With the crash of 2008, the federal government took over the largest purchasers of conventional mortgage loans in this country; Fannie Mae and Freddie Mac. They said this was done to protect the taxpayers against major losses that might be sustained by these agencies. (Takeover) In September of 2008, the agencies were placed into conservatorship and provided with about $190…
Homeowners who lost their homes in the crash of 2008 are poised to make a comeback into the housing market. More evidence of a potential for improvement in home purchases in 2017 and 2018. This means more home purchases, more financing opportunities for mortgage lenders. That’s good. Many homeowners were forced to give up their homes either through bankruptcy, foreclosure,…
The Mortgage Bankers Association has forecasted a sharp rise in home purchases in 2017 and 2018. As a result, based on their most recent predictions, home purchase mortgage originations in 2017 will be about $1.1 trillion, growing to around $1.18 trillion in 2018. Great news for the housing markets! On the flip side, as the purchase volume grows, the refinance…
I recently attended the Northeast Conference of Mortgage Brokers and Professionals at Harrah’s Resort and Casino in Atlantic City. I sat in on a presentation where the general gist of the conversion was that we have seen rates go about a low as they’re going to go for a while. After the election, they said, we should see a Fed…
In the last few elections, the topic of eliminating or at least curtailing the current mortgage interest deduction was put on the table. Up until now, it has been off limits. Could that be coming to an end? Studies show that this deduction mostly benefits those homeowners in the higher income brackets making in excess of $100,000 annually. Because of…
The 30 year average fixed rate mortgage loan remained at 3.42%, down from 3.76% a year ago. The 15-year rate averaged around 2.81%, down from 2.88% last year. These are still fantastic rates for refinances and purchases as we enter into the slow season in the housing markets. Lenders can still look to offset any declines in purchase volumes by…
