Tag Archives: Refinance

According to ATTOM's 2023 U.S. Home Equity & Underwater Report, while the number of equity-rich homes dropped in Q3, the share of mortgaged homes in the U.S. that were considered seriously underwater did see improvements. Click through to read the latest analysis.

The Q2 2023 TransUnion Credit Industry Insights Report reveals the latest credit trends as lenders have begun to tighten underwriting. Some 50% of Gen Zers surveyed say they plan to apply for new credit or refinance existing credit within the next year.

“Mortgage credit availability declined to its lowest level since 2013, as lenders pulled back on underutilized loan programs and as liquidity concerns remain for some jumbo lenders,” said Joel Kan, MBA’s VP and Deputy Chief Economist. "Declining origination volumes have led to lower profitability for many lenders, resulting in narrower loan product offerings to reduce operational costs.

Latino homeownership lagged 22 percentage points behind white homeownership in 2021 and experienced significantly higher mortgage denial rates than their white counterparts, according to Fannie Mae’s new Latino Housing Journey. Click through for more on the disparities Latino households face and policy solutions that could increase homeownership opportunities.

“It's crucial, especially in higher-rate environments, for Americans to talk to a mortgage advisor who can help prepare buyers for the homebuying process, work to determine how much a person can afford and clear up the misconceptions about the many paths to homeownership that exist," said Thomas Parrish, Head of U.S. Retail Lending Product Management at BMO.

Despite the Fed continuing to raise interest rates, overall mortgage refinance application volume rose 10% week-over-week, hitting levels last seen in September of 2022.

Due to persistently high home prices, new homebuyers may shell out costly amounts for their mortgage payments, as a new study from LendingTree reveals that the average nationwide payment on a new mortgage has reached $2,317 a month.

While both conventional and government home purchase applications increased last week, activity remains nearly 30% below last year’s pace, as elevated mortgage rates and low supply continue to moderate the market.

Lenders remained profitable during the refi boom, but as Carlos Sa of MILOS explains, most lenders had difficulty keeping up, as refis are not always as simple as we’d like.

Some of the pain the mortgage industry is experiencing is self-inflicted and can be corrected, as Louis Zitting of MonitorBase explains there is still time to pivot, salvage what’s left, and develop a path forward to experience success.