Category: Top National News

Mortgage rates were little changed ahead of the Federal Reserve’s key rate decision next week, mortgage buyer Freddie Mac said Thursday.

Prices for imported goods fell in August, posting their largest drop since January, a sign that the strong dollar and ongoing weakness in oil prices are keeping inflation at bay. Import prices fell 1.8% in August, the Labor Department said Thursday.

The U.S. labor market appeared to gain momentum in early September as fewer Americans filed for weekly unemployment benefits, but weak inflation pressures may complicate the Federal Reserve’s decision whether to raise interest rates.

The Mortgage Banjers Association launched a set of guidelines to educate consumers, lenders and their business partners about the new Know Before You Owe or TILE-RESPA Integrated Disclosure regulations that go into effect on October 3.

Total volume fell 6.2 percent on a seasonally adjusted basis for the week ending September 4 versus the previous week, according to the Mortgage Bankers Association.

Everybody knows how important credit scores are to obtaining a home mortgage. But are lenders lately playing a numbers game with consumers – claiming they’re willing to accept lower scores while actually approving applicants with higher scores on average than they did last year or even earlier this year?

Nearly 20 trade groups representing lenders, banks, credit unions, title companies and others are urging federal regulators to provide guidance on how they plan to enforce a new mortgage disclosure regime that goes into effect Oct. 3.

Traditional bank mortgages are losing ground to nonbank lenders, especially in cities with a hot housing market.

According to a bulletin sent by Freddie Mac to its servicers on Wednesday, Freddie Mac is making several changes to its guidelines for standard and streamlined modifications.

Federal Reserve officials aren’t near an agreement to begin raising short-term interest rates heading into a crucial week of private discussions before their Sept. 16-17 policy meeting, according to their recent comments.