Homebuyers News & Analysis
2 articles
Market Mood
Mortgage Applications Rise 1.8% as Rates Reach One-Month Low
Mortgage application volume increased 1.8% last week compared to the previous week, according to the Mortgage Bankers Association. The average interest rate for 30-year fixed-rate mortgages fell to 6.42% from 6.51%. Refinance applications surged by 5% week-over-week and were up 15% from the previous year. However, homebuyer applications decreased by 1% weekly and were 3% lower than this time last year, reflecting ongoing economic uncertainty.
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FHFA Lowers Home Insurance Costs for Fannie Mae and Freddie Mac Mortgages
The Federal Housing Finance Agency (FHFA) has implemented new rules allowing Fannie Mae and Freddie Mac to accept Actual Cash Value (ACV) coverage for roofs, thereby lowering homeowners' insurance premiums. This change targets rising insurance costs and aims to make home ownership more affordable. Previously, borrowers were often required to secure full Replacement Cost Value (RCV) for roofs, contributing to higher insurance rates. The FHFA also simplified insurance regulations for condominium buildings, potentially allowing more properties to qualify for mortgages and enhancing affordability for buyers.
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