Any day now the President is expected to sign into law the Housing and Recovery Act of 2008. There are big changes in store with the passage of this act, changes which have the potential for sweeping effects across the mortgage and real estate industries.
This morning the Mortgage Bankers Association (MBA), in its Weekly Mortgage Applications Survey for the week ending July 18, announced that mortgage loan application volume dropped 6.2 when compared to the week prior. The number of people applying to refinance their existing mortgage dropped, as did the number of people applying for a mortgage to purchase a home. FHA loans, which for months have been the star of the MBA report posting large week to week gains, also saw a pull-back of 7.7 .
Though Fannie Mae and Freddie Mac may have silly names, they're all about the serious business.
Direct from Sky Radio – Changes in the Mortgage Industry and Financial Markets and How They Affect You
Bob Walters, chief economist of Quicken Loans, is interviewed on Sky Radio about the state of the mortgage industry and financial markets. Walters explains how recent changes in credit and mortgages are affecting consumers. He also offers tips to improve credit and qualify for a low-cost mortgage.
This morning the Mortgage Bankers Association (MBA), in its Weekly Mortgage Applications Survey for the week ending July 4, announced that the Market Composite Index, which measures mortgage loan application volume, increased 7.5% from one week earlier.
The proposed housing stimulus package is moving its way to the White House. But what does it mean for consumers?
Congress has lifted the conforming loan limits in thousands of counties across the country. The government is allowing mortgage giants Fannie Mae and Freddie Mac to buy more — and larger – loans. And the FHA has rolled out its jumbo loan. So what does it all mean for you? Well, if you’re a homeowner, or even thinking about becoming one, you may just find it’s easier to get approved for a loan.
The pause was widely anticipated by financial markets, which were focused more on the language of the announcement to see what degree of concern the Fed has over rising inflation versus a struggling economy.
FHA loan limits were raised by Congress and now include some loans that previously were labeled as Jumbo Loans. Folks looking to refinance or buy a home should take advantage of low housing prices and higher FHA loan values.
In an effort to boost the struggling economy, Congress voted some months ago to raise the conventional home loan limits. In the past few weeks, the rates on the new “jumbo loans” have dropped considerably.