Fed announces rate hike decision

The Federal Reserve’s governing board has released its decision on interest rates while acknowledging that inflation is closing in on its target without indicating any intention to veer from their gradual path of interest-rate increases.

“Inflation on a 12-month basis is expected to run near the committee’s symmetric 2 percent objective over the medium term,” the policy-setting Federal Open Market Committee said in a statement Wednesday in Washington. “The committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate.”

Source: Fed announces rate hike decision

Credit scores should include rental history says Urban Institute

A new study suggests that a change in the information used for credit scores could enable millions of potential homebuyers to qualify for a mortgage. The Urban Institute says that while credit bureaus pick up missed rent payments, they do not generally record those that are made on time. But these payments are typically most consumers largest monthly expense, providing a good indication of their ability to meet a monthly financial commitment.

Source: Credit scores should include rental history says Urban Institute

Even if rates doubled prices would keep rising says FirstAM

Potential homebuyers who are hoping rising mortgage rates may slow the fast-rise of home prices may be disappointed.That’s according to the latest analysis from First American Financial which says that even in the unlikely event that rates for a 30-year FRM doubled to near 9%, there would still be a sizeable increase in prices.

Source: Even if rates doubled prices would keep rising says FirstAM

Even if rates doubled prices would keep rising says FirstAM

Potential homebuyers who are hoping rising mortgage rates may slow the fast-rise of home prices may be disappointed.That’s according to the latest analysis from First American Financial which says that even in the unlikely event that rates for a 30-year FRM doubled to near 9%, there would still be a sizeable increase in prices.

Source: Even if rates doubled prices would keep rising says FirstAM

How long does it take homebuyers to recover from bankruptcy?

Potential homebuyers who have been declared bankrupt may believe that they cannot apply for a mortgage or other loan for many years afterwards, but a new survey suggests otherwise.With many people still recovering from the effects of the housing market crash and recession, LendingTree looked at the impact of bankruptcy.

Source: How long does it take homebuyers to recover from bankruptcy?

Potential homebuyers who have been declared bankrupt may believe that they cannot apply for a mortgage or other loan for many years afterwards, but a new survey suggests otherwise.With many people still recovering from the effects of the housing market crash and recession, LendingTree looked at the impact of bankruptcy.

Source: How long does it take homebuyers to recover from bankruptcy?

This could cause a 30% drop in originations says Freddie

Rising mortgage rates are the focus of the latest Insights report from Freddie Mac and considers the likely impact on the market. Based on historical data, the report says that a 1.5% spike in mortgage rates would result in a 30% drop in originations as home sales and starts tumble 5-11%.

Source: This could cause a 30% drop in originations says Freddie

United Wholesale launches virtual e-closing in 12 more states

The virtual e-closing capabilities of United Wholesale Mortgage has been expanded to 12 additional states, bringing its total to 16. In partnership with Boston-based tech firm Notarize, UWM offers the industry’s first end-to-end online mortgage with no ‘wet signing’ of documents. The solution now includes purchase transactions.

Source: United Wholesale launches virtual e-closing in 12 more states