Yesterday, the Federal Reserve raised its benchmark federal funds rate a quarter point (.25%). As a result, some may have expected consumer mortgage rates to also rise by .25%. So if the 30-year fixed were priced at 6.75%, it would climb to 7.00% due to the Fed’s action. But the opposite occurred. The 30-year fixed… Read More »Why Do Mortgage Rates Go Down When the Fed Raises Rates? The post Why Do Mortgage Rates Go Down When the Fed Raises Rates? appeared first on The Truth About Mortgage ..read more

Down payments are falling as the housing market slows and competition wanes. A new report from Redfin revealed that the median down payment in January 2023 was 10%, down from 13.6% a year earlier and well off the pandemic-era peak of 17.5% last May. They are now similar to levels seen between 2015 and early… Read More »Median Down Payment on a House Falls to 10%, Down from 14% a Year Ago The post Median Down Payment on a House Falls to 10%, Down from 14% a Year Ago appeared first on The Truth About Mortgage ..read more

It’s time to check out the top mortgage lenders in Oklahoma based on closed loan volume. These are the companies that funded the largest dollar amount of home loans in the Sooner State. Over 700 mortgage companies funded roughly $33 billion in home loans in the state during 2021. In terms of who took first… Read More »Top Mortgage Lenders in Oklahoma The post Top Mortgage Lenders in Oklahoma appeared first on The Truth About Mortgage ..read more

Today we’ll check out who the top mortgage lenders in Louisiana were based on the most recent year’s loan volume. In 2021, more than 600 banks and lenders originated nearly $39 billion in home loans in the Pelican State, per HMDA data. It was a good year for most lenders, but one company managed to… Read More »Top Mortgage Lenders in Louisiana The post Top Mortgage Lenders in Louisiana appeared first on The Truth About Mortgage ..read more

Mortgage rates fell. Then mortgage rates rose. Then mortgage rates fell again. What the heck is going on out there? Bank runs, bank failures, no more Fed rate hikes? It’s called uncertainty, which leads to volatility in everything from stocks to bonds and mortgage rates. So if you’re not sure what’s going on, join the… Read More »Mortgage Rates Are Very Volatile Right Now. Here’s What to Watch For The post Mortgage Rates Are Very Volatile Right Now. Here’s What to Watch For appeared first on The Truth About Mortgage ..read more

Mortgage Q&A: “What happens to my mortgage if my bank fails?” It’s happening again – banks are failing. The latest being Signature Bank and Silicon Valley Bank, the third and second largest failures on record, respectively. Washington Mutual’s mortgage-driven failure in 2008 still stands as the largest bank failure in U.S. history. But will it… Read More »What Happens to My Mortgage If My Bank Fails? The post What Happens to My Mortgage If My Bank Fails? appeared first on The Truth About Mortgage ..read more

You’ve heard about, you know about it. Last week, Silicon Valley Bank was the target of a bank run, prompting the FDIC to take over the troubled company on March 10th. It was the first bank failure since October 2020, and was quickly followed by another failure, NYC-based Signature Bank. That prompted the Federal Reserve… Read More »Mortgage Rates vs. Bank Failures The post Mortgage Rates vs. Bank Failures appeared first on The Truth About Mortgage ..read more

If you’re an active duty or veteran homeowner (or aspiring home buyer), chances are you’ve heard of Veterans United Home Loans. They are the largest VA home purchase lender in the nation. And have been since 2016 (seven consecutive years). Their specialty is providing financing to veterans looking to buy homes. And about 75% of… Read More »Veterans United Home Loans Review: Is the Nation’s Largest VA Lender a Good Choice? The post Veterans United Home Loans Review: Is the Nation’s Largest VA Lender a Good Choice? appeared first on The Truth About Mortgage ..read more

Back in the good old days, pre-mortgage crisis, you could get a fully-underwritten mortgage approval the same day. In fact, you could get approved for a mortgage by early afternoon if you submitted a complete loan package that same morning. In 2004-2007, this was basically the norm. Then things slowed down a lot. And the… Read More »Guaranteed Rate Same Day Mortgage: Get a Home Loan Approval in 1 Business Day The post Guaranteed Rate Same Day Mortgage: Get a Home Loan Approval in 1 Business Day appeared first on The Truth About Mortgage ..read more

Typically, borrowers refinance their home loans to take advantage of lower mortgage rates. But recently, the average refinance has resulted in an interest rate 2.4% higher than the rate prior to the transaction. As to why, it’s mostly because the only homeowners refinancing these days are doing so to tap equity. The last time we… Read More »94% of Homeowners Who Refinanced Recently Raised Their Mortgage Rate a Lot in the Process The post 94% of Homeowners Who Refinanced Recently Raised Their Mortgage Rate a Lot in the Process appeared first on The Truth About Mortgage ..read more