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Tight credit, high rates and low inventory add to buyers’ affordability struggles 

Housing Wire

of the median household income to make principal and interest (P&I) payments on the median-priced home purchased with 20% down and a 30-year fixed-rate mortgage. In turn, the 100 largest U.S. markets are now less affordable than the long-term average. It now takes 34.2%

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GSEs completed nearly 60,000 foreclosure prevention actions in Q1 2023: FHFA

Housing Wire

Sixteen percent of home modifications in Q1 were modifications with principal forbearance, the report said. Mortgage rates rose in March: the average interest rate on a 30-year fixed-rate mortgage increased to 6.54% from a February level of 6.26%.”

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Affordability issues continue to impact home buying and selling perceptions

Housing Wire

of the median household income to make principal and interest (P&I) payments on the median-priced home purchased with 20% down and a 30-year fixed-rate mortgage. Since the start of 2023, inventory has deteriorated in 95% of major markets, according to the report. It now takes 34.2%

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Homebuyers are really beginning to feel the squeeze

Housing Wire

Loan officers on Thursday told HousingWire that rate locks on 30-year fixed-rate mortgages were coming in around 4.75%, about 30 basis points higher than what Freddie Mac’s weekly PMMS report found.

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ARMs race: adjustable-rate mortgages make a comeback

Housing Wire

In 2021, more than 90% of borrowers who closed a loan with fintech mortgage lender Neat Loans opted for a 30-year fixed-rate mortgage. In the most recent Freddie Mac PMMS Mortgage Survey, which tracks purchase mortgage rates, the 30-year fixed-rate mortgage last week averaged 5.23% while the 5-year ARM averaged 4.12%. “It’s

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With mortgage rate volatility, buyers can save by shopping around

Housing Wire

The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage jumped 40 basis points to an average of 6.70% this week, the highest level since 2007. The survey also indicates a large dispersion in rates, meaning that homebuyers can save hundreds of dollars by shopping around with different lenders.

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Servicing earnings prop up Pennymac’s Q3 performance

Housing Wire

David Spector, chairman and CEO, told analysts that the company had “outstanding results” even as mortgage rates neared 8% in Q3. According to Spector, many of the borrowers who are locked in a low, fixed-rate mortgage are incentivized to stay in their homes. billion in unpaid principal balance (UPB) as of Sept.