Optimal Blue: Rate-and-term refis soar 70% in August
Borrowers rushed to refinance in August as mortgage rates eased, pushing rate-and-term lock volume up 70% from July, according to Optimal Blue’s Mortgage Market Advantage report.
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FHA seeks input on buy now, pay later lending
The Federal Housing Administration (FHA) has opened a request for information on buy now, pay later (BNPL) lending as it seeks to understand its implications for housing affordability and stability.
NAR: Homebuyers still have down payment misconceptions
One of the most persistent misconceptions among aspiring homeowners is that a 20% down payment is required to buy a home.
FHA rescinds 12 policies as Trump administration pushes to cut red tape
Scott Turner, the secretary of the U.S. Department of Housing and Urban Development (HUD), which oversees the FHA, said in a statement that the rescissions are “bold, necessary and long overdue.”
Homebuyers made record down payments in 2024
For all of 2024, buyers put down an average of $29,900, or 14.4% of the purchase price, marking the highest figures since tracking began.
Loan officers are seeing an uptick in FHA, VA demand
Loan officers are seeing increase demand for government mortgages, and if rates go lower, there could be a wave of refinances to follow.
Mortgage applications for new homes are 9% higher than a year ago
MBA builder application survey data for December highlighted 9% year-over-year growth in loan applications for new homes.
Conforming mortgage share hit record low in December
At the tail end of 2024, mortgage borrowers shifted their attention away from conforming mortgages and toward refinance opportunities. A report released Tuesday by Optimal Blue found that the conforming loan share sank to historic lows in December.
Mortgage groups push FHA for loss mitigation extension
In November, the FHA proposed updates to its permanent loss-mitigation options based on lessons from the COVID-19 temporary policies.
FHA loan limit increases to $524,225 in 2025
The FHA limits increased for 2025, but at a slightly lower level than observed one year ago owing to the pace of home price appreciation.