Housing

Consumers are feeling a growing pessimism about the direction of the economy that appears to be spilling over into the housing market in March, Fannie Mae said.

Mortgage rates fell to their lowest level in more than a year, reducing borrowing costs during the peak season for home buying.

According to the American Bankers Association's quarterly report on consumer delinquency trends, late payments on home equity loans and home equity lines of credit have dipped below 15-year averages for the first time since the Great Recession.

The majority of first-time homebuyers plan to skip the starter-home step and move straight into the home that would meet their long-term needs, according to the Homebuyer Insights Report from Bank of America.

First-lien mortgage originations totaled $1.82 trillion in 2015, a 43% increase from the previous year, according to Equifax.

Homebuyers in hot housing markets from San Francisco to Brooklyn have grown accustomed to bidding wars, waived home inspections and rapid-fire offers.

Mortgage applications increased 2.7% on a seasonally adjusted basis for the week ending April 1, with refinance activity leading the way, according to the Mortgage Bankers Association.

JPMorgan Chase, drawing from its experience in the Motor City, has created a $125 million program designed to help community development financial institutions make bigger investments in impoverished neighborhoods.

Home prices rose in February in both yearly and monthly comparisons, according to CoreLogic.

JPMorgan Chase is funding a $125 million, five-year program that will provide affordable housing in communities that are at risk of gentrification.