Newsfeed: Mortgage demand falls again even as rates sink further
Lower mortgage rates are pulling some current homeowners back to the refinance market, but not enough to offset the drop in demand from homebuyers.
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Newsfeed: It’s bad enough mortgage rates are over 7% – now it’s harder to qualify for a home loan
It’s a double whammy for would-be homebuyers. Not only are interest rates soaring, it’s getting harder to qualify for a loan. The average rate on the popular 30-year fixed mortgage climbed over 7% at the end of last week, according to Mortgage News Daily, and is expected to hit around 7.125% on Tuesday. It’s been over 7% for several days.
Newsfeed: Home prices cooled at a record pace in June, according to housing data firm
Rising mortgage rates and inflation in the wider economy caused housing demand to drop sharply in June, forcing home prices to cool down.
Newsfeed: Big U.S. banks’ second quarter profits to tumble on higher bad loan reserves
Second quarter profits at big U.S. banks are expected to fall sharply from a year earlier on increased loan loss reserves, as the pandemic recovery gives way to a possible recession.
Newsfeed: Cracks Appear As Subprime Borrowers Miss Loan Payments Amid Recession Threats
WSJ reports that millions of Americans with subpar low credit scores are falling behind on paying their credit cards and automobile and personal loans. This is an ominous sign the ‘strong consumer’ narrative is cracking.
Newsfeed: Adjustable Loans Form Largest Share of US Mortgages Since 2008
ARMs — which carry variable interest rates that reset based on the market at predetermined times — accounted for 10.8% of total home-loan applications …