Delinquency rates for some loans are rising, including mortgages. In fact, the Mortgage Bankers Association recently reported that the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.88% of all loans outstanding at the end of the fourth quarter of 2023.
Category: News and Trends
MISMO Seeks Comment on Mortgage Insurance Estimated Rate Quote API Implementation Guide & Sample File Revision
MISMO®, the real estate finance industry’s standards organization, is seeking public comment on a revision to the previously published Mortgage Insurance Estimated Rate Quote API Implementation Guide & sample files. The 30-day public comment period runs through May 31.
Redfin: Home Prices Up or Flat in All Major American Metro Areas
Redfin, Seattle, reported the median home-sale price rose from a year earlier or stayed flat in all 50 of the most populous metro areas in the United States during the four weeks ended April 28.
Quote: May 3, 2024
“The Fed meeting is unlikely to push mortgage rates down–but the good news is that it won’t push them up, either, which could have happened if the Fed took 2024 rate cuts off the table.”
–Redfin Economic Research Lead Chen Zhao
Certified Mortgage Banker (CMB) Prep Course Starts May 3
The Residential CMB Online Prep Course is a seven-week instructor-guided web-based course designed to prepare Residential CMB candidates for the written exam. The course is taught by CMB designees and is offered in a blend of self-study and webinar format.
Realtor.com Finds Rents Declined in March, Again
Realtor.com, Santa Clara, Calif., found rents declined in March for the eighth straight month, with year-over-year prices down 0.3%.
MBA Newslink Premier Member Profile: nCino
(One in a continuing series of profiles of Premier Members of the Mortgage Bankers Association.)
Auction.com: More Auction Buyers Expect Price, Rent Declines
Auction.com, Irvine, Calif., released its 2024 Buyer Insights Report, highlighting that 40% of buyers buying distressed properties at auction expect home prices to decline in 2024.
Nearly 40% of Homeowners Couldn’t Afford Their Home If Bought Today, Redfin Finds
Nearly two in five homeowners don’t believe they could afford to buy their own home if they were purchasing it today, according to a new report from Redfin, Seattle.
Fed Holds Rates Unchanged May 1
The Federal Reserve held rates steady at its meeting ended May 1, as data regarding the strength of the economy and stubbornly high inflation have resulted in a shift in the timing of any rate cuts.