Reverse mortgages didn’t always have the same consumer protections they have today. While new laws do a better job of preventing some bereaved spouses from getting pushed out of their homes, the rules...
Tag: Mortgages
Reverse Mortgages and Irrevocable Trusts
A reverse mortgage allows you access to a portion of your home equity while you’re still living in the home. If you put that home into an irrevocable trust, you may be able to avoid estate taxes...
Rocket Companies CEO expects $2.50 trillion of mortgages this year
A recent CNBC report suggested rising rates are hitting mortgage demand by over 40% YoY. Still, Rocket Companies Inc (NYSE: RKT) CEO is convinced there’s ample opportunities for 2022. Farner exp...
The housing market is running hot. Can the Fed cool it before it crashes?
When the “Bond King” Bill Gross sat down recently with Barry Ritholtz for an episode of “The Big Picture” podcast, the billionaire investor and PIMCO founder took a pretty skeptical view of who might ...
Mortgage rate soars closer to 5% in its second huge jump this week
The rate for the most common kind of mortgage just surged again. The average rate on the 30-year fixed mortgage shot significantly higher Friday, rising 24 basis points to 4.95%, according to Mortgage...
Home sales fall in February ahead of key spring selling season
A home with a sign indicating that it is under contract to be sold is seen in a neighborhood of downtown Washington. Jim Bourg | Reuters In a grim sign for the housing market’s busiest season, p...
Cryptocurrency mortgages: a revolution in the industry
The entry of digital currencies into the lending business has been rumoured for some time, and cryptocurrency mortgages were highly anticipated. The mortgage But what does it mean to take out a mortg...
Mortgage refinance demand plunges 14%, as interest rates spike higher
A sharp increase in mortgage interest rates is taking its toll on loan demand, especially refinances. Total mortgage application volume fell 8.1% last week compared with the previous week, according t...
Figure sets out plans to launch crypto-backed mortgages
advertisement Loans platform Figure has opened its waiting list for crypto-backed mortgages in the US, in a move that would let borrowers put up bitcoin (BTC) or ethereum (ETH) as collateral. Borrower...
Mortgage rates are surging faster than expected, economists lower home sales forecasts
A home is offered for sale on January 20, 2022 in Chicago, Illinois. Scott Olson | Getty Images The average rate on the popular 30-year fixed mortgage hit 4.72% Tuesday, moving 26 basis points higher ...
NFTs, crypto mortgages, 5G network and Web3 devs raise millions
The cryptocurrency market has failed to make significant headway in recent months, but that hasn’t stopped the industry’s builders from building. Nonfungible tokens (NFTs), crypto mortgages, blockchai...
Single-family rent sets record, led by homes in Florida and Arizona
A house for rent in Corona Del Mar, California. Scott Mlyn | CNBC Demand for single-family rental homes is soaring, pushing prices to record highs, as Americans continue to want larger homes with outd...
Brief drop in mortgage rates sparks mini refinance boom
A single family home is shown for sale in Encinitas, California. Mike Blake | Reuters After rising steadily for months, mortgage rates made a U-turn last week, and borrowers jumped to take advantage. ...
Weak mortgage demand could get a big boost
A house’s real estate for sale sign shows an upcoming open house in Washington, DC. Saul Loeb | AFP | Getty Images Mortgage demand stalled last week, as interest rates hit a multiyear high, but ...
Homeowners hold record equity. What to know if you want to borrow
New homes under construction by CastleRock Communities in Kyle, Texas, in November 2021. Matthew Busch | Bloomberg | Getty Images Record increases in home prices are also pushing up the amount of equi...
January home sales jump 6.7% despite a record low supply
A sold sign is posted in front of a home in Phoenix, Arizona. Justin Sullivan | Getty Images Sales of previously owned homes in January rose 6.7% from December to a seasonally adjusted annualized rate...
Builders are waiting months to get cabinets and garage doors
A worker makes repairs to a home under construction at the Lennar Bridgeway home development on December 15, 2021 in Newark, California. Justin Sullivan | Getty Images Supply chain issues for homebuil...
The average size of a new mortgage just set a record
A couple look at houses for sale in the window of William H. Brown estate agents. Getty Images Homebuyers are facing one of the priciest housing markets in history, and that means they need larger mor...
Homebuyer demand for mortgages drops 10%
A sign advertising an open house in Corona Del Mar, California. Scott Mlyn | CNBC Mortgage rates have been rising since the start of the year, but buyers at first seemed unfazed, some even rushing to ...
Borrowers rush to get the last of the low mortgage rates
A real estate agent stands in the doorway as Giovani and Nicole Quiroz of Brooklyn, New York visit an open house in West Hempstead, New York. Raychel Brightman | Newsday LLC | Newsday | Getty Images M...
Paul Krugman Says Bitcoin Resembles Subprime Mortgages. Is He Right?
Paul Krugman is a Nobel Prize-winning economist with a huge microphone. The former MIT and Princeton professor has used his regular column in The New York Times to advocate for free trade, clean energ...
CFPB signals crackdown on hidden fees for banks, credit cards
Rohit Chopra, director of the Consumer Financial Protection Bureau. Alex Edelman/Bloomberg via Getty Images The Consumer Financial Protection Bureau on Wednesday signaled a broad crackdown on hidden a...
Mortgage refinance demand plunges 13% as interest rates climb
A home for sale in Susanville, CA. Gary Coronado | Los Angeles Times | Getty Images Rising interest rates are causing big headaches for mortgage lenders, especially those who depend most on refinance ...
Home prices surged in November, but at a slower rate, S&P Case-Shiller says
A “For Sale” sign is seen outside a home in New York. Shannon Stapleton | Reuters Even as the housing market entered its traditionally slower season in November, home prices showed big gai...
First cryptocurrency-backed mortgages launched in the US
The first US home loans backed by cryptocurrencies have been launched. Mortgages collateralized with cryptocurrencies They were launched by Milo, a fintech company that is building a proprietary tech...
Housing Crisis: Why 40-Year Mortgages Might Help Delinquent Borrowers
Text size Illustration by Laurent Duvoux About the author: Patrick Harker is the president and CEO of the Federal Reserve Bank of Philadelphia. The Covid-19 pandemic is not over. But many of the pande...