Mortgage News

The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.

2021 Conforming Loan Limit Rises to $548,250

2021 Conforming Loan Limit Rises to $548,250
November 30, 2020 No Comments »

Thanks to another year of stellar home price appreciation, the 2021 conforming loan limit will increase to $548,250, per the Federal Housing Finance Agency (FHFA). This is the maximum loan amount for mortgages that can be acquired by Fannie Mae ... Read More »

It’s Taking a Really Long Time to Get a Mortgage Right Now

It’s Taking a Really Long Time to Get a Mortgage Right Now
November 23, 2020 No Comments »

Similar to the increased waiting times to get a COVID-19 test these days, it’s taking an extended amount of time to get a mortgage to the finish line. The reason is simply unprecedented demand, just like those COVID-19 tests. The ... Read More »

National Association of Realtors Says Home Prices Are Rising Too Fast

National Association of Realtors Says Home Prices Are Rising Too Fast
November 16, 2020 No Comments »

It’s good to be a homeowner these days. After all, home prices are rising at an incredible pace, and have been for nearly a decade now since bottoming out. On top of that, many of today’s homeowners hold fixed-rate mortgages ... Read More »

Value of U.S. Housing Market Hits Another All-Time High

Value of U.S. Housing Market Hits Another All-Time High
October 29, 2020 No Comments »

In the second quarter of 2020, the U.S. housing market hit an all-time high of $32.8 trillion, per The Federal Reserve’s Flow of Funds Report, as referenced in the latest Monthly Chartbook from the Urban Institute. That was up from ... Read More »

Record Home Purchase Activity Expected in 2021 Despite Higher Mortgage Rates

Record Home Purchase Activity Expected in 2021 Despite Higher Mortgage Rates
October 26, 2020 No Comments »

While mortgage rates are projected to be slightly higher next year, home purchase activity should hit a new record high, per the latest forecast from the Mortgage Bankers Association (MBA). The group said it expects purchase loan origination volume to ... Read More »

Will Mortgage Rates Go Up or Down If Trump/Biden Wins the Election?

Will Mortgage Rates Go Up or Down If Trump/Biden Wins the Election?
October 14, 2020 No Comments »

As everyone knows, we have a very important U.S. presidential election just around the corner. In fact, it’s now less than three weeks away. It could be the biggest in U.S. history, at least in terms of drama and friction, ... Read More »

Costco Mortgage Review: What Don’t They Do?

Costco Mortgage Review: What Don’t They Do?
October 10, 2020 3 Comments »

Costco, the well-known mega wholesaler that runs a chain of membership warehouses internationally, rolled out it’s so-called “Mortgage Services” back in 2011. Now known as “The Mortgage Program,” their lending partners have funded nearly 200,000 mortgages worth more than $51 ... Read More »

Redfin: 2020 Home Sales Will Be Highest Since 2006

Redfin: 2020 Home Sales Will Be Highest Since 2006
October 8, 2020 No Comments »

While 2020 continues to surprise us, somehow, someway, home sales are expected to hit their highest point since 2006 this year. This, despite an ongoing worldwide pandemic and a contentious U.S. presidential election that’s less than a month away. You’d ... Read More »

What Will Happen When the CARES Act Forbearance Option Ends?

What Will Happen When the CARES Act Forbearance Option Ends?
October 7, 2020 No Comments »

While it’s still possible to request mortgage forbearance via the CARES Act if you’re having trouble making monthly payments, this option will eventually come to an end. In fact, you might only have about two months left to contact your ... Read More »

The Mortgage Broker Comeback

The Mortgage Broker Comeback
October 6, 2020 No Comments »

Once left for dead, the mortgage broker is alive and well. And in fact, thriving. There are now more than 100,000 mortgage brokers in business, per the latest jobs report from the U.S. Bureau of Labor Statistics, an increase of ... Read More »