A new federal rule that would charge higher fees to home buyers with good credit to help subsidize those with poor credit goes into effect Monday.
The Federal Housing Finance Agency announced in January it would increase Loan-Level Price Adjustment fees for mortgage borrowers with higher credit scores to help keep fees lower for those with worse credit.
Sales of existing homes fell 17.8% in 2022, marking the weakest sales performance since 2014 as interest rates climbed. Interest rates rose quickly last year, a factor that weighed on the residential real estate market. The 30-year fixed-rate mortgage averaged 6.15% as of Jan. 19, down from 6.33% last week, but up from 3.56% a year ago, according to Freddie Mac.
Mortgage rates continued a slow but steady decline over the past week, suggesting a small but notable reversal from the meteoric rise they underwent over the past year.
Thirty-year fixed mortgage rates “averaged 6.31 percent as of December 15, 2022, down from last week when it averaged 6.33 percent,” Freddie Mac said in its weekly rate update on Thursday.
Fifteen-year rates, meanwhile, averaged 5.54%, down from 5.67% last week.
Mortgage rates on Thursday climbed to a 14-year high, with the average 30-year-fixed rate rising above 6% for the first time since 2008.
Mortgage Bankers Association executive Joel Kan says the 6.01%, rate is “essentially double what it was a year ago.”
Mortgage rates soared to their highest level since the beginning of the pandemic in the first week of 2022, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.22% in the week ending on Jan. 6, up from a 3.11% average during the previous week and marking the highest level since May 2020, Freddie Mac announced Thursday. The 30-year rate dropped to 2.65% in early 2021, its lowest level on record.
“Mortage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percentage higher than January 2021,” said Sam Khater, chief economist at Freddie Mac, according to a company release.
Joe Biden promises to bring the Obama years back with a vengeance. One thing that’s likely to return is government slush funds for left-wing groups. Unless Trump takes decisive action, one of the biggest piggy banks for the Left will come from the Federal Housing Financial Agency (FHFA).
The Supreme Court on Wednesday will hear Collins v. Mnuchin. The case is a complicated matter that involves government management of Fannie Mae and Freddie Mac and how independent it is from the administration. The federal government placed both under conservatorship—meaning federal management—during the 2008 financial crisis. The agency in control was the Federal Housing Financial Agency. A federal appeals court previously ruled FHFA’s structure unconstitutional.
by John-Michael Seibler “You’re fired.” President Donald Trump will soon be able to use his famous catch phrase against the head of a troubled federal agency, the Fair Housing Finance Agency, which is led by a single Obama appointee with no meaningful oversight from the president. The 5th U.S. Circuit…