By Kerry Smith This week’s 3.05% for an average 30-year, fixed-rate mortgage is only slightly higher than last week’s 3.02%, but it’s the second week in a row to top the 3% mark. MCLEAN, Va. – This week’s mortgage survey from Freddie Mac found a slight increase in the 30-year fixed-rate mortgage (FRM), which averaged 3.05 percent. The modest increase from last week’s 3.02% isn’t unusual by itself, but it’s the second week in a row with rates above the 3% mark. “As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates
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By Kerry Smith FHFA extended mortgage-approval changes added during the pandemic – such as alternatives to appraisals and alternate methods to verify income and employment – through April 30. But the agency said that’s likely the last time it will do so, at least for some of the temporary easements. WASHINGTON – The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend temporary loan origination flexibilities it created during the pandemic until April 30, 2021. These temporary “flexibilities” were less stringent mortgage approval policies that FHFA created in the early days of the COVID-19 shutdown
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A University of Chicago study found that property valued in the bottom 10% in a metro generally averaged an effective tax rate double of those in the top 10%. CHICAGO – The Center for Municipal Finance at the University of Chicago Harris School of Public Policy has completed a nationwide analysis revealing that property taxes, which generate roughly $500 billion and represent the single largest revenue source for local governments each year, are inequitable, with the burden falling disproportionally on owners of the least valuable homes in most counties, cities, and other taxing jurisdictions across the United States. The study
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By Joe St. George Tenants who don’t pay their water bill or power bill get it shut off, says one Orlando landlord. “But we are the one service they can get away with not paying for.” WASHINGTON – Landlords might not be a profession many people often think about or have much compassion for, but for Chuck Burt, being a landlord is his profession and passion. “I’m a landlord,” Burt said with a laugh outside one of his Orlando properties. Burt explains just like renters, many landlords have been impacted hard during this pandemic. “If your residents can’t pay, that
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By Kerry Smith A Consumer Financial Protection Bureau interpretive rule says it won’t tolerate discrimination against the LGBTQ community, and lenders can’t discriminate based on applicants’ “actual or perceived nonconformity with traditional sex- or gender-based stereotypes.” WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule affirming that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. CFPB says that it also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social
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By Kerry Smith Former Rep. Marcia Fudge will oversee the U.S. Department of Housing and Urban Development after a 66-34 confirmation vote Wed. in the U.S. Senate. WASHINGTON – The U.S. Senate confirmed Marcia Fudge, a former U.S. House representative and small town mayor, to be the new secretary of the Department of Housing and Urban Development (HUD). She was nominated to the position by Pres. Joe Biden and passed the Senate with a 66-34 vote. Fudge is a former representative in the U.S. House representing Ohio and has served there since 2008. She’s also an attorney and earlier served
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By Kerry Smith Over 11M U.S. families are behind on rent or house payments, and landlords are struggling. CFPB study: 9% of renters and 28% of manufactured-home residents owe money. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) – a federal agency focused on consumer security – issued a report, Housing insecurity and the COVID-19 pandemic, that warns of widespread evictions and foreclosures once federal state, and local pandemic protections come to an end if there are no additional public or private actions. CFPB found over 11 million families behind on rent or mortgage payments: 2.1 million families are
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By Jennifer Quinn Florida Realtors economist: Florida cities are switching their economic-development focus. Instead of trying to attract companies, they’re putting a greater emphasis on attracting people as the “work from anywhere” trend continues to pick up steam. ORLANDO, Fla. – Economic development traditionally focuses on a particular place – a state, region, county or town. Strong companies are attracted to a location that has a favorable operating environment – where there is a place for their type of operation and regulations that support their industry. Of course, they also need a deep bench of people with the skills that
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Study: A mortgage tech company, Own Up, says women still face housing discrimination and received a lower mortgage rate than men in only one state: Alaska. SAN FRANCISCO – New data collected by mortgage tech company Own Up suggests that women still face significant discrimination when it comes to home financing. Using Home Mortgage Disclosure Act data for 2019, Own Up compared median interest rates by gender and state on a 30-year, fixed-rate loan. They assumed an average loan size of $354,000 and prime rate of 3%. For the data pool from 2019, a total of 2.7 million women acquired
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By Ron Hurtibise Federal aid for renters and their landlords is out there, but distribution is uneven ahead of a March 31 end to the eviction ban – though that could still be extended. FORT LAUDERDALE, Fla. – While thousands of South Florida tenants fall further into debt to their landlords, millions of dollars in federal rental assistance has been sitting in county government bank accounts while officials figure out how to distribute it. Broward County, which received its $59 million share of the federal Emergency Rental Assistance Program funding in late January, is well behind neighboring Miami-Dade and Palm
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