Posts by Mid-Island Mortgage Corp.
Ritesh Singhania: Mortgage Rate Buy-Down Points–to Sell or Not to Sell?
Lenders are often presented with the choice of selling some upfront points to buy down the fixed rate mortgage as against going for the zero-cost option, or even receiving points (to pay off closing cost) for selecting a higher fixed interest rate. These rate-point combinations are listed in a ‘rate stack’ and consumers can request…
Read MoreHome Sales Will Keep Growing, Even If Rates Rise. Here’s Why
TOPLINE While mortgage rates have been rising lately – in tandem with climbing 10-Year Treasury yields – most housing experts think home sales will remain brisk this year as rates remain low by historical standards and inventory stays tight. KEY FACTS Mortgage rates have increased in six of the last eight weeks, as the benchmark…
Read MoreNow that mortgage rates are surging, are Americans making a big mistake?
As mortgage rates suddenly skyrocket to heights not seen in months, borrowers are backing away and demand for home loans is falling, according to new data from a lenders trade group. But experts who keep a close eye on rates say consumers may have the wrong idea and could wind up being sorry. Homebuyers who…
Read MoreThe Number of Hispanic Households Will Skyrocket by 2040. How Can the Housing Industry Support Their Needs?
Urban Institute, Feb. 25, 2021–Laurie Goodman, Jun ZhuHispanic households will account for 70 percent of net new homeowners between 2020 and 2040. Despite the many barriers to homeownership they face, they are the only racial/ethnic group that will experience an increased homeownership rate over that period. The authors outline three ways lenders and policymakers can…
Read More2021 Housing Market ‘Red Hot’
The past year has been like no other, housing-wise. Near-record-low interest rates, tight housing supplies and greater flexibility in where one lives have pushed a normally predictable housing cycle into uncharted territory, as three new housing reports show. RE/MAX: Winter Months Leave Buyers Undeterred RE/MAX, Denver, said its National Housing Report for January saw home sales jump…
Read MoreMass. housing market off to ‘strong’ start in 2021, trade group says
The Bay State’s housing market saw “healthy” demand from buyers in January, creating a “strong” start for 2021, according to the Massachusetts Association of Realtors. In its monthly indicators report, the trade group said closed sales this January increased by 7.8% for single-family homes and 9.8% for condo sales compared to January 2020. The increase…
Read MoreMortgage Lending Standards Loosened Last Month
Lending standards overall loosened during January, the Mortgage Credit Availability Index (MCAI) from Mortgage Bankers Association (MBA) and Ellie Mae indicates. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The MCAI is calculated using several factors related to borrower eligibility (credit score,…
Read MoreHousing Sentiment Builds As Conditions Favor Sellers
Fannie Mae‘s Housing Purchase Sentiment Index increased to 77.7 in January 2021, a 3.7 point increase from December 2020. This is especially true for sellers as the home-selling conditions component increases 16%. “The HPSI experienced a modest uptick in January, reversing much of December’s decline,” said Doug Duncan, Fannie Mae senior vice president and chief…
Read MoreThis is the best time of year to get a mortgage
A new study shows that home buyers can save a lot of money by timing their mortgage application right. If you’re playing the waiting game with mortgage rates, you may not want to wait much longer. A new study from Haus, the home-finance startup created by Uber UBER, +5.36% co-founder Garrett Camp, examined what role seasonality, loan size, credit…
Read MoreExisting Home Sales Finish 2020 at Highest Levels Since 2006
Existing home sales finished 2020 with the strongest performance in 14 years, the National Association of Realtors reported on Friday. The report said total existing home sales increased 0.7% from November to a seasonally adjusted annual rate of 6.76 million in December. Sales in total rose year-over-year, up 22.2% from a year ago. Single-family home sales rose…
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