What You Need to Know |
![]() ![]() 10.2%Pending home sales dropped for the fourth straight month in September, down 10.2% from August. As NAR Chief Economist Lawrence Yun noted, “The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.” ![]() ![]() 10T/4.0Last month, the Federal Housing finance Agency (FHFA) validated and approved both the FICO 10T and the VantageScore 4.0 credit score models for use by Fannie Mae and Freddie Mac (the Enterprises). NAR has advocated for years for the use of newer credit scores as a means of fostering competition, innovation, and access. ![]() ![]() 2FHFA also announced last month a reduction in loan-level pricing adjustments that the Enterprises charge to first-time buyers, low- and moderate-income buyers, and underserved groups and market sectors. “NAR has long advocated for these reductions, but the benefit … is even more important today as we confront the highest mortgage rates in almost two decades,” said NAR President Leslie Rouda Smith. ![]() |
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