Today FHA announced new policy changes in respect to a strengthening of their finances and risk. In order to provide homeownership opportunities for millions of Americans, they will need to increase their capital reserves. They will also need to change their risk model in order to continue to provide homeownership possibilities for underserved communities. What… Continue Reading
Tag Archives: Arizona
Fannie Mae Gets Tough(er) On Borrowers. Again.
Fannie Mae raised the bar for mortgage applicants this past weekend. Getting approved for a home loan just got harder. In its official announcement, Fannie Mae says the updates minimize long-term lending risks. If that’s the case, this won’t be the last guideline change Fannie Mae makes — especially with loans defaulting at an above-normal… Continue Reading
The Federal Reserve’s Relationship To Mortgage Rates
The Federal Open Market Committee meets today for the last time in 2009. It’s a 2-day meeting and the Fed is expected to leave the Fed Funds Rate near 0.000 percent. But that doesn’t mean mortgage rates won’t change. See, a major misperception among the public is that the Federal Reserve sets mortgage rates. That’s false. … Continue Reading
Mortgage Rates In Arizona Rose By More Than 1/2 Percent Wednesday
Conforming mortgage rates rose by 0.625 percent Wednesday. Yes, you read it right. Zero-point-six-two-five percent. The surprise surge in pricing started shortly after 1:00 P.M. ET, then continued all the way until the market’s closing. It was the sharpest one-day surge in mortgage rates in recent history. Perhaps ever. For mortgage rate shoppers swept up in… Continue Reading