A little less than a third of the homeowners who refinanced their homes in the third quarter got a mortgage at least 5% larger than the original loan, unchanged from the 32% figure recorded in the previous quarter, according to Freddie Mac.The figure was down from 44% in the third quarter of 2002, the government-sponsored enterprise said in its quarterly refinance review. "Over the past three months, mortgage rates began to rise slightly," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "Not surprisingly, we then started to see overall refinancing begin to fall off somewhat from previously high record levels earlier in the year." Freddie Mac can be found online at http://www.freddiemac.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago