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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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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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.
April 18