Economy

Melody Taylor, the executive director of the Property Appraisal and Valuation Equity task force, said the interagency group went above and beyond expectations. She also defended it against common attacks from working appraisers.

The Federal Reserve's preferred measure of inflation held steady at 2.6% for the third month in a row, a positive reading that increases the odds of a September rate cut.

Recent rate movements have failed to result in significant purchase growth, but refinances are providing lenders some lift.

The 30-year fixed rate mortgage is lingering just shy of 6.5% level, which is not low enough to bring home purchasers back into the market, observers said.

The possibility of moving stalled housing bills forward combined with promises of down payment assistance is offering hope to housing advocates.

The changes laid out in the agreement are technical, revolving around paperwork consumers complete at the beginning of the buying or selling process, and they add new wrinkles to an already complicated undertaking.

Vice President Kamala Harris outlined a raft of populist economic proposals in her first major economic speech since securing the Democratic presidential nomination, including some aimed at lowering housing costs and boosting supply.

A sizable decline in the South may have reflected the impact of Hurricane Beryl.

While the total dollar volume of apartment originations fell last year, the number of companies making loans increased from 2022, the Mortgage Bankers Association said.

While other indicators all reported the 30-year fixed rate mortgage was lower on a week-to-week basis, Freddie Mac's survey increased for the first time in three weeks

Mortgage rates, already easing, should keep falling as inflationary pressure cools during the rest of the year, but a pair of wild cards could upset the prediction.

Nearly two-thirds of consumers in a July survey said they expect mortgage rates to decline soon, but most want to see them cross a very specific threshold before they act, Mphasis Digital Risk found.

Underlying U.S. inflation eased for a fourth month on an annual basis in July, keeping the Federal Reserve on track to lower interest rates next month.

Against the backdrop of high interest rates and inflation, consumers have held off buying homes or pursuing bigger renovations that typically need financing. This pullback in spending has hurt Home Depot and other retailers, a reversal from the pandemic when people upgraded their houses. 

Five other cities are now at over $1 million in median price, up from four in previous periods, the National Association of Realtors said.

Sellers of contract-for-deed home financing deals must provide disclosures, financing terms and assess a borrower's ability to repay, the CFPB said in an advisory opinion.

The increase in refinance volume in July took place before the mortgage rate collapse in early August that brought the share to over 25%, Optimal Blue data showed.

Democrats Ritchie Torres and Gregory Meeks called on the New York Home Loan bank to follow the lead of its peers and use alternative credit scoring models for collateral to improve consumers' access to homeownership.

The 30-year fixed rate loan was down 26 basis points as investors reacted early in the week to the employment numbers, according to Freddie Mac.

Rule changes would come after a fraud investigation uncovered falsified numbers at a leading finance firm, according to the Wall Street Journal.