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NAR Pending Home Sales Index Jumps in May
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You Don't Need That Much of a Down Payment
Daily Real Estate News |
Many consumers are overestimating the down payment they need in order to purchase a home, according to Christina Boyle, vice president and head of single-family sales at Freddie Mac.
Consumers believe they need 11 percent to 15 percent in order for lenders to approve them for a loan, according to a survey of renters and non-home-owners conducted by Zelman & Associates in New York. Thirty-nine percent say they need at least 15 percent of the purchase price in order to qualify for financing. Only 28 percent of respondents say they would even qualify for a mortgage >>Read More Realtor Mag
REAL ESTATE & MORTGAGE NEWS
More Groups Urge FHA To Lower Premiums
Daily Real Estate News - A group of 18 senators, along with the nation's bankers and trade organizations — including the National Association of REALTORS® — are calling on the Federal Housing Administration to lower its insurance premiums.
In the latest letter to FHA and the U.S. Department of Housing and Urban Development, leaders from the Community Home Loan Association said that FHA-insured mortgages are too high and are making FHA loans less affordable for lower and middle-income home buyers.
Since 2010, FHA has raised its annual premium 145 percent, which means a borrower with a $200,000 loan must be able to pay $1,600 more per year in fees.
The letters were issued after a recent report showed that the FHA has made progress in shoring up its finances. After two years of posting steep losses, the government insurer of home loans has seen its insurance fund climb to a profit, and the agency will no longer require emergency bailout money from the government. However, the agency says it has no plans to lower the cost of its loans
Stronger Economic Fundamentals Expected to Drive Increases in Home Sales, Housing Starts in 2015
REPORTS & ANALYSIS
- Friday: Real Average Wages component rose from 2.1% in March, up to 2.3% in April. and the Year Over Year Core CPI hit 1.8%.
- Overall, these reports are a little hotter than expected and the upward movement in wage inflation is a known concern of the Fed and not good for rates.
- Thursday:, we had a mixed bag of data. April Home Sales were lighter than expected but still above the very important 5M mark.
- The Leading Economic Indicators were more than double the market expectations but the Philly Fed was weaker than expected.