At the same time, the increase in interest rates drove fewer borrowers to refinance their loans, according to the Mortgage Bankers Association.

The Low-Income First Time Homebuyers Act (LIFT) establishes a program to sponsor 20-year mortgages that would build equity at twice the rate of a conventional 30-year mortgage.

“The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase,” Freddie Mac Chief Economist Sam Khater said.

Two of the largest leaders in the real estate market are joining forces to form a new mortgage origination company.

Homebuyers lucky enough to win a bidding war these days are increasingly running headlong into appraisals that don’t match — or even come close to — the agreed sales price, leaving them with limited ways to close the sale.

“Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices.” — MBA Associate Vice President of Economic and Industry Forecasting Joel Kan

“Don’t give up, no matter what!” — Teala Smith, residential mortgage lender, Certainty Home Loans

The new technology streamlines workflow in the mortgage industry.

The increase follows a decline earlier in February that cut the number of homeowners in forbearance plans to less than 2.7 million, the first dip below that threshold since April 2020.

“The consistent decline in serious delinquency since August is a sign of growing financial stability for families,” said Frank Martell, president and CEO of CoreLogic.

The trend of purchasing a second home has sent home prices in seasonal towns skyrocketing in value by 19% for the year ending December 2020.

The ad is part of their national brand campaign, Believe You Will, which encourages the power of positive thinking and believing you can accomplish your goals.

This means homebuyers will be able to borrow up to the new level without triggering higher interest rates.

“Buying a home, for most people, is the biggest financial decision of their lives. I am honored and humbled every single time someone trusts me to guide them through this milestone.” — Holly Walther, The Holly Walther Lending Team

Economists with the Mortgage Bankers Association predict mortgage rates will remain low for the next couple of years, though there is at least one scenario under which they could rise more quickly.

Both the way appraisers approach their work and the adoption of AVMs and other technology-based valuations will likely see major changes in the coming years, according to experts.