Homebuyers’ “typical mortgage payment” has climbed about 10 percent in 2017 and may climb another 11 percent in 2018, according to a new analysis from CoreLogic. Company analysts attributed the payment change to rising mortgage rates over the past year. Typical mortgage payment (TMP) is a mortgage-rate-adjusted monthly payment based on each month’s median home-sale price. It is calculated using Freddie Mac’s average rate on a 30-year, fixed-rate mortgage with ...
A lack of homes for sale is limiting the first-time homebuyer share of home purchases, according to the National Association of Realtors. NAR’s latest annual profile of homebuyers found 34 percent of respondents were first-time homebuyers, down from 35 percent in the 2016 report and the fourth lowest share for first-time homebuyers since 1981. The historical norm for first-time homebuyer share is 40 percent, according to NAR. Lawrence Yun, NAR’s chief economist, said a “severe drought” ...
Recent guidance from the Office of the Comptroller of the Currency aims to allow banks to originate mortgages with high loan-to-value ratios to help borrowers in distressed areas complete home improvements. The OCC released guidance in August addressing originations of mortgages with LTV ratios above 90 percent, even allowing for LTV ratios above 100 percent in certain circumstances. Keith Noreika, the acting Comptroller of the Currency, discussed lending in ...
Most of the nation’s six publicly traded mortgage firms have seen their share prices get smacked around this year. The exception is PennyMac Financial Services, a stand-out in a group that’s struggling to keep its head above water.
Meanwhile, there’s already speculation that Capital One – known for its prowess in credit cards – might eventually re-enter the mortgage business in one way or another.
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