PMR Mortgage Blog
National Housing Survey reports positive sentiment about homebuying
Results are in from the Fannie Mae November 2019 National Housing Survey, and Americans’ sentiment about homebuying is making a comeback. Previously, the Home Purchase Sentiment index found that overall confidence in the market had taken a hit. After the index reached...
Refinance loans reach highest percentage since 2015
Just a few months ago, refinance loans made up more than half of all loans closed, according to Ellie Mae’s October Origination Insight Report. The monthly report noted that, previously, the highest percentage took place in March 2015. One of the contributing factors...
Housing affordability increases as VA Loans and FHA Loans provide options for new buyers
A new report by National Association of Home Builders says that around 63.6 percent of existing and new houses sold early this year are now considered affordable to households with a median income. The current median income is $75,500. This news comes after a...
The 3 Most Important Numbers for your Mortgage Application
When it comes to getting a lender’s approval to buy or refinance a home, there are 3 numbers that matter the most — your credit score, debt-to-income ratio, and loan-to-value ratio. These numbers can affect your ability to qualify for a mortgage and how much it costs you. Here’s a rundown of what they are and why they matter.
5 questions to ask yourself about refinancing
With the recent decline in interest rates, we are in the midst of what market forecasters are calling a mortgage refinance “boom.” One study by Black Knight estimated that, as of July 2019, nearly 8 million homeowners were eligible for a mortgage refinance. If you own...
Appraisal requirement removed for some homes under $400,000
Regulators have removed the appraisal requirement for some homes valued under $400,000. While this new rule impacts many types of loans, it’s important to note that not all loans will be affected. Loans that are guaranteed or insured in part, or entirely, by a...
Low Mortgage Rates Offer Borrowers Plenty of Options
Lower interest rates have historically given homeowners the green light to refinance their homes in order to lower their monthly payments. Even if you think you have a great rate already and won't benefit from refinancing your mortgage, you may be mistaken. There are a multitude of reasons for refinancing your mortgage.
The amount of equity homeowners have is hitting record highs
A new report by CoreLogic found that the amount of equity homeowners have in their homes is at an all-time high. The data company reported that the national share of homes with negative equity fell to just 3.8 percent, and since the second quarter of 2018, 151,000...
A large number of homeowners are currently eligible for a refinance
Low mortgage rates have created a high number of homeowners who are eligible for refinancing, according to a recent report by Black Knight. The report, which used comparison data from as far back as 2000, found that approximately half of all homeowners are currently...
New home purchase applications on the rise thanks to low rates
New data released by the Mortgage Bankers Association (MBA)’s monthly Builder Application Survey indicates that new home purchase applications are up by 11 percent month-over-month. The survey also found that the average loan size decreased, possibly due to a large...
Home prices continue to slow for 14th month in a row
For the 14th month in a row, the rate at which homes prices are increasing has slowed down. In May, prices saw just a 3.4 percent annual increase according to the S&P CoreLogic Case-Shiller National Home Price Index. Nationwide, the top 10 metro areas in the...
The Fed Cut Interest Rates for the First Time Since the 2008 Crisis
The Federal Reserve’s decision to cut interest rates 25 basis points for the first time in over a decade marked a dramatic shift in monetary policy. For consumers, the cut could mean a reprieve in escalating borrowing costs, which can impact your mortgage, home equity loan, credit card, student loan tab, and car payment.