The California Housing Finance Agency has announced the introduction of a 40-year fixed-rate mortgage product aimed at helping first-time homebuyers afford a home.The fixed rate on the new product will be 5.75% initially, about one percentage point below the average market rate for 40-year mortgages, CalHFA said. The agency also offers a 30-year fixed-rate mortgage and a 35-year interest-only PLUS mortgage that carry below-market rates. CalHFA can be found online at http://www.calhfa.ca.gov.
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The 30-year fixed rate stayed within a narrow range throughout most of July, with forecasts likely to leave the housing market "stuck," said one economist.
20m ago -
New homebuyers found mortgages more affordable last month amid growing supply and softer prices nationwide, new data from the MBA finds.
37m ago -
Freddie Mac boosted its single-family provision because of modeled and observed declines in home prices and future appreciation during the second quarter.
2h ago -
While rising national home values leave close to half of owners on solid financial footing, growth in seriously underwater loans points to pockets of stress.
July 31 -
The regulator renewed his fight with the policymaker after the latter left the rates he oversees unchanged and distinguished them from those for mortgages.
July 30 -
One mortgage firm is out of business months after a cybersecurity incident, which compromised the personal information of over 30,000 of its former clients.
July 30