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Like a rising tide, rising prices are pushing a lot of other financial elements higher. Earlier this week surging home prices drove a near $100K increase in conforming loan limits, now regulators have raised the dollar threshold for an exemption to the Truth in Lending Act (TILA) based on rising wages. Section 129H of TILA establishes special appraisal requirements for "higher-risk mortgages," termed "higher-priced mortgage loans" or "HPMLs" in the agencies' regulations. The Consumer Financial Protection Bureau (CFPB), the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency (FHFA) jointly issued final rules implementing these requirements
Like a rising tide, rising prices are pushing a lot of other financial elements higher. Earlier this week surging home prices drove a near $100K increase in conforming loan limits, now regulators have raised the dollar threshold for an exemption to t... (read more)
National spending on construction spending rose slightly in October, but for the second month in a row, the increase wasn't driven by the residential sector. The U.S. Census Bureau reported that construction put in place during the month was at a sea... (read more)
Today, 20211202 (2nd December 2021), is a palindrome in the YYYYMMDD format. That aside, sorry the commentary is a little late this morning: I went out drinking after my yearly review with my cat Myrtle last night. It did not go well. By the way, she... (read more)
Mortgage rates started weaker and ended stronger yesterday. Unfortunately , today delivered exactly the opposite scenario. The underlying bond market (the most important factor in determining mortgage rates) started the day at levels that would have allowed lenders to offer some of their lowest mortgage rates since early November. But bonds began to deterior... (read more)
MBS Give Up Yesterday's Gains Despite Decent Start
MBS have a bit of a problem. In the past week, they've gone on their weakest run versus Treasuries since the crazy volatility seen at the start of the pandemic. The problem began with holiday-week illiquidity but shifted into higher gear early this w... (read more)
Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc.