The Mortgage Bankers Association is predicting that $600 billion to $700 billion worth of adjustable-rate mortgages will refinance in 2007 before the loan resets and the borrower gets hit with a higher rate.Those borrowers could end up with 7.5% interest if the loan resets, but now they can refinance into a 6.13% fixed-rate mortgage, which would be "pretty enticing," MBA economist Mike Fratantoni said. The MBA estimates that $1.1 trillion to $1.5 trillion in ARMs could reset in 2007, and $600 to $700 billion of those loans "will actually refi before they face any higher payment," the MBA economist told the Women in Housing and Finance symposium. "So you have $300 to $400 billion worth of mortgages where the borrowers will face a higher payment for the first time," Mr. Fratantoni said. "We don't think that will be a macroeconomic event."
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
2h ago -
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.
2h ago -
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.
3h ago -
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.
3h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
4h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
5h ago