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Black Friday deals on a new home? Here you go

Housing Wire

Chicago’s offerings include doorbuster deals on Quick Move-In homes, which reduce pricing up to $93,850 if the home closes this year. Buyers using this incentive can qualify for either a 3/2/1 rate buydown on a 30-year FHA Fixed-rate Mortgage or a 3/2/1 rate buydown on a 30-year conventional fixed-rate mortgage.

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Refinance applications take a dip following several strong weeks

Housing Wire

Refinance applications had been rising in previous weeks but dipped as rates remained close to 7%. By product, the adjustable-rate mortgage (ARM) share of activity decreased to 5.4% of total applications. The FHA share of total applications increased to 16.6% from 16.0% from 14.6% the week prior. the week prior.

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Mortgage applications jump 16%

Housing Wire

. “There also may have been a delayed spillover of applications from the previous week, when rates also decreased but there was not much of response in terms of refinance applications.”. Those lower rates may be helping some homebuyers close on their purchases, especially first-time homebuyers, Kan said.

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Mortgage applications increase for second straight week

Housing Wire

The 30-year rate is up to 2.86% in the most recent MBA survey, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting. Mortgage rates are closing the year at record lows,” Kan said. “The 30-year fixed rate – at 2.86% – is a full percentage point below a year ago.

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Mortgage applications fall amid market jitters

Housing Wire

“Refinance activity fell over the week, but because rates have stayed relatively low, the pace of applications was close to its highest level since early May 2021.”. The refinance share of activity of total mortgage applications increased to 64.9% from 64.1% the previous week.

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Opinion: how to close the minority homeownership gap

Housing Wire

The financial incentives are simply not there for mortgage companies that want to do more minority lending; therefore, it shouldn’t be a surprise that most banks and mortgage lenders do just enough minority lending to stay out of regulatory trouble but secretly have no desire to do much beyond that.

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Mortgage rates fall to 3.05% amid Omicron fears

Housing Wire

The average 30-year-fixed rate mortgage dropped to 3.05% during the week ending Dec. 23, after achieving 3.12% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.66%. A year ago at this time, it averaged 2.19%.