Why are home prices rising so high? Blame record-low mortgage rates
When the coronavirus pandemic gutted the strongest U.S. economy, many assumed another recession would bring rock-bottom home prices along with it. Instead, home prices defied logical assumptions - and soared to new heights.
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Mortgage Rates Fall To 50-Year Low
Mortgage rates have never been lower. That's the upshot from Freddie Mac's weekly Primary Mortgage Market Survey. As of October 22, 2020, Freddie Mac reported that rates on a 30-year fixed-rate mortgage (FRM) had dropped to 2.8%. The rate on a 15-year mortgage declined to 2.33%. Both had additional fees and mortgage points totaling 0.6% of the mortgage amount.
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New Jersey Federal Court Dismisses Defamation Claim Against Title Insurer for Letter to Prior Property Owner Regarding Unpaid Mo
The United States District Court for the District of New Jersey recently dismissed a prior property owner's defamation suit brought against a title insurance company after the company sent a letter regarding a mortgage the seller failed to disclose or discharge.
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New York Court Holds Principal of Title Agent Could Not Claim Fraud Against Title Insurer for Guaranty
The Supreme Court of New York, Kings County, recently dismissed a fraud claim brought by the principal of a title agent against a title insurance company, finding that any claim that the insurer misrepresented the terms of the guaranty-and there was no evidence supporting this claim-was irrelevant because the principal reviewed the guaranty before signing.
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Pandemic speeds remote online notarization
To date, 26 states have authorized some form of RON legislation. The Mortgage Bankers Association and American Land Title Association have championed uniform RON legislation, which includes a model bill. Due to the pandemic, several states of have temporarily authorized RON or accelerated the implementation of enabling legislation.
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US long-term mortgage rates fall to low; 30-year at 2.81%
U.S. long-term mortgage rates fell this week as the key 30-year loan reached a new all-time low for the tenth time this year. Home loan rates have marked a year-long decline amid economic anxiety in the recession set off by the coronavirus pandemic. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year mortgage fell to 2.81% from 2.87% last week. By contrast, the rate averaged 3.69% a year ago.
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U.S Mortgage Rates Slide to another All-Time Low
Mortgage rates fell to another all-time low in the week ending 15th October. Following a 1 basis point fall in the week prior, the 30-year fixed rate fell by 6 basis points to 2.81%. Compared to this time last year, 30-year fixed rates were down by 88 basis points.
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