As home prices rise, home buyers are having to borrow more. The average amount for a mortgage on a home purchase recently surged to an all-time high of $395,200, the Mortgage Bankers Association reported for the week ending Jan. 22. Read more.
Forty-three percent of 30-year mortgage holders are eligible for a refinance that would lower their mortgage rates, a new study shows. That means their credit rating is at least 720, they have at least 20% equity in their homes, and they can reduce their mortgage rate by at least 0.75% through refinancing, according to data compiled by research company Black Knight. Read more.
Mortgage rates remain near all-time lows, and many economists believe they will stay for the remainder of this year and well into next year. Read more.
Mortgage rates inched up slightly this week but still remained near historical lows. The 30-year fixed-rate mortgage averaged 2.96% this week, up from last week’s record low of 2.88%, Freddie Mac reports. Read more.