A survey of homeowners conducted for Wells Fargo & Co., San Francisco, found that while nearly eight in 10 of those with adjustable-rate mortgages are worried about their interest rate rising, only 56% said they would refinance when the rate changes.The Wells Fargo Third Annual Survey of U.S. Homeowners found that only 14% of respondents had an ARM. Out of those borrowers, 21% said they would take no action when their interest rate adjusts. "It's important that homeowners who have an ARM be aware of when the rate on their mortgage is scheduled to adjust, review their options, and develop a plan of action, even if it means taking no action at all," said Doreen Woo Ho, president of Wells Fargo's consumer credit group. ICR of Media, Pa., conducted the survey by polling 1,361 homeowners, who were selected to mirror the U.S. homeowner population by gender, age, region, race, and education.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18