Markets News 

Wells Fargo cuts mortgage jobs as Southeastern housing market softens

“Wells Fargo “is committed to retaining valued team members and, where possible, we work to identify other opportunities” inside the company, a spokesman said” writes Matt Rourke Associated for washingtonexaminer.com. Nationwide housing permits, a gauge of future demand, slipped 4.6 percent this May from the previous month, according to the Census Bureau.”We will do everything we can to make them aware of other job opportunities within Wells Fargo, or support them as they transition to the next phase of their careers.”.  Source: washingtonexaminer.com Share This:

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White House advances housing finance reform proposal

“The Trump administration on Thursday released a proposal for the role of the government in housing finance, setting out a list of principles that are broadly similar to most consensus views on the topic, but which practically stand little chance of being enacted” writes Andrea Riquier for marketwatch.com. The two government-sponsored mortgage enterprises, Fannie Mae FNMA, +1.08% and Freddie Mac FMCC, -0.61% would be reorganized as private entities, and would be able to issue mortgage bonds that have an explicit guarantee from the federal government, but which could only be…

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Markets News Regulators 

As central banks tighten policy, Wells Fargo analyst says global markets just lost their ‘goalie’

“It’s been a big week for central banks, with both the Federal Reserve and European Central Bank each tinkering with monetary policy” writes unknown author for cnbc.com. That kind of easy money is disappearing from markets as global central banks turn the spigot on accommodative monetary policy, Schumacher said.”For many, many years, the central banks have really been a great tailwind for investors,” Schumacher, head of interest rate strategy at Wells Fargo, told CNBC’s “Futures Now” on Thursday.Mortgage rates go up, people say you’re looking at a mortgage rate in…

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Mortgage rates charge back, moving toward yearly highs

“The government-backed mortgage-backer aggregates current rates weekly from 125 lenders from across the country to come up with national average mortgage rates” writes Kathy Orton Is for washingtonpost.com. Because the hike — the second this year — had been expected, it is unlikely to cause an immediate increase in mortgage rates.It is important to remember the central bank doesn’t set mortgage rates, but its decisions influence them. “There is often a misconception that changes in the fed funds rate affect mortgage rates,” said Tendayi Kapfidze, LendingTree chief economist. “This is not…

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Kevin O’Leary: This is the age when you should have your mortgage paid off

“Americans hold $8.88 trillion of mortgage debt, according to a February report from the Federal Reserve Bank of New York” writes Ali Montag for cnbc.com. You should aim to have everything paid off, from student loans to credit card debt, by age 45, O’Leary says.If you’re one of those millions of people with a mortgage, your top priority should be paying it off before retirement, according to Kevin O’Leary. “So, when you’re 45 years old, the game is more than half over, and you better be out of debt, because…

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News Regulators 

The Fed just made life even worse for home buyers

“And for every month that buyers strike out, the combination of rising home prices and higher mortgage rates can add hundreds or thousands of dollars to the cost of the home” writes Jonnelle Marte Is for washingtonpost.com. Real estate agents and economists say rates are still low by historical standards, but they are expected to rise further if the Federal Reserve continues to boost interest rates.Nearly half of the new mortgages issued by Freddie Mac in the first quarter went to first-time home buyers.In February he closed on a one-bedroom condo…

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Why many home buyers suddenly feel cursed

“And for every month that buyers strike out, the combination of rising home prices and higher mortgage rates can add hundreds or thousands of dollars to the cost of the home” writes Jonnelle Marte Is for washingtonpost.com. Real estate agents and economists say rates are still low by historical standards, but they are expected to rise further if the Federal Reserve continues to boost interest rates.Nearly half of the new mortgages issued by Freddie Mac in the first quarter went to first-time home buyers.In February he closed on a one-bedroom condo…

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Real estate life lesson: Read documentation carefully to understand terms of your mortgage

“If the closing disclosure form indicated you had a prepayment penalty and that prepayment penalty was reflected in the note, it would appear you agreed to it” reports washingtonpost.com. However, sure enough, there was a supplemental “rider” included in my packet that stated I “may be charged a prepayment” penalty.Given Fannie Mae was the owner of my loan at the time I refinanced, is this prepayment penalty enforceable?.  Source: washingtonpost.com Share This:

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Mortgage rates reverse course, but decline could be short-lived

“When yields fall, home loan rates tend to go down, as well. [Shopping around for a mortgage can save you thousands of dollars] Despite reversing course this week, mortgage rates have been on a steady ascent since the beginning of the year” writes Kathy Orton Is for washingtonpost.com. The movement of long-term bonds is one of the best indicators of where mortgage rates are headed.Mortgage rates retreated this week on concerns over global events. Mortgage investors want to make it easier for gig-economy workers to get loans Taking on a…

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