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☆ Mortgage demand from homebuyers drops even as interest rates pull back to April lows
▼ + stars: | 2024-05-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates last week dropped to the lowest level since April, but buyers are still struggling to afford today's housing market. As a result, mortgage demand flattened at a weak pace. "While the downward move in rates benefits prospective homebuyers, mortgage rates are still much higher than they were a year ago, while for-sale inventory remains tight," Kan added. Another read on inflation will influence the next move from the Federal Reserve on interest rates. "The difference between a result of 0.2 or 0.4 is surprisingly massive when it comes to the world of interest rates.

Persons: Joel Kan, Kan, Matthew Graham Organizations: Mortgage, Treasury, Federal Reserve, Mortgage News

During the pandemic, mortgage rates reached historic lows. HELOC rates have generally remained between 8.16% and 8.59% this year, depending on the term length of the loan. Check out our current HELOC rates page to see the latest rates. To find out the maximum amount you could borrow with a HELOC, multiply your home's current value by your HELOC lender's maximum CLTV. For example, Boyd says that some HELOC lenders can take 50 days or more to close.

Persons: HELOCs, you'll, Adam Boyd, Boyd, You'll Organizations: Bank, Citizens Locations: U.S

☆ Weekly mortgage refinance demand rose 5% after a slight dip in mortgage rates
▼ + stars: | 2024-05-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates are significantly higher than they were at the start of this year, but they pulled back slightly last week after several weeks of straight increases. "First-time homebuyers account for roughly half of purchase loans, and the government lending programs are an important source of financing for these homebuyers. The dip in rates caused refinance demand to increase 5% for the week, although it was still 6% lower than the year-earlier week. Applications for a mortgage to purchase a home rose 2% for the week but were still 17% lower than the same week a year earlier. Mortgage rates fell further to start this week.

Persons: Mike Fratantoni, MBA's, Fratantoni Organizations: Federal Reserve's, Federal Housing Administration Locations: Manhattan, New York City

☆ Equinox launches $40,000 membership to help you live longer
▼ + stars: | 2024-05-06 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Equinox is teaming up with lab-test startup Function Health to launch "Optimize by Equinox," a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy. "It's really a paradigm shift in how we're able to live with vitality and avoid suffering," said Jonathan Swerdlin, co-founder of Function Health. Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients. Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range. The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year.

Persons: Jonathan Swerdlin, Julia Klim, Equinox's, Klim, Swerdlin Organizations: Function, Pacific Locations: Philadelphia, Pacific Palisades, Los Angeles, New York City, Highland Park , Texas

Cash-out refinancing and home equity loans are two of the most popular tools available to access your equity. A cash-out refinance works like this: You apply for a new mortgage loan that's larger than your current one. Interest rates and loan termsBoth cash-out refinances and home equity loans typically come with fixed interest rates, but home equity loan rates tend to be a few points higher. ConsiderationsBefore deciding to use a home equity loan or cash-out refinance, you'll need to take the following costs into account first. Choosing the right optionBoth home equity loans and cash-out refinancing can help you turn equity into cash.

Persons: Cash, You'd, it's, what's, Melissa Cohn, William Raveis, refinance, you'll, Nicole Straub, — Organizations: LTV, William Raveis Mortgage, Discover Locations: foreclosing, —

The title acceptance pilot waives the need for a lender's title insurance policy on some refinance mortgages. The Federal Housing Finance Agency recently rolled out a new pilot program that would lower refinance closing costs for some borrowers. Called the "title acceptance pilot," this program would waive the requirement that conforming loans have a lender's title insurance policy on certain refinance mortgages. Borrowers are required to purchase a lender's title insurance policy, which can be a significant out-of-pocket cost. Pushback from the mortgage industryLeaders from the mortgage and title insurance industries overall weren't pleased with this announcement.

Persons: —, Biden, Fannie Mae, Freddie Mac, homebuyers, Christopher Tyson, Tyson, doesn't Organizations: Service, Federal Housing Finance Agency, Mortgage Bankers Association, Union, Consumer Financial, National Community Stabilization Trust, homebuyers

☆ A real-estate investor who owns 30 residential units shares the strategy he used to build up most of his portfolio without using his money — allowing him to bring in over $18,000 in monthly cash flow
▼ + stars: | 2024-03-06 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

"My internet business was doing pretty well — I was mid-20s making about $200,000 a year, and I thought I would be able to just self-sustain the growth in my real-estate business," Craig told Business Insider. Using the BRRRR strategy mostly via hard money lenders, Craig has built up a portfolio of 31 residential units today, according to property tax records viewed by Business Insider. The BRRRR method broken downEssentially, BRRRR investors make a profit by putting in the work to fix up a property. Craig said using the BRRRR strategy in today's market is riskier than in the 2010s or a few years ago. Other real-estate investors using the strategy have also cited slower-than-expected work from their contractors, leaving them on the hook for the mortgage payments in the meantime.

Persons: Adam, Craig, didn't, it's Organizations: Business, Rocket Mortgage

☆ 7% interest rates hit weekly mortgage demand hard
▼ + stars: | 2024-02-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Higher mortgage rates continue to hit demand from both current homeowners and potential homebuyers. Total mortgage application volume dropped 5.6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Fratantoni noted, however, that mortgage demand from buyers looking at newly built homes jumped 19% year over year in January. However, mortgage rates above 7% sure don't help," he added. Mortgage rates moved higher again to start this week, according to a separate survey from Mortgage News Daily.

Persons: Mike Fratantoni, Fratantoni, Matthew Graham Organizations: Mortgage, VA, FHA, Mortgage News

But borrowing money always comes with some risks, and home renovation loans can be particularly risky when used to purchase a fixer upper. Renovation loan eligibilityTo get a loan for a house renovation, you'll need to meet certain credit requirements. Cash-out refinances or renovation loans rolled into mortgages are typically the best renovation loan programs because they come with the lowest rates. Home renovation loans FAQsAre renovation loans a good idea? Renovation loans, or home improvement loans, can be a good idea for homeowners looking to make both essential and cosmetic changes to their homes.

Persons: —, It's, Fannie Mae's, Freddie Mac's, you'll, Douglas Boneparth Organizations: Service, Federal Housing Administration, Bone, reno, Chevron

VA loan borrowers were given the option to put their mortgages in forbearance, meaning they could temporarily pause their mortgage payments. So on November 17, the VA announced a stopgap for distressed VA borrowers. Advertisement"This is good news for VA borrowers, especially those who may be struggling with their mortgage payments," says Christy Bunce, president of New American Funding. How to take advantage of the Refund Modification programDuring the pause, the VA is also offering its Refund Modification program. The VA says that borrowers struggling to make mortgage payments should visit the VA Housing Assistance website or call 877-827-3702 for help.

Persons: servicers, —, who's, it's, Christy Bunce, Bunce Organizations: Service, Department of Veterans Affairs, NPR, Veterans, New Locations: forbearance

☆ Adjustable-rate mortgage demand hits highest level in nearly a year as interest rates continue to climb
▼ + stars: | 2023-10-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand has essentially stalled at the slowest pace since 1995 as mortgage interest rates continue to rise. Total application volume dropped 1% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The adjustable-rate mortgage share of total demand hit 9.5%, the highest level in nearly a year. That annual comparison is shrinking because refinancing crashed just over a year ago, when mortgage rates first started to rise sharply. Buyers right now are not only contending with higher mortgage rates, but also with bare minimum supply.

Persons: Joel Kan, Refinances Organizations: Mortgage, CNBC Locations: New York City

☆ Mortgage demand drops to the lowest level since 1996, as interest rates head toward 8%
▼ + stars: | 2023-10-04 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

"As a result, mortgage applications ground to a halt, dropping to the lowest level since 1996." Just two years ago, when rates were setting multiple record lows, refinance demand made up roughly three-quarters of all mortgage applications. The ARMs made up 8% of purchase applications, up from 6.7% about a month ago, when interest rates were slightly lower. ARM's offer lower rates but are fixed for a shorter term, usually five or 10 years. Investors are responding to better-than-expected economic data, which could push the Federal Reserve to be more aggressive in its higher interest rate policy.

Persons: Joel Kan, Refinances, Kan Organizations: Mortgage, Federal Reserve

☆ Timeline of Racial Wealth Gap
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +8 min

Policies and practices that have disadvantaged Black Americans generation after generation help explain the racial wealth gap. Black veterans find it much harder to obtain benefits; one study finds Black claimants were twice as likely to have their applications queried. 1877Southern states begin enacting “Jim Crow” laws, which formalize racial segregation. The laws restrict civil liberties and limit job opportunities for Black people as employers relegate Black workers to lower-skilled roles. 1896The U.S. Supreme Court rules in Plessy v Ferguson that racial segregation is permissible.

Persons: Black, vagrancy, Union General William Tecumseh Sherman, Andrew Johnson, Jim Crow, Ferguson, Henry Ford, Woodrow Wilson, Smith, Bankhead Organizations: Civil, Union, Bureau, American Medical Association, Prudential, Companies, Black, American Federation of Labor, U.S, Supreme, Plessy, U.S . Department of Agriculture, U.S . Constitution, National Association of Real, Owners Loan Corporation, U.S . Commission, Housing Administration, Federal Housing Administration Locations: U.S, Southern, Black, Louisville , Kentucky, U.S ., Tulsa , Oklahoma, Los Angeles, Chicago, Levittown, New York’s

☆ A real-estate investor who's written multiple books shares 2 ways to build wealth through rentals — including one that can deliver financial independence in 15 years
▼ + stars: | 2023-09-27 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

Sort of like in the '90s, the trend was to sell workout equipment that was easy to use," said Greene, who says he owns rental properties in several states. Last week, Greene shared with Insider two tips from his book that new investors can follow build wealth. 2 'incredibly simple' strategiesThe first is house hacking, or renting out part of the property you live on to a tenant. When the second property is paid off, you can then pull equity out of that one, and so on. "You'd just live off of the money that pull out of your properties if you work really hard for 15 years."

Persons: David Greene doesn't, Greene, aren't

☆ Weekly mortgage demand increases, driven by a strange surge in refinancing
▼ + stars: | 2023-09-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates rose again last week, and so did demand for refinances, which at face value doesn't make a lot of sense. Applications to refinance a home loan jumped 13% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Refinancing demand usually moves in the same direction as mortgage rates, but that was not the case. Applications for a mortgage to purchase a home increased 2% for the week and were 26% lower than the same week one year ago. "Purchase applications increased for conventional and FHA loans over the week," said Joel Kan, an MBA economist in a release.

Persons: Joel Kan, Homebuyers, Jerome Powell Organizations: Mortgage, Wednesday's, Reserve

☆ Mortgage applications rose last week, despite stubbornly high rates
▼ + stars: | 2023-09-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Mortgage applications rose last week, even as mortgage rates remain stubbornly high, an indication that at least some buyers are determined to move forward with a home purchase in one of the most challenging markets in decades. “Mortgage applications increased last week, despite the 30-year fixed-rate edging back up,” said Joel Kan, MBA’s vice president and deputy chief economist. The increase in total mortgage applications was driven higher by a surprise increase in applications to refinance a mortgage. Refinance applications climbed 13% from the previous week, but were still almost 30% below the same week one year ago. The MBA noted that this week’s data is compared to the prior week’s data, which included an adjustment for the Labor Day holiday.

Persons: ”, Joel Kan, Jerome Powell, Kan, homebuyers, Black Knight Organizations: DC CNN —, Mortgage, Association, “, Labor Locations: Washington, Black

☆ IMF's Argentina predicament: Seek reforms and tango on or kill the music
▼ + stars: | 2023-09-15 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

But that programme failed to put South America's second-largest economy back on its feet. Even if he wins the Oct. 22 election and takes power in December, Milei would need alliances in Congress to push through reforms and a new IMF programme - Argentina's 23rd. That effort paved the way for the $57 billion programme, which ultimately failed and was replaced by the current one. Reuters Graphics Reuters GraphicsPREFERENTIAL TREATMENTThe current programme could end before its expiration in September 2024, but Argentina will still require funds. Without mentioning Argentina, the U.S. - holding the largest voting power in the Fund - recently raised its concerns.

Persons: Javier Milei, Agustin Marcarian, Mauricio Macri's, Mark Sobel, Milei, Sobel, Sergio Massa, Martin Muehleisen, Muehleisen, Nestor Kirchner, Stephen Nelson, Nelson, Walter Stoeppelwerth, Simon Quijano, Evans, Gemcorp Capital, Jay Shambaugh, Jorgelina, Karin Strohecker, Paul Simao Organizations: Argentine, La Libertad Avanza, REUTERS, IMF, International Monetary Fund, South, Peronist, Analysts, Graphics, Review Department, U.S ., Northwestern University, Reuters Graphics Reuters, Gletir SA, Gemcorp, Thomson Locations: La Plata, Buenos Aires, Argentina, Washington, U.S, Chicago, Zambia, Sri Lanka, Ghana, Egypt, Burundi, Saharan Africa, Rosario

☆ Mortgage demand stalls at a level not seen since 1996
▼ + stars: | 2023-09-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Higher mortgage rates continue to take their toll on mortgage demand, especially for refinancing. Total mortgage application volume dropped 0.8% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The refinance share of mortgage activity decreased to 29.1% of total applications from 30.0% the previous week. ARMs offer lower interest rates but are deemed riskier because their rates are fixed for a shorter term. "Mortgage applications decreased for the seventh time in eight weeks, reaching the lowest level since 1996," said Joel Kan, a Mortgage Bankers Association economist, in a release.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, refinances, Mortgage Bankers Association, Mortgage News

☆ Bank of America says this stock should benefit as student loan payments restart and borrowers refinance
▼ + stars: | 2023-09-06 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Student loan borrowers are set to restart their payments after a three-year reprieve, and Bank of America said SoFi Technologies could be a big beneficiary from an uptick in refinance activity. "We believe the uptick in deposits could also be a sign of increased student loan refinance activity," Bank of America analyst Mihir Bhatia said in a note. "SOFI should benefit from higher student loan refinances given its strong position in the student loan refi market." As a result, millions of borrowers in October will make their first student loan payment since before the Covid-19 pandemic hit. SOFI YTD mountain SoFI Bank of America said SoFi had about 60% market share in private student loan refi in recent quarters, up from 40% in the pre-pandemic era.

Persons: Mihir Bhatia, refinances, SoFi, originations, — CNBC's Michael Bloom Organizations: Bank of America, SoFi, SoFI Bank of America Locations: Tuesday's

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Tesla, Nio, SoFi, Amgen, Chewy, Toast and more
▼ + stars: | 2023-09-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are Wednesday's biggest calls on Wall Street: UBS upgrades Toast to buy from neutral UBS said the restaurant tech company "continues to prove itself as a top provider" for the restaurant industry. " UBS downgrades Block to neutral from buy UBS said it sees slowing profit growth for Square's parent company. Deutsche Bank reiterates Nio as buy Deutsche Bank said it's concerned about the company's growth trajectory but that it's sticking with its buy rating. " Deutsche Bank reiterates Tesla as buy Deutsche Bank said it's standing by its buy rating on the auto giant. Bank of America reiterates SoFi as neutral The firm said SoFi is a key beneficiary of student loan refinances.

Persons: Baird, Goldman Sachs, William Blair, Argus, Russell, CFRA, it's, TD Cowen, Cowen, Morgan Stanley, Needham, Nio, Tesla, SoFi, refinances Organizations: UBS, omni, Nvidia, Technology, HSBC, Apple, Constellation Brands, Bloom Energy, Deutsche Bank, Bank of America

Signage is seen at the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies CURO Group Holdings Corp FollowAug 22 (Reuters) - A U.S. consumer finance regulator sued a subsidiary of fintech lender Curo Group Holdings Corp. (CURO.N) on Tuesday, alleging it pushed struggling borrowers to refinance short-term loans to keep them in debt and reap fees. Curo acquired Heights Finance for $360 million in late 2021 from private equity firm Milestone Partners. The agency said Heights Finance generated 40% of its net revenue from repeated refinances. The case is CFPB v. Heights Finance Holding Co. et al., No.

Persons: Andrew Kelly, Rohit Chopra, Curo, refi, Jody Godoy, Mark Potter Organizations: Consumer Financial Protection Bureau, Washington , D.C, REUTERS, CURO Group Holdings, Curo Group Holdings Corp, U.S, Finance Holding Co, Heights Finance, Milestone Partners, Finance, Heights Finance Holding, District of, Thomson Locations: Washington ,, U.S, Greenville , South Carolina, Texas , Oklahoma , Alabama, Georgia , Tennessee, South Carolina, District of South Carolina, New York

☆ ‘I’ve had this black cloud looming over me’: How private lenders have left millions of college students with no hope for the future
▼ + stars: | 2023-08-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +15 min

We both do DoorDash, and probably when those federal student loans start up, it'll be more of a necessity to do that." While private debt makes up just about 10% of the $1.7 trillion student-debt mountain in the US — about $136 billion — the industry has exploded over the past decade: the amount of outstanding private debt has jumped an estimated 47% since 2014. "Regardless, the student loan debt that was supposed to be an investment in their futures is dragging them down." To be sure, some private servicers do disclose benefits private borrowers could lose should they choose to refinance. Moran said he didn't regret taking out private student loans because it allowed him to pursue his desired nursing career.

Persons: Brianne Jones, Jones, she's, We're, it'll, Michele Shepard, they've, it's, Shepard, Suzanne Martindale, —, Anna Anderson, you've, It's, Navient, Martindale, Ryan Moran, Moran, Moran isn't, Joe Biden, I've, Anderson, forbearance, Steve Cohen, didn't Organizations: Eastern Michigan University, West, Federal Direct Loan Program, Institute for College, California's Department of Financial Protection, National Consumer Law Center, Consumer Financial, Bureau, Consumer Financial Protection Bureau, — Maryland Locations: Florida, —, California

☆ Heloc vs Home Equity Loan: When Are They a Good Idea?
▼ + stars: | 2023-08-18 | by ( Aly J. Yale | ) www.wsj.com time to read: +10 min

And might a home-equity loan or Heloc work for your financial needs? How home-equity loans and Helocs workHome-equity loans and Helocs—home equity lines of credit—are tools for borrowing from your home equity, or the portion of your property you actually own. To use a home-equity loan or Heloc, you need to start with a good amount of equity. Lenders generally require that you maintain at least 20% equity in the home after taking out a home-equity loan or Heloc. “With a home-equity loan or Heloc—depending on the amount of equity you have in the home—much higher amounts are available.”Home-equity loan or Heloc?

Persons: Aly J, Jeff Levinsohn, Helocs, “ We’ve, ”, Susan Waite, don’t, Zillow, Alex Madonna, Louis, ” Levinsohn, Kyle Enright, ” Madonna Organizations: Yale, Point Breeze Credit Union, Center for Joint Housing Studies, Mortgage, Association, New, ”, Federal Reserve Bank of St, “ Locations: Hunt Valley, Md, “

☆ Homeowners are tapping into home equity to get cash
▼ + stars: | 2023-08-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

That means homeowners are now collectively sitting on nearly $30 trillion in home equity, according to the St. Louis Federal Reserve. Other reasons that borrowers gave for taking out a HELOC or home equity loan included debt consolidation and emergency cash management. Hidden source of valueA homeowner’s equity in their home can be a tremendous source of wealth. A homeowner’s equity will fluctuate over time as they make payments on their mortgage and real estate market dynamics impact the current value of the home. Mortgage balances stay high because of home equity loansNationally, mortgage balances remain near record highs as some people turn to home equity loans, rather than HELOCs, according to a quarterly report from TransUnion.

Persons: ”, Marina Walsh, ” Walsh, HELOC originations, Joe Mellman, Freddie Mac, Mellman Organizations: DC CNN, Louis Federal Reserve, Equity Lines of, Mortgage, Association, TransUnion, “, refinances Locations: Washington, originations, U.S

☆ Famed economist David Rosenberg says the Fed's research team laughed at him in late 2007 when he warned them a recession was coming. He says the central bank is now on the verge of sparking another do
▼ + stars: | 2023-07-31 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Economist David Rosenberg told Insider that Fed employees laughed at his recession call in 2007. On October 9, 2007, shortly before the global economy plunged into recession, David Rosenberg delivered a presentation to economists and members of the research team at the Federal Reserve detailing why a downturn was coming. The Treasury yield curve is near its most inverted levels since the early 1980s. Here's the spread between the 3-month and 10-year Treasury yields. Then there's The Conference Board's Leading Economic Index, which is in recessionary territory, marked by the red lines below.

Persons: David Rosenberg, Rosenberg, Merrill Lynch, Mr, Louis Organizations: Federal Reserve, North, Conference, Fed, Federal, Rosenberg Research, Treasury, Federal Reserve Bank of St Locations: North American

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