sub-components moved in different directions. "Consumer Confidence fell slightly in July, precipitated by a weakening in consumers' economic and job expectations," said Lynn Franco, director of economic indicators at the Conference Board. "Consumers' assessment of current conditions continues to gain ground and expectations remain in expansionary territory despite the July retreat."
Read More »FHFA Rate Index Edges Up in June
The Federal Housing Finance Agency's (FHFA) index of new mortgage contracts shows interest rates climbing 0.15 percent from May to June. According to FHFA's Monthly Interest Rate Survey, the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders was 3.55 percent for loans closed in late June. As loans are typically locked in 30-45 days before a loan is closed, June's data reflect market rates from mid- to late May.
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