Two years ago, nine out of 10 mortgages had rates below 5 percent. Today, there are 5.8 million fewer sub-5 percent mortgages in the market and 1 in 4 borrowers has a higher rate. Continue reading
Modest pilot program approved by federal regulators was opposed by banks who have traditionally provided most home equity loans. Nonbank lenders have already made inroads into the business. Continue reading
Black Knight data shows new listing volume is down 25 percent in January compared to pre-pandemic levels, the biggest drop since most of the country was in lockdown. Continue reading
Rising rates took their toll not only on refinancing but on homebuyer demand for purchase loans in June, according to an analysis of rate lock data released Monday by Black Knight. Continue reading
Lenders saw much of what was left of their refinancing business evaporate as rates climbed to their highest levels in nearly 13 years. Continue reading
Rising home equity has increased demand in the cash-out refinance market. But taking out cash against a home isn’t always the smartest idea. Continue reading
Mortgage lenders faced a double-whammy in May, with demand for both purchase loans and refinancing falling despite the fact that mortgage rates came back down after surging in February in March. Continue reading
With home values soaring and mortgage rates still near historic lows, homeowners are cashing out home equity at volumes not seen since the height of the housing bubble. Continue reading