Gen Z Is Holding Out for Sub-5% Mortgages. It’s In for a Rude Awakening
The narrative blaming young adults for their inability to become homeowners is as persistent as it is tired: If Gen Z would simply stop spending money on dining out, shopping, and luxury experiences to flaunt on social meda, the door to homeownership would magically fly open. But all this finger-pointing ignores fundamental truths about the
Mortgage Banking Summit: ‘Street fight’ market concentrates growth toward nondelegated lenders
The competition for mortgage market share has become a “street fight,” with production and talent increasingly shifting toward the broker/nondelegated correspondent channel, industry executives said Thursday at HousingWire’s Mortgage Banking Summit in Dallas. “We are absolutely, in my opinion, in a street fight,” Rich Weidel, CEO of Princeton Mortgage, said on stage. Citing data from
High mortgage rates are trapping homeowners in place, and making renovations harder to afford
Courtneyk | E+ | Getty Images With mortgage rates continuing to stay untenably high for most Americans, many are staying put. But that doesn’t mean homes don’t need improving and upkeep. And some homeowners figure that if they can’t move into a new home, they’ll make their old home “newer” — a new deck or
Soft September Jobs Report May Give Fed Reason to Pause Rate Hikes, Slowing Ascent of Mortgage Rates
Takeaway: A soft jobs report may finally offer some relief for mortgage rates, or at least help to stem the march upward. Jobs data is no longer the key to whether the Fed continues to hike, but this data should give them a reason to wait. Jobs data points to a softer job market than
What’s next for housing: 7%, 8% or 9% mortgage rates?
Halloween is coming early for the housing market. The bond market has been very scary for weeks now, but last week was so wild that we can actually talk about what is more likely now: mortgage rates at 7%, 8% or 9%? Let’s take a drive down to scary-rate lane, where Chuckie will be our
Jobs growth stalls — and that could be good news for mortgage rates
Job growth in the U.S. slowed down in September, with nonfarm payroll jobs jumping just 29,000 from a month prior, according to data released Friday by the U.S. Bureau of Labor Statistics. In addition to this, data for the prior two months was revised down by 60,000 jobs. September also saw the unemployment rate tick
Why France is a warning sign for the markets
The good news about the epic shifts in global bond markets is that they mostly reflect economic fundamentals, not the kinds of panicky swings seen in a crisis.The bad news is that there’s a risk the disruptions metastasize into a broader crisis in an era of fractured politics across major democracies.The big picture: Turmoil in
HUD opens probe into Wells Fargo’s race-based mortgage programs
The U.S. Department of Housing and Urban Development (HUD) has opened an investigation into Wells Fargo’s mortgage programs that aim to boost Black homeownership rates, saying the initiatives may violate the Fair Housing Act. HUD is focused on Wells Fargo’s 2017 and 2022 commitments to increase homeownership among Black borrowers and to advance racial equity
Housing Week Ahead: Hottest Markets, Mortgage Rates, and Home Loan Reforms
Housing Week Ahead: Hottest Markets, Mortgage Rates, and Home Loan Reforms The week ahead is light on market indicators, but will bring several exclusive new reports from the Realtor.com economics team. On Monday, senior economist Jiayi Xu releases our first-ever Generational Housing Succession report. This report will examine demographic trends for the oldest Americans—the Silent
Mortgage Rates Tick Up Even as the Odds of a Fed Rate Hike Decline
In A Nutshell: There’s still upward pressure on rates, as bond market investors have all of the same worries that have caused mortgage rates to increase by 1.5 percentage points already this year. Last Week’s Highlights Last week’s main economic data and news all reduced the probability of a Fed rate hike in October. They