Yet another year is about to come to an end, and that means it’s time to look ahead to what next year has in store. I think just about everyone wants to see the back of 2020, though it wasn’t all bad news. The housing market actually held up surprisingly well, and mortgage lenders enjoyed [&hellip
The post 2021 Mortgage Rate Predictions: Mostly Flat But More Record Lows Possible first appeared on The Truth About Mortgage.
Mortgage rates can be pretty volatile. Just like stocks, they can change daily depending on whatâs happening in the economy. Beyond that, mortgage rates can move based on news that doesnât involve a report on the economic calendar, such as a jobs report, GDP, housing starts, inflation, etc. Even if there isnât a direct financial [&hellip
The post Mortgage Rates vs. the Coronavirus: We Might Test New All-Time Lows first appeared on The Truth About Mortgage.
To say residential real estate is on fire would be a huge understatement. In fact, itâs so popular that weâre literally running out of homes. Simply put, there are too many home buyers and not enough properties for sale, nor is the supply being replenished fast enough. In a way, it reminds me of the [&hellip
The post The 2021 Housing Market Is Kind of Like the Toilet Paper Shortage first appeared on The Truth About Mortgage.
If youâre an existing homeowner, get excited, very excited. A new forecast from Zillow says home prices are going to rise 10.3% from this November until November 2021. Thatâs on top of the already stellar growth realized since around 2012, when home prices seemed to bottom and begin their meteoric and historic ascent. Those fortunate [&hellip
The post Home Prices Are Expected to Rise Another 10% by Next November first appeared on The Truth About Mortgage.
Queue the panic. Mortgage rates have officially spiked and the media is all over it. Yep, the average rate on a 30-year fixed mortgage increased from 2.65% to 2.79% this week, per Freddie Macâs weekly survey. Freddie Mac Chief Economist Sam Khater noted in the weekly news release that mortgage rates have been under pressure [&hellip
The post Donât Freak Out About the Recent Mortgage Rate âSpikeâ first appeared on The Truth About Mortgage.
The leading wholesale mortgage lender in the nation has brought the heat once again, this time offering 30-year fixed mortgage rates below 2% on FHA loans. United Wholesale Mortgage announced that borrowers can now lock in interest rates as low as 1.99% on FHA-backed loans via its popular Conquest program. The new Conquest for FHA [&hellip
The post United Wholesale Mortgage Now Offering FHA Loans with Rates Below 2% first appeared on The Truth About Mortgage.
If youâre scratching your head wondering why home prices continue to go up and up, consider the fact that itâs actually cheaper now than it was a year ago. Itâs also less expensive to own a home today than it was back in 2019, 2018, 2008, 2007, 2006, 2005, and even during parts of 2004. [&hellip
The post Real Estate Is Red Hot Because Mortgage Payments Are Still Cheap first appeared on The Truth About Mortgage.
It makes sense that the mortgage industry would see its best quarter in history during a global pandemic. Okay, it doesnât make sense, but thatâs what happened anyway, per the latest Mortgage Monitor report from Black Knight. Mortgage Lenders Originated $1.1 Trillion in Home Loans During the Second Quarter Mortgage lenders experienced best quarter in [&hellip
The post Mortgage Lending Volume Hits Highest Level on Record Despite COVID-19 first appeared on The Truth About Mortgage.
The Department of Veterans Affairs (VA) has proposed a new loss mitigation method to help homeowners with VA loans in COVID-19 related forbearance get back on track. The new program, known as the COVID-19 Veterans Assistance Partial Claim Payment program, or COVID-VAPCP for kind of shorter, somewhat mirrors existing programs offered by the FHA and [&hellip
The post Partial Claim May Be Option for VA Borrowers Exiting COVID-19 Forbearance first appeared on The Truth About Mortgage.
Similar to the increased waiting times to get a COVID-19 test these days, itâs taking an extended amount of time to get a mortgage to the finish line. The reason is simply unprecedented demand, just like those COVID-19 tests. The more people that need one, the longer the wait, period. This is the downside to [&hellip
The post Itâs Taking a Really Long Time to Get a Mortgage Right Now first appeared on The Truth About Mortgage.