MPA, Aug. 9, 2023-Tony CantuA bill in Florida that restricts certain foreigners from buying property is in full effect this summer, but facing increasing scrutiny from legal experts.https://www.mpamag.com/us/news/general/florida-law-banning-foreign-ownership-draws-concern/455670
Category: Top National News
Mortgage Applications Fell Another 3.1% Last Week
HousingWire, Aug. 9, 2023-Sarah Marx Mortgage applications fell for the third consecutive week as the 30-year fixed mortgage rate rose to its highest level since November 2022 at 7.09%. For …
U.S. Mortgage Rates Spike to Highest Since November, Approach 22-Year High
Reuters, Aug. 9, 2023-Safiyah RiddleThe average U.S. 30-year mortgage rate jumped to a nine-month peak on Wednesday and hit the second-highest rate since 2001, as interest rates reacted sharply to …
Fannie, Freddie Step Up Scrutiny for Condo Mortgages: Here’s What That Means for Buyers
MSN, Aug. 9, 2023-Jeff Ostrowski More than two years after the collapse of an oceanfront condo tower near Miami, stricter condo financing guidelines continue to pose challenges for some borrowers.https://www.msn.com/en-us/money/realestate/fannie-freddie-step-up-scrutiny-for-condo-mortgages-here-s-what-that-means-for-buyers/ar-AA1eYsoz
Monthly Mortgage Payment Up Nearly 20% From Last Year. Why are Prices Rising?
USA Today, Aug. 8, 2023–Bailey SchulzElevated mortgage rates and sales prices mean owning a home is about 20% more expensive than it was last year.https://www.usatoday.com/story/money/personalfinance/real-estate/2023/08/08/mortgage-costs-up/70549741007/
Qualifying for a Mortgage is Getting Harder, as Credit Availability is the Tightest in a Decade
CNN, Aug. 8, 2023–Anna BahneyAvailable credit for mortgages tightened in July, falling to its lowest level in a decade for potential home buyers, according to a report from the Mortgage …
Mortgage Credit Tightens on Jumbo Concerns, Loan Costs
National Mortgage News, Aug. 8, 2023-Brad FinkelsteinOriginators continued to reduce their loan product offerings in July in an effort to manage costs while origination volume lags, the Mortgage Bankers Association …
Rates on Savings Accounts Are Higher Than Millions of Mortgages
Bloomberg News, Aug. 8, 2023-Claire Ballentine (subscription)Millions of Americans have a higher rate on their savings account than they’re paying for their mortgage.https://www.bloomberg.com/news/articles/2023-08-08/marcus-rate-vs-mortgage-rate-interest-on-high-yield-is-higher-than-home-loans#xj4y7vzkg
MBA Says New Basel Capital Rule Proposal Threatens To Upend Mortgage Market
National Mortgage Professional, Aug. 8, 2023-Christine StuartIn a move that could have far-reaching implications for the mortgage market and the U.S. economy, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), …
US Shelter Inflation May Go Negative Next Year, Fed Study Finds
Bloomberg News, Aug. 7, 2023–Laura Curtis (subscription)U.S. shelter inflation, the biggest component of the consumer price index, is set to slow significantly and may even turn into deflation next year, …