from Zero Hedge With US consumers suddenly dreading to see the bottom line on their next 401(k) statement, they now have the housing market to worry about. As interest rates spiked in the past month, one direct consequence is that U.S. …
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter What many in 2016 thought would never happen again is now reality. It finally happened – a line in the sand has been breached. The average interest rate for 30-year fixed-rate mortgages with conforming loan balances …
The average rate on the 30-year fixed sat just below 4 percent a year ago, after dropping below 3.5 percent in 2016. It just crossed the 5 percent mark, according to Mortgage News Daily. While more people think now is …
Josh Sigurdson talks with author and economic analyst John Sneisen about Wells Fargo’s latest move to once again issue mortgage backed securities despite the vast trouble they landed themselves in in 2007. This is Wells Fargo’s first post-crisis mortgage bond …
https://twitter.com/OccupyWisdom/status/1048030740586405889 Debt market > stock market With 3 months to go, US Bonds (Barclays Agg) are on pace for their worst year in history… pic.twitter.com/3wKVT591ux — Charlie Bilello (@charliebilello) October 5, 2018 From the market bottom in 2009 to now, …
Mortgage fraud putting lenders in a tough spot from CNBC. via CNBC: Mortgage fraud risk jumped more than 12 percent year over year at the end of the second quarter, according to CoreLogic. One in every 109 mortgage applications is …
Wolf Richter with Jim Goddard on This Week in Money: Interest rates will continue to rise in the US and Canada. In both countries, potential buyers face affordability issues, which puts a damper on demand. But in Canada, variable-rate and adjustable-rate …
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) and a 20% down-payment jumped to 4.97% for the week ending September 21, the Mortgage Bankers Association (MBA) reported this morning. A week …
Do you see the dislocation between rich and poor? Every area has it but it seems more pervasive than ever.
Josh Sigurdson talks with author and economic analyst John Sneisen about the continued propping up of US housing bubbles across the board as mortgage rates hit a four month high. We have seen the return of the collateralized debt obligations …
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter The soothingly low mortgage delinquency rate is a deceptive indicator: the New York Fed weighs in. Mortgage delinquencies at all commercial banks in the US inched down to 3.14% in the second quarter, the lowest since …
by John Rubino You’d think the previous decade’s housing bust would still be fresh in the minds of mortgage lenders, if no one else. But apparently not. One of the drivers of that bubble was the emergence of private label …
This is the largest systemic fraud of the century – dwarfing the mortgage crisis – the @federalreserve has deliberately induced it aswell as done nothing about it thanks to @OccupyWisdom and @LanceRoberts for focusing on it!!! pic.twitter.com/7dJXcNxiVk — mcm-ct.com (@mcm_ct) …
via confoundedinterest: Rising interest rates have led to the lowest level of mortgage refinancing applications since December 2000. And compared to the “Go Go” days of the housing bubble, mortgage purchase applications are back to 1997 levels and growing at a …
by John Rubino Money manager Rob Arnott and finance professor Lisa Meulbroek have run the numbers on underfunded pension plans and come up with an interesting – and highly concerning – new angle: That they impose a “stealth mortgage” on …
https://twitter.com/StockBoardAsset/status/1026171612507320320 https://twitter.com/StockBoardAsset/status/1026473498691203072
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter 8 boots-on-the-ground findings about Sydney’s deflating housing bubble. Australia’s housing market is getting rattled. The mortgage industry is in turmoil. Banks are battered by incessant revelations of misconduct. Home prices in the Sydney and Melbourne metros, …
Do you think real estate prices will rise into 2019? This is a video I’ve been working on for a while. It was long (as usual) but I hope you appreciate it. Just look at where real estate has gone. …
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter Despite persistent and false memes to the contrary. When a housing downturn gets big enough, there will be a mortgage crisis, and it will hit banks, shadow banks, and mortgage insurers no matter what the mortgage …
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter As banks pull back from mortgage lending amid inflated prices and rising rates, “shadow banks” become very aggressive. In the first quarter 2018, banks and non-bank mortgage lenders – the “shadow banks” – originated 1.81 million …
by ConcreteCrusher I’ve been reviewing in depth the non-banking mortgage originating industry, FHA’s mortgage insurance funds and Ginnie Mae’s mortgage backed security insurance programs. References: https://www.hud.gov/sites/dfiles/Housing/documents/MMIQtrlyQ12018.pdfhttps://www.hud.gov/sites/dfiles/Housing/documents/2017fhaannualreport.pdfhttps://www.ginniemae.gov/about_us/what_we_do/Reports_To_Congress/ReportToCongress17.pdfhttps://www.brookings.edu/wp-content/uploads/2018/03/5_kimetal.pdf Since the Financial crisis there has been a considerable increase in loans orignated from …
One thing I haven’t seen mentioned lately is that there is an avenue to get a house with ideal terms: $0 PMI, 0% down, $0 closing costs, and a rate below what you would get with a 850 FICO from …
by COMPUTER1313 https://www.bloomberg.com/news/features/2018-05-24/small-time-bankers-make-millions-peddling-mortgages-to-the-poor Taylor had recently filed for bankruptcy because of his $25,000 in credit card debt. But he just bought his first home for $120,000 with a zero-down loan from Christian’s company. Monthly debt payments now eat up half …
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter The trend is becoming clear. Blame surging home prices that have outrun wage increases for years, mortgage rates that have risen to the highest level since 2011, the massive affordability issues that come with those factors, …
via Kathy Orton Mortgage rates continued their upward march this week, extending the most prolonged increase in rates in 46 years. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.66 percent with an …
From Birch Gold Group With average incomes in the U.S. generally remaining flat, simple math says when mortgage rates get high enough, the market will have to correct. And as rates go up, you might also expect mortgage refinancing activity to …
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter The impact on homebuyers and the market, in dollars and cents. The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) and a 20% down-payment jumped to 4.86% for the week …
via M Hanson: It’s the “surprise” that everyone should have seen coming from 10 years away. The mortgage refi market is deader than dead. Of course it is. Every homeowner with a pulse and an ounce of common sense refinanced …
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter The Fed shouldn’t be getting into “allocating credit.” The new Fed has trouble taking shape. The seven-member Board of Governors, which is at the core of the policy setting FOMC, has four vacant slots. President Trump’s …
The average contract rate on the 30-year fixed will likely end the day as high as 4.875 percent for the highest creditworthy borrowers and 5 percent for the average borrower. Tuesday’s move follows positive economic data in retail sales, suggesting that …