NATIONAL MARKET UPDATE
Fannie Mae, which backs conventional mortgages, announced it will factor rental payment history in its underwriting decisions starting September 18. This is a boon to renters seeking to become first-time homebuyers.
Fannie’s timing couldn’t be better. Annual apartment rent growth hit new highs in July, according to real estate software and data analytics company RealPage. The U.S. monthly average was $1,549, an 8.3% annual gain!
ICE Mortgage Technology reports purchase mortgages in June rose to 51% of closed mortgages, up from 47% in May. This was the first time in 18 months there were more purchase loans than mortgage refinances.