The California Housing Finance Agency has announced the introduction of a 40-year fixed-rate mortgage product aimed at helping first-time homebuyers afford a home.The fixed rate on the new product will be 5.75% initially, about one percentage point below the average market rate for 40-year mortgages, CalHFA said. The agency also offers a 30-year fixed-rate mortgage and a 35-year interest-only PLUS mortgage that carry below-market rates. CalHFA can be found online at http://www.calhfa.ca.gov.
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California lender Synergy One recently rolled out Synergy GPT, an enterprise AI bot, and is looking to further expand its technology use cases in 2025.
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Over the next decade, the housing market will have excess demand of 25 million units even as the baby boomer generation ages and dies, the Mortgage Bankers Association said.
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The incentive, meant to ramp up activity in Rocket's broker channel, is valid from Nov. 5 to Nov. 17.
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Low supply and production volumes, though, have left values competitive, with two segments in particular holding promise for favorable returns, a new report said.
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The company formerly known as Ocwen improved results on several fronts even though a secondary market price change reduced origination profits in one channel.
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Analysts are watching both Vice President Kamala Harris and former President Donald Trump for potential regulatory picks, as well as how strongly Trump advocates for policies like tariffs and deportations that could impact the economy, inflation and bankers' prospects.
November 5