Tag: Mortgages

Proposed Banking Regulations Won’t Save Sector But Will Hurt Your Wallet, Experts Warn

Minnesota Sun Staff

The Senate Banking Oversight Committee met with top U.S. bank CEOs on Wednesday about the possible effects of new regulations, proposed in July, that would raise capital requirements, titled Basel III endgame, according to CNBC. The new restrictions would not tackle problems that caused the most recent banking crisis earlier this year and would disproportionately affect smaller borrowers, like average Americans, by tightening credit conditions and restricting access to affordable debt in the form of mortgages, credit cards and more, experts told the DCNF.

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Mortgage Applications Increase to Six-Week High

Minnesota Sun Staff

Applications for mortgages ticked up to a six-week high for the week ending on Nov. 17 in a sign that the housing market might become more accessible to average Americans following rising prices and high mortgage rates, according to the Mortgage Bankers Association (MBA).

The number of mortgage applications increased by 3% compared to a week earlier when seasonally adjusted, according to a press release from the MBA. The increase in volume follows a decline in the average interest rate for a 30-year fixed-rate mortgage, which fell to 7.41% from 7.61% in the same time period.

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Commentary: America’s Housing Conundrum

Minnesota Sun Staff

Americans who already own homes find themselves in an enviable position presently, particularly if they have little/no debt on them, or mortgages locked-in at super low rates that dominated the pre-lockdown years. But for the aspirational strivers in society – newlyweds or parents having more children, or the upwardly mobile entrepreneur seeking a better house – the present housing crisis presents a conundrum.

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Mortgage Rates Surpass Seven Percent for First Time in 20 Years

Minnesota Sun Staff

Mortgages have hit their highest rates in decades, with the 30-year fixed interest mortgage rate surpassing 7% for the first time since 2002, according to the Mortgage News Daily (MND) index.

At 7.08%, the current fixed rate is a far cry from September 2021 rates of 2.86%, and has increased by nearly 2% since the end of August 2022, according to MND. Applications for home refinancing have dipped by 10.9% and new home buyer applications fell by 0.4% in September as interest rates continue to climb, Trading Economics reported.

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