Demand for purchase loans picked up last week as would-be homebuyers took advantage of rates that are still a full percentage point lower than 2023 highs, MBA lender surveys show
Homebuyer demand for mortgages inched up slightly last week, as rates climbed to the highest level in more than 2 decades, according to the Mortgage Bankers Association's weekly survey
According to Fannie Mae's National Housing Survey, 84% of Americans polled said it was a bad time to buy a home, and most weren't expecting mortgage rates to come down anytime soon
Mortgage lenders tightened standards for the 3rd month in a row in May, with mortgage credit availability falling to the lowest level since January 2013
Requests to refinance accounted for 31% of all loan applications last week, well below the past decade’s average of 58%, according to a weekly MBA lender survey
Credit bureaus have 'little incentive to treat consumers fairly when their credit reports have errors,' according to Consumer Financial Protection Bureau, which analyzed 700K complaints
After 6 months of easing, credit availability tightened by 8.5% in June
After adjusting for seasonal patterns, requests for purchase loans were down 3% from the week before, and 2% from a year ago, according to the Mortgage Bankers Association
The biggest monthly move since 2013, a four-point drop in average FICO scores from March to April, is confined to borrowers refinancing existing loans
The Mortgage Bankers Association said the decrease is due to stricter lending standards and increased likelihood of loan forbearance and defaults
Changes to regulations and GSEs might make it easier to qualify for a mortgage loan
If credit is tight today, why has the rate of decline of applications fallen?
Although credit availability remains challenging, non-bank and non-prime options offer solutions
Zillow and HMDA reports highlight ongoing disparities in mortgage loan application acceptance rates among different racial groups
Mortgage credit availability still tight, but shows signs of improvement, says MBA