Mortgage credit availability increased in October after falling to a six-year low in September, the the Mortgage Bankers Association reported this morning.
This week’s initial unemployment claims report from the Labor Department sounds an increasingly familiar theme: a slight drop from the previous week, tempered by the reality that claims remain highly elevated from pre-pandemic levels.
Record-low interest rates and low housing inventories have driven U.S. home sales to a 14-year high and yet another refinancing boom—the Mortgage Bankers Association now estimates 2020 mortgage originations to jump to $3.18 trillion—but it has also exposed underlying weaknesses in lender and servicer strategies, said J.D. Power, Troy, Mich.
TransUnion, Chicago, said as low interest rates drive refinance activity, short-term loans—i.e., 15-year and 20-year mortgages—continue to increase in popularity, a trend that played out in the third quarter.
The Federal Housing Administration this week published a proposed rule to allow a private flood insurance option, instead of insurance through the National Flood Insurance Program, when flood insurance is required by FHA.