Among 201 metro areas with populations of at least 200,000, 89 of those metros – or 44 percent – reached new all-time home price peaks in 2016, according to new data released by ATTOM Data Solutions.Notably, markets reaching new price highs included: Dallas-Fort Worth, Texas: $230,571 Houston, Texas: $214,795 Atlanta, Ga.: $181,000 Boston, Mass.: $390,000 San Francisco: $720,000Several Ohio markets – Dayton, Columbus, and Cincinnati – als
President Donald Trump reportedly will sign an executive action Friday to scale back the regulatory system that was put in place in 2010 in response to the financial crisis. The Trump administration has set out to remove what it views as regulatory burdens by overhauling mortgage financing giants Freddie Mac and Fannie Mae and easing lending regulations."Americans are going to have better choices and Americans are going to have better products b
Homeowners who sold in 2016 saw an average home price gain since purchase of $38,206 – or a 21 percent, on average, increase since purchase, ATTOM Data Solutions repots in its Year-End 2016 U.S. Home Sales Report. That's up from an average 13 percent gain in 2015, and it is the highest increase since 2007.The largest metro areas to see the highest average percent gain since purchase for home sellers in 2016 were: San Francisco, Calif.: 69% gain
Mortgage rates barely budged this week compared to the previous week, as the 30-year fixed-rate mortgage held its 4.19 percent average, Freddie Mac reports."The 10-year Treasury yield fell 5 basis points this week following a tepid advance estimate of fourth-quarter GDP and the Fed's decision to leave rates unchanged,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained flat at 4.19 percent, starting the m
Depending on where you live, saving for a down payment can take several years of financial planning. For example, in some markets, it may take the average person nearly a decade to save enough to buy a home. In California, that especially rings true.California is home to four of the five cities on a recent list by SmartAsset of the places where it takes the longest to save for a down payment: San Francisco, Los Angeles, San Jose, and San Diego.Sm
Reverse mortgages for purchases have been around a while but they stand to see more use as younger baby boomers hit retirement age. The mortgages are backed by FHA and they let households buy a home without having to make monthly mortgage payments. Instead, buyers put up a fairly sizable down payment and finance the rest with the reverse mortgage. The monthly payments then come out of the reverse mortgage each month, freeing up money for househol
Following several weeks of decreases, mortgage rates were back on the rise this week."The 10-year Treasury yield increased more than 10 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved up as well to 4.19 percent, a 10 basis point jump. This week marks the first increase in the mortgage rate since December 29. The 2.8 percent decline in existing home sales in December is a reminder
The mortgage industry loves jargon and it can quickly confuse a real estate professional and all the moreso a borrower. The Fannie Mae Sellers Guide alone has 91 different acronyms and abbreviations.The National Mortgage News recently offered up a few of the most common acronyms buyers and professionals should know while going through the homebuying process.DTI: Debt to income Underwriters turn to this ratio to determine if a borrower can financi
Despite a solid gain in mortgage rates last week, home buyers and refinancers were not deterred. Mortgage application volume, which reflects demand for home purchases and refinancings, increased 4 percent last week over the previous week and on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.Last week, mortgage applications for home purchases increased 6 percent compared to the previous week. Purchase applications
Lending giant Wells Fargo is settling charges that it overcharged borrowers for broker’s price opinions. Borrowers who had a mortgage serviced by Wells Fargo between May 6, 2005, and July 1, 2010, may be eligible to receive portions of a $50 million settlement.Wells Fargo was accused of charging certain borrowers between $95 to $125 for BPOs. The typical cost is $50 or less. Borrowers who paid the elevated price for the BPO may be eligible to r
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