Modest Economic Forecast as Fed Gears Up for More Rate Raises
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Modest Economic Forecast as Fed Gears Up for More Rate Raises Fannie Mae’s Economic & Strategic Research (ESR) Group kept its latest forecast dependent on the Trump Administration’s policies, projecting…
MBA: Mortgage Apps Up Across the Board
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MBA: Mortgage Apps Up Across the Board Mortgage applications rose 3.1 percent over the week, according to data gathered in the Mortgage Bankers Association’s (MBA) Weekly Mortgage…
Mortgage Applications Plunge amid Higher Rates
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Mortgage Applications Plunge amid Higher Rates Mortgage applications plunged following a jump in mortgage rates, down a steep 9.4 percent, according to data gathered in the Mortgage Bankers Association (MBA)…
‘Relatively Soon’ Rise for Interest Rates
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‘Relatively Soon’ Rise for Interest Rates A rise in the key interest rate could come “relatively soon,” Federal Reserve Chair Janet Yellen reiterated on Thursday, heightening the probability the…
FHFA Streamlines Refinance Offering for High LTV Borrowers
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Fort Lauderdale, Fl FHFA Streamlines Refinance Offering for High LTV Borrowers The Federal Housing Finance Agency (FHFA) recently announced that Fannie Mae and Freddie Mac (the Enterprises), at FHFA’s direction,…
Q: Are There Tax Credits for First Time Homebuyers?
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Q: Are There Tax Credits for First Time Homebuyers? A: Yes, thanks to the many city and county governments that offer Mortgage Credit Certificate (MCC) programs, which allow first-time homebuyers to take advantage of a special federal income tax write-off. The credit reduces the amount of federal taxes paid by the buyer each year, if he keeps the same loan and lives in the same house. An MCC also makes it easier for eligible buyers to qualify for a mortgage loan. The lender can reduce the housing expense ratio – the percentage of gross monthly income applied toward housing expenses – by the amount of the tax savings. Normally, lenders reject loans if the housing expense ratio is too high.
Mortgage Applications on the Move
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Mortgage Applications on the Move Mortgage applications increased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 17, 2015. The Market Composite Index, a measure of mortgage loan application volume, increased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3 percent compared with the previous week. The Refinance Index increased 1 percent from the previous week. The seasonally adjusted Purchase Index increased 5 percent from one week earlier to its highest level since June 2013. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 16 percent higher than the same week one year ago.