![]() On the local level, the Illinois government suspended the license of former Sprout Mortgage CEO Michael Strauss over concerns that he failed to provide accurate information about his background. Share Shuttered non-QM lender Sprout Mortgage is facing a lawsuit for breaching a 175 million contract with warehouse lender FirstFunding. The Wall Street Journal reports that homebuyers over the age of 65 continue to face hurdles for securing mortgages that their younger counterparts do not.Following the trend of Wells Fargo, JP Morgan is reported to have laid off “hundreds” of its mortgage division employees on Wednesday, February 8.Mortgage Credit availability dropped for the second month in a row, MBA said, coming down slightly from a reading of 103.3 in December 2022 to 103.2 in January 2023.MBA Economist Joel Kan tells CNBC that the average loan size on a purchase application reached $425,000, the highest since May 2022.According to CNBC, mortgage refinance demand increased 18% week over week, but compared year over year, it’s 75% lower.Theres a wide range of mortgage lenders to choose from, from big. This data comes courtesy of the Mortgage Bankers Association’s ( MBA ) Weekly Mortgage Applications survey. In getting a mortgage loan, as in all financial dealings, you have options, so it pays to take advantage of them. This is a healthy rebound after a decrease of 9% the week ending in January 27, 2033. Mortgage applications enjoyed an increase of 7.4% during the week ending in February 3, 2023.As we’ve reported, this increase in mortgage rates is believed to be linked to a slight interest rate hike and strong employment levels. ![]() The 15-year fixed mortgage rate sits at 5.51%, down 0.06% from the February 6 rate. ![]()
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