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Earlier this month the Urban Institute pointed out that the unprecedented low interest rates of the pandemic era have not benefitted everyone. Their research showed that tightening credit access has meant that low income homeowners, and those with high loan to value (LTV) ratios or low credit scores have largely been left out of the rush to refinance. The Federal Housing Finance Agency (FHFA) has now announced a new refinancing option to address that situation. FHFA says it has directed the GSEs Fannie Mae and Freddie Mac to implement an initiative to encourage eligible low-income borrowers to refinance and lower both their interest rates and their monthly mortgage payments. It estimates that borrowers who take advantage of this opportunity could save between $100 and $250 a month. To qualify
Housing News
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Earlier this month the Urban Institute pointed out that the unprecedented low interest rates of the pandemic era have not benefitted everyone. Their research showed that tightening credit access has meant that low income homeowners, and those with hi... (read more)
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Housing News
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Lenders will have more than an additional year to comply with the General Qualified Mortgage (QM) Rule . The Consumer Financial Protection Bureau (CFPB) says it is formally delaying the mandatory compliance date for the new rule from July 1, 2021 to ... (read more)
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Rob Chrisman
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There sure is a lot going on out there! From California comes news that Finance of America is buying “certain assets” from California’s Parkside Lending, and Thrive Mortgage LLC . In-person conference news continues to increase. MBA... (read more)
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Mortgage Rate Watch
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Mortgage rates have fallen almost every single day in April. By the end of last week, that meant the average lender was offering the lowest conventional 30yr fixed rates in more than a month. The first two days of the current week have taken rates in... (read more)
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Housing News
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The national homeownership rate moved fractionally higher in the first quarter of 2021 when compared to the same quarter in 2020 but was lower than in each of the prior three quarters. The U.S. Census Bureau put the rate at 65.6 percent compared to 6... (read more)
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MBS Commentary
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Bonds Find Footing After Digesting Friendly Fed Message
Bonds were slightly cautious ahead of the Fed announcement today, with a few traders possibly wondering if recent economic/pandemic-related traction wou... (read more)
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