Smart Borrower Blog

Archive for the ‘Federal Loans’ Category

Conforming Loan Limits to Jump in 2020

Dec 4th, 2019 @ 2:27 PM by Amber Nelson

To keep up with rising home prices, the Federal Housing Finance Agency has determined to raise the 2020 maximum conforming loan limits for Fannie Mae- and Freddie Mac-backed mortgages. The new single-family property conforming loan limit will increase to $510,400, up from the current $484,350. That jump is based on the 5.38% rise in U.S. […]

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Mortgage Applications Decline Again Amidst Lower Rates

Sep 4th, 2019 @ 8:23 PM by Amber Nelson

Even though long-term mortgage interest rates fell last week, demand for home mortgage loans continued to drop, according to data from the Mortgage Bankers Association. The MBA’s mortgage application volume index decreased a seasonally adjusted 3.1% in the latest week. On a yearly basis though, application demand is up 62%. The drop was led by […]

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FHA Cracks Down on Riskier Loans

Mar 26th, 2019 @ 4:10 PM by Amber Nelson

After noticing worrisome trends in its loan portfolio, the Federal Housing Administration is tightening requirements on its mortgage loans. Starting with loans assigned a case number as of March 18, the FHA will start flagging high-risk loan applications and put them through a manual underwriting process. The rest of its applications will continue to be […]

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Mortgage Credit Availability Rises in February

Mar 13th, 2019 @ 1:59 PM by Amber Nelson

Lenders made mortgage credit slightly easier to obtain in February, according to the Mortgage Bankers Association, being led by a loosening of jumbo loan standards. The MBA’s Mortgage Credit Availability Index (MCAI) inched to 180.1, up 0.6% from January. Increases in the index indicate loosening of mortgage standards while decreases signal tighter underwriting. The MCAI […]

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Mortgage Applications Fall Despite Interest Rate Drop

Feb 6th, 2019 @ 10:43 AM by Amber Nelson

Mortgage application volume fell for the third consecutive week, even as interest rates took a dive, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted index saw mortgage application requests fall by 2.5% in the latest week and almost 10% from the previous year. Most of that decrease came from a 5% drop in […]

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Falling Interest Rates Spur Mortgage Application Rebound

Jan 9th, 2019 @ 1:48 PM by Amber Nelson

The number of U.S. mortgage applications soared in the latest week, according to the Mortgage Bankers Association, a result of a sharp drop in long-term interest rates. The MBA’s Market Composite Index – a measure of mortgage application volume – rose 23.5% on an unadjusted basis during the week ended Jan. 4, 2019. “Mortgage rates […]

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Mortgage Loan Limits Raised for 2019

Nov 29th, 2018 @ 9:36 PM by Amber Nelson

In response to the rise in home prices this year, the Federal Housing Finance Agency is increasing loan limits on conforming mortgage loans for 2019. The new maximum conforming loan limit will be $484,350, a 6.9% jump from 2018’s limit of $453,100. The increase roughly matches the rate of home price inflation – according to […]

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Refinance Volume Falls to 18-Year Low

Sep 12th, 2018 @ 9:06 PM by Amber Nelson

Fewer Americans applied for refinance loans in the latest week, as U.S. mortgage interest rates rose to a 5-week high, according to the Mortgage Bankers Association. In fact, that jump in rates was enough to push refinance application volume to its lowest point in 18 years. “As mortgage rates increased to a five-week high, the […]

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Mortgage Credit Loosens But Confidence Falls

Aug 22nd, 2018 @ 2:09 PM by Amber Nelson

Rising home prices and mortgage interest rates have prompted lenders to loosen their credit standards, but those same factors have caused Americans to feel less confident that now is a good time to buy a home. The Mortgage Bankers Association’s Mortgage Credit Availability Index rose to 184.1% in July, up 1.7% from June. An increase in […]

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Mortgage Applications Jump as Home-buyers Seize their Opportunity

Jul 11th, 2018 @ 8:52 PM by Amber Nelson

As mortgage interest rates fell and real estate inventory declines slowed, more potential home-buyers applied for home loans this week, according to the Mortgage Bankers Association (MBA). The MBA’s Weekly Mortgage Applications Survey found that home purchase mortgage requests jumped by 7% in the latest week, bring total application volume up for the first time in […]

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