The reason: Single female borrowers are generally less affluent than single male borrowers, have lower incomes and take out smaller loans, according to researchers at the Urban Institute.
Analysts at Fannie Mae looked at 14 components that go into the cost of purchasing a home, along with ongoing expenses. Costs related to the mortgage accounted for roughly 30% of the overall cost.
Soaring home values boosted the national average equity stake in a mortgaged residential home to $185,000 at the end of 2021. The year-over-year gain: $48,000.
Potential first-time homebuyers are facing affordability issues due to elevated home price appreciation. And though home price appreciation is slowing, interest rates are set to rise.
Financial technology lender SoFi is set to acquire a bank; United Wholesale Mortgage will cover appraisal costs on purchase mortgages through the end of March; mortgage tech companies raise capital; CoreLogic offers new fraud-detection service; low-code marketplace launched.
There is some evidence that production was less efficient in the third quarter, but profitability was up anyway. Servicing income was clearly stronger. (Includes data chart.)
Low-income first-time homebuyers face higher closing costs than others receiving purchase mortgages, according to economists at Fannie Mae. The GSE is suggesting changes that could fix some of that.
Pentagon Federal Credit Union, commonly known as PenFed, has entered the arena of lending money to nonbank primary market originators. Details? So far, there are few.