Mortgage rates improved more noticeably today, and while the average rate isn’t quite as low as it was last week, it’s fairly close. Rates are based on movement in the bond market. Bonds were most likely to move in response to one or both of today’s big economic reports. Oddly enough, most of the bond […]
Mortgage Rates Back Down Near Recent Lows Read More »
Pennymac may face prolonged “pay-to-pay” litigation after a judge rejected the company’s move to toss a borrower’s class action complaint. North Carolina homeowner Clayton Williams is suing Pennymac in federal court over the fee he was charged when he made a mortgage payment with a debit card last year. The servicer says a third-party vendor
Pennymac must face ‘pay-to-pay’ suit, judge rules Read More »
Key takeaway: Treasury Secretary Scott Bessent said in an appearance Wednesday that the Federal Reserve should require regional Fed presidents to reside in their districts for three years going forward. Supporting data: All 12 regional Fed presidents’ terms expire every five years and are reappointed as a bloc. The next vote on reappointing regional bank
Bessent floats residency rule for regional Fed presidents Read More »
Senate Democrats are warning the Trump administration not to cut an arcane but critical function of the Consumer Financial Protection Bureau that underpins the housing market as officials move to dismantle the agency. At issue is the CFPB’s weekly publication of Average Prime Offer Rate tables, a key benchmark enabling the smooth operation of the
Warren warns CFPB on its ‘half-baked idea’ for mortgage-rate data Read More »
US companies shed payrolls in November by the most since early 2023, adding to concerns about a more pronounced weakening in the labor market. Private-sector payrolls decreased by 32,000, according to ADP Research data released Wednesday. Payrolls have now fallen four times in the last six months. The median estimate in a Bloomberg survey of
Payrolls at US companies fall by most since 2023, ADP says Read More »
US mortgage rates fell last week to a one-month low, spurring home-purchase activity. The contract rate on a 30-year mortgage dropped 8 basis points to 6.32% in the week ended Nov. 28, which included the Thanksgiving holiday, according to Mortgage Bankers Association data released Wednesday. The rate on a five-year adjustable mortgage declined to 5.4%,
Mortgage rates slide to 6.32%, boosting purchase activity Read More »
A new type of reverse mortgage security needs to be created to accommodate Home Equity Conversion Mortgages that have reached the 98% maximum claim amount, a pair of industry organizations said in their respective responses to a government request for information. The RFI from the Federal Housing Administration and Ginnie Mae — along with their
Industry pushes new HMBS to fix aging reverse loans Read More »
Bill Pulte, the director of the oversight agency setting policy for the government-sponsored enterprises, has pressed Federal Reserve Chair Jerome Powell to do more to lower mortgage rates but the GSEs themselves also have a hand in loan pricing that reform could impact. A Fannie Mae study notes that while the 10-year treasury yield, which
How GSE changes in LLPAs, MBS could shift rates Read More »
Unlike Monday, which saw a fairly brisk move toward higher rates, Tuesday barely budged. Additionally, the budging occurred in a friendly direction with the average lender offering rates that were just a hair lower than yesterday’s. Starting tomorrow morning, this week’s potential volatility will be higher. Each day brings several economic reports with the power
Mortgage Rates Move Slightly Lower Read More »
Embattled MV Realty has settled a lawsuit filed by Idaho Attorney General Raul Labrador involving an agreement it promoted known as Non-Title Recorded Agreements for Personal Services or NTRAPS. These contracts, also known as “Homeowner Benefit Agreements,” lock a homeowner into a long-term arrangement to sell the property in exchange for a fee. This encumbrance
MV Realty settles NTRAPS cases in Idaho, New Jersey Read More »