Refinance

Banks are dumping their mortgage servicing rights because low rates and new rules make it hard to earn a profit. SunTrust, Flagstar and First South Bancorp in North Carolina are taking the opposite view.

The June Brexit vote continues to have implications for the mortgage industry, as prepayment rates jumped even higher.

Mortgage rates ticked down slightly from last week's post-Brexit high in anticipation of the Federal Open Market Committee meeting, according to Freddie Mac.

More than 9 million consumers would have difficulty paying all of their monthly debt obligations, including their mortgage, if the Federal Open Markets Committee raises short-term rates by 25 basis points, a TransUnion study found.

Mortgage applications increased 4.2% from one week earlier driven by a boost in purchase activity, according to the Mortgage Bankers Association.

A fintech startup called Point is allowing consumers sell a piece of their home equity to investors, rather than borrowing against the value of their houses.

The owner of 9 West 57th St., an entity controlled by real estate developer Sheldon H. Solow, is using the loan to refinance the building, cashing out $485 million of equity in the process.

Mortgage rates moved slightly lower for the week, helping to spur ongoing refinance activity, according to Freddie Mac.

Though the Federal Housing Finance Agency has yet to provide full details about its new refinancing program to be launched next year, some analysts and industry observers are already convinced it will have only a limited impact.

A slight uptick in refinances led to a similarly small increase in mortgage applications from last week, according to data released Wednesday by the Mortgage Bankers Association.