National Mortgage News

2 days ago | nationalmortgagenews.com | Brad Finkelstein

The average home in more than half of the nation's metro areas was overvalued by more than 10% during the fourth quarter of 2024, the latest Sustainable Home Price Trends report from Fitch Ratings declared. Nationwide, prices were 11% above where they should be, a reduction from 11.1% in the third quarter. But 85% of the nation's markets are overvalued to some extent; this is unchanged from the third quarter.

2 days ago | nationalmortgagenews.com | Bonnie Sinnock

Texas Capital Bank followed through with its planned appeal of a federal district court ruling in a lawsuit with Ginnie Mae over Home Equity Conversion Mortgage assets, according to a new filing. TCB filed a brief notice this week that it has moved the fight against the government corporation to the 5th U.S. Circuit Court of Appeals. U.S. District Judge Matthew Kacsmaryk of Texas' Northern District previously dismissed the case with prejudice, preventing its return to his court.

2 days ago | nationalmortgagenews.com | Andrew Martinez

Mortgage shoppers submitted 1.1% more applications for the week ending May 9 than they did at the end of April, according to the Mortgage Bankers Association. The trade group's Refinance Index also fell 0.4%, as volatility driven by economic uncertainty appears to fade. Consumers watched rates for all but 15-year fixed-rate and jumbo mortgages rise, led by the average contract interest rate for 30-year FRMs rising two basis points to 6.86%.

3 days ago | nationalmortgagenews.com | Brad Finkelstein

April's increase in rate lock activity does lend some support to the optimistic views on Spring's market, according to Optimal Blue. Its Market Volume Index, a measurement of rate lock activity, was at 109 for April. This was up from 105 in March, a gain of 3.2%, and 103 for April 2024, 5.9% higher. This follows the release of March's pending home sales index from the National Association of Realtors showing its biggest gain since December 2023.

3 days ago | nationalmortgagenews.com | Bonnie Sinnock

The Mortgage Bankers Association has responded to the Office of Management and Budget's request for information on "unnecessary, unlawful, unduly burdensome and unsound rules" with several origination and servicing policy suggestions. There already has been pullback from some of the policies the association is calling for the Office of Management and Budget to rescind, with the suggestions aimed at putting a more definitive end to these where the OMB has the authority to do so.