In the first quarter, 43% of the homeowners who refinanced their homes got a mortgage at least 5% larger than the original loan, nearly unchanged from a revised 44% in the previous quarter, according to Freddie Mac.The percentage was slightly higher than the 41% level recorded a year earlier, the government-sponsored enterprise said in its quarterly refinance review. "With mortgage rates above the 46-year low of last June, the refinance volume is less than last summer's," said Frank Nothaft, Freddie Mac's chief economist. "The share of cash-out refis tends to rise when overall refinancing activity slows down because fewer borrowers find it economical to refinance their mortgages simply for a lower rate, but the cash-out alternative may be a very affordable option." Freddie Mac can be found online at http://www.freddiemac.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28