The move likely will result in more consumer-friendly decisions in setting the course for the two companies that back more than half of American’s outstanding mortgages.
The FHA announced updates to calculations for monthly student loan payments that will make it easier for some applicants to qualify for a home loan.
While demand for new houses remains strong, builders have been forced to limit sales due to a shortage of building materials.
The U.S. median home price rose by a record pace of 24% in May, compared with a year earlier, as tight inventory sparked bidding wars.
Pandemic-level mortgage rates are expected to be around at least through the end of 2022, according to a forecast from Fannie Mae, the world’s largest mortgage buyer.
Where do mortgage rates come from? And other questions first-timers may have about home loans.
Underbuilding has left America with demand that far outstrips housing supply, according to an NAR report.
The average U.S. rate for a 30-year fixed mortgage fell to 2.93%, marking the ninth week that rates have been at 3% or lower, Freddie Mac said.
Policymakers indicated rate hikes could come as soon as 2023, after saying in March that they saw no increases until at least 2024.
Homebuilder confidence plunged in June as material prices rose and supply chain shortages crimped inventory, resulting in fewer homebuyers.
