Industry News

Average mortgage rate dips to just below 3%; pending home sales increased 17% in June; homeownership rate soars to highest since 2008

Low mortgage rates and pent-up demand drive sales of new houses to the highest level since 2007; mortgage applications increase by 4.1%

Mortgage rates fall below 3% for the first time in 50 years; new home construction jumps 17.3% in June

Once again, mortgage rates fall to an all-time low and continue to spur demand for houses.

Freddie Mac reports that mortgage rates have again fallen to a new all-time low. The NAR recently identified the top ten metro areas with the best conditions for millennial homebuyers.

Mortgage rates are remaining low, and purchase demand has rebounded quickly. The promise from Federal Reserve to maintain low rates through 2022 provides further impetus to the market.

Mortgage rates drop to another all-time low. Purchase applications reach highest level in over 11 years due to pent-up demand and an improvement in consumer confidence. Refinances are also up.

You’re probably wondering: How did the March 15 Fed rate cut and the coronavirus outbreak affect mortgage rates and/or my mortgage application or pre-approval? Here are 3 quick Q&As with all you need to know right now. We’ll give you regular updates.

The current trend in the mortgage industry is for banks and lenders to consolidate operations and service offsite. All processing may be handled in one location, all underwriting in another, etc. This can delay loan approval, put your loan at risk of getting lost in the shuffle, and be all-around frustrating.

Generation Z. The youngest of the generations just entering adulthood, figuring stuff out. Some of us really get it, and know, like Whitney Houston did way back when, that they’re the future.

Interest rates haven’t been this low since January 2018! At the end of March, mortgage rates had the largest one-week drop in 10 years.

The landscape of lending and working with a Loan Officer has altered significantly since the Internet became the standard for worldwide communication.

Fed raises interest rates and signals two more increases this year. Now is a great time to lock in your mortgage rate before rates increase again.

HomeReady® income limits will increase in most areas on June 23, 2018! HomeReady® is for low- to moderate-income borrowers, so the increased limits will help more borrowers qualify. Income limits will increase by about 5% in many areas.

Property inspectors do a great job on home inspections (discuss the process with your real estate agent). However, it is always a good idea to check as many things as possible on your own.

On July 29, 2018, Freddie Mac will launch HomeOne℠, which will have the same benefits and features as our current Fannie Mae Conventional 3% Down Loan, as shown in the table below.

Buyer and Seller Charges by Loan Type

Effective for VA Loans locked on or after March 7, 2018, Academy’s minimum required FICO credit score will be reduced from 600 to 580 for loans that are approved through the automatic underwriting system (AUS).

Some home equity loan interest deductions on federal tax returns are now a thing of the past. But Academy Mortgage offers a solution that may still provide a tax benefit.

There are many programs available that may help you get the financing you need to purchase a home. Here is our quick and easy guide to some of the more popular programs!