Housing affordability

Mortgage trade groups responded to the executive order by proposing potential solutions such as having the FHA cut the mortgage insurance premium and reining in third-party service providers.

The latest plans include details on promoting housing development in underserved areas and increasing secondary market access to rural institutions.

The median monthly payment amount for new purchases moved higher for the first time in six months, according to the Mortgage Bankers Association.

The rezoning plan, known as City of Yes for Housing Opportunity, passed a key City Council subcommittee hurdle Thursday after the vote was delayed more than six hours while council members tweaked controversial aspects of the deal.

The study found nonbank lenders charging the highest interest rates and most points, and fintech pricing more in-line with depositories.

The average home buyer spends almost $32,000 in home-buying expenses, a report by Clever Real Estate claims.

The amount of income needed to make monthly mortgage payments are declining and approaching a key affordability benchmark, the National Association of Realtors found.

Over the next decade, the housing market will have excess demand of 25 million units even as the baby boomer generation ages and dies, the Mortgage Bankers Association said.

The next administration should look for areas in title insurance, homeowners' insurance, and appraisals to pass savings back to homebuyers which could translate into homebuying power for those on the brink of accomplishing their goals, writes Vishal Garg.

Government lending leaders also addressed efforts to increase housing stock and affordability in a discussion at the Mortgage Bankers Association's annual conference.