Mortgage loan originations for 2004 should total $2.7 trillion, but decline to $2.1 trillion next year, according to the chief economist of the Mortgage Bankers Association.At a press briefing at the group's annual convention in San Francisco, Doug Duncan noted that the 10-year Treasury note is trading at around 4%. Typically mortgages price 150-to-165 basis points above that. Mr. Duncan forecast that by the end of this year the 10-year yield will be at 4.3% and the 30-year fixed mortgage rate at 5.9%, and that by the end of next year the mortgage rate will be up to 6.5%. When asked about a possible bubble in home prices, Mr. Duncan noted that home sales are up, while the inventory of properties going on the market is down, indicating a constraint on supply. He said it is hard to see where an across-the-board collapse would come from, but that there could be a decline in some markets.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25