Following an incredible year for refinances that mostly benefited wealthier borrowers, the Federal House Finance Agency announced it is implementing a new refi product that targets low-income borrowers with single-family mortgages backed by Fannie Mae and Freddie Mac. According to the regulatory agency, this new product will assist borrowers who were less likely to take advantage of 2020’s historically low rates. Under the…

The words “spring home buying season” carry a very different meaning this year than they did last year. Normally spring is the hottest time of year for home sales — more buyers surface when the warmer weather emerges and families prefer to move before the next school year begins. Last year’s spring market, though, was…

More than four in 10 millennials refinanced their mortgage in the past year, according to a report from LendingTree. Record-low mortgage rates fueled the number of refinances which nearly doubled the overall average. During the pandemic, 26% of homeowners refinanced their mortgage, according to the report. Additionally, LendingTree reported that millennials were more likely than any other…

Last week was the first overall increase in weekly mortgage applications since the end of February. Applications to refinance a home loan jumped 10% for the week, but were still 23% lower a year ago, the Mortgage Bankers Association said. A sharp drop in mortgage interest rates sent homeowners and potential homebuyers to their mortgage…

Incentivizing current owners to sell is key Homes listed for sale midweek sell for an average of 1.6 days faster than homes listed on weekend A new report from Redfin shows that homes listed midweek sell for an average of $1,700 more than homes listed on the weekend, based on homes sold above their list price from July 2020…

Incentivizing current owners to sell is key As the US population becomes older and more diverse, lagging homeownership rates for young households and households of color should cause concern. Homeownership is the primary way American families have built financial security—through long-term accumulated benefits of loan repayment, appreciation, and fixed housing costs. The resulting wealth can open opportunities for homeowners’…