It’s getting easier to qualify for a mortgage

NEW YORK – Aug. 8, 2017 – Thanks in part to rising home prices, some mortgage lenders are loosening their underwriting standards so borrowers can purchase property sooner.
“The reality has sunk in that there are buyers out there who will be able to buy homes and make the mortgage payments,” William E. Brown, president of the National Association of Realtors® (NAR), told the industry news website OriginatorTimes.com. The industry is “trying to give them more options to buy a house,” he added.
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Average mortgage rates steady: 30-year at 3.93%

WASHINGTON (AP) – Aug. 3, 2017 – Long-term U.S. mortgage rates were little changed this week after declining for two straight weeks.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages inched up to 3.93 percent from 3.92 percent last week. While historically low, that’s still above last year’s average of 3.65 percent. The benchmark rate stood at 3.43 percent a year ago.
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Average time to close? 46 days

NEW YORK – Sept. 28, 2016 – 
The time to close on a mortgage loan is leveling off at about a month and a half after fluctuating for months following last year’s implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated disclosure rules.
But as the learning curve has passed, the average time to close on a mortgage seems to be settling at about 46 days, according to Ellie Mae’s Origination Insight Report. The report shows that the time to close on a loan has remained at 46 days for the past three months. The average time to close a refinance also averaged 46 days.
Sixty-four percent of real estate professionals indicated their contracts were settled on time in August, while 30 percent said they faced delays to settlement, and 6 percent saw their contracts terminated, according to the latest Realtor® Confidence Index, a survey sent to more than 50,000 real estate practitioners. The biggest issues affecting a contract delay were issues related to obtaining financing, the appraisal and a home inspection, according to the survey.
“The fraction of delays due to appraisals has increased in recent months, in part due to a shortage of appraisers and other issues reported by Realtors (e.g. being asked to make ‘inspections’),” the report states.
Source: REALTOR® Confidence Index (August 2016) and “The New Normal: Time to Close Settles at 46 Days,” HousingWire (Sept. 22, 2016)
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