Mortgage Rates Edge Down, Still Over 5%
The average 30-year, fixed-rate mortgage was virtually unchanged this week, dropping from last week’s 5.1% to 5.09%. But the 15-year loan rate moved higher.
Why Have Mortgage Rates Been Falling?
Mortgage rates tend to follow yields in 10-year government bonds, which have been sliding. Plus without many refinances, lenders have more money to move.
Clients Don’t Know What You’re Talking About
A MoneyWise survey found top recognition for “closing costs” by two-thirds of respondents, but only 38% know what “mortgage rate” means.
NAR: Home Prices Slowdown ‘Inevitable’
Chief Economist Yun said in an interview that it’s “just inevitable that home price appreciation will slow down in the upcoming months.”
Condo Q&A: Must a Treasurer Be on the Board?
Also: If the HOA hires a property management company, what tasks require a CAM license? And is it illegal to hire someone without a license?
FHFA System Will Oversee Fair Lending Laws
The “Fair Lending Oversight Data System” is now active but also open for public comments. Among other things, it will track appraiser names and license numbers.