Foreclosures are surging now that Covid mortgage bailouts are ending, but they’re still at low levels

A foreclosure sign in front of a house in 2007. Getty Images Foreclosures are starting to surge as government and private sector programs designed to help homeowners deal with the economic fallout of the Covid-19 pandemic have begun to expire. Mortgage lenders began the foreclosure process on 25,209 properties in the third quarter, a 32% … Read more

As mortgage rates shoot even higher, refinance demand plummets 10%

A sharp jump in mortgage interest rates over the past few weeks is taking its toll on mortgage demand. Total application volume fell nearly 7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.  The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 … Read more

Existing home sales fall 2% as first-time buyers are priced out

A newly sold home is shown on August 12, 2021 in Houston, Texas. Brandon Bell | Getty Images Sales of previously owned homes declined 2% in August from July to a seasonally adjusted annualized rate of 5.88 million units, according to the National Association of Realtors. Sales were 1.5% lower than August 2020 for the … Read more

Artificial intelligence is taking over real estate – here’s what that means for homebuyers

Brick-and-mortar real estate may seem like the only tangible thing left in an increasingly virtual world, but it too is being taken over by artificial intelligence. Some of the biggest names in the business, such as Compass, Zillow and LoanSnap, are now employing AI to help find buyers the perfect mortgage and the perfect home. … Read more

Weekly mortgage-refinance demand drops as interest rates stall

A “For Sale” sign outside a house in West Palm Beach, Florida, April 7, 2021. Marco Bello | Bloomberg | Getty Images A prolonged period of low mortgage rates is taking its toll on the refinance market, as most borrowers who qualify have already gone through the process. The average contract interest rate for 30-year … Read more

Mortgage rates fall for the first time in 3 weeks, but demand is still light

People wait to visit a house for sale in Floral Park, Nassau County, New York. Wang Ying | Xinhua News Agency | Getty Images After rising for three weeks, mortgage rates came back down a bit last week, but it didn’t seem to have much effect on mortgage demand. Total application volume rose 1.6% last … Read more

Second-largest U.S. mortgage lender will accept payment in bitcoin

Starting later this year, U.S. homebuyers will have the option to pay for their mortgage in bitcoin. United Wholesale Mortgage, which made its public debut in January via a special purpose acquisition (SPAC) merger, announced plans this week to accept cryptocurrency for home loans, in what is being billed as a first for the national … Read more

Mortgage rates hit their highest level in a month, and weekly demand drops

Prospective home buyers arrive to tour a house for sale in Dunlap, Illinois. Daniel Acker | Bloomberg | Getty Images Borrowers backed away from the mortgage market last week, as higher interest rates chilled a recent revival in refinances. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) … Read more

Weekly mortgage refinances spike 20% after interest rates drop to February low

Real estate agents Rosa Arrigo, center, and Elisa Rosen, right, work an open house in West Hempstead, New York on April 18, 2021. Newsday LLC | Newsday | Getty Images Homeowners saw an opportunity last week and seized it. A sudden and unexpected drop in mortgage rates sent borrowers to their lenders in droves, hoping … Read more

May home sales rebound to highest level since 2005, shocking even the Realtors

A sale pending sign is posted in front of a home for sale in San Anselmo, California. Justin Sullivan | Getty Images The pandemic-induced housing boom may not be over quite yet. Despite recent months of softening sales, buyers came back remarkably strongly in May. Pending home sales, a measure of signed contracts on existing … Read more