CFPB says minority borrowers lack the chance to refinance
Not all eligible borrowers will be afforded the opportunity to refinance their mortgages as rates decline, a blog from the Consumer Financial Protection Bureau claims. Slightly less than one quarter of current mortgage borrowers have a loan at an interest rate at 5% or higher, the group most likely to benefit from a refinancing. That […]
UWM offers high LTV cash-out refis without mortgage insurance
United Wholesale Mortgage is offering another aggressive promotion for borrowers seeking refinances. The leading lender’s Conventional Cash-Out 90 allows homeowners to access up to 89.99% loan-to-value on their homes in a cash-out refi without obtaining mortgage insurance. The product, available immediately, is the only such offering in today’s mortgage market, the company said. An MI […]
Purchase locks increase in the face of rising rates
Purchase lock activity pointed to steady demand amid accelerating mortgage rates last month, but movement toward government and nonconforming options also suggest a changing buyer profile, according to Optimal Blue. Lock volumes for new home purchases rose 11.6% from September to October, data from the product pricing engine platform’s monthly report showed. The rise reflected […]
10 states most wanting to refinance… and the 10 least
Enjoy complimentary access to top ideas and insights — selected by our editors. Refinancing is declining as mortgage rates have risen due to persistent inflation and strong job growth. Eden Emerald Mortgages ranked the states most and least wanting to refinance by analyzing the number of times people in each state use search engines to […]
Mortgage application increases again after recent slowdown
After the first uptick in several weeks, mortgage application activity again gained momentum, with purchases and refinances both increasing. The Mortgage Bankers Association’s weekly Market Composite Index climbed up a seasonally adjusted 1.7% for the seven-day period ending Nov. 15. The trade group’s index was up for a second consecutive week, following an 0.5% rise. […]