Yearly Archives: 2022

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2022

Mortgage Rates Have Doubled: Despite the Increase, You Still Have Options

Over the last year, mortgage rates have doubled. Average interest rates for the most popular long-term mortgages have doubled from 3.1% to 6.49%. According to the Mortgage Bankers Association, the median monthly mortgage payment nationwide rose to $2,012 in October, a new record high. Homeowners locked into lower mortgage rates are staying put, and the…

Higher Rates of Denial for Small-Dollar Mortgages

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The Federal Reserve Bank of Philadelphia performed a study and discovered higher rates of denial for Small-Dollar Mortgages in Pennsylvania, New Jersey, and Delaware. Mortgages valued at $100,000 or less can aid people with limited income and savings to purchase lower-cost homes. But a recent report uncovers that applicants for these loans in Pennsylvania, New…

NCRC Withdraws from KeyBank Discussions

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Since 2016, the National Community Reinvestment Coalition (NCRC) has facilitated the creation of Community Benefits Agreements with 21 bank associations worth a combined totality of $589 billion for a mortgage, small business, and community development lending, investments, and philanthropy in low-to-moderate- income (LMI) and under-resourced neighborhoods. The very first deal was with KeyBank. Today, NCRC withdraws…

Housing Affordability: Homebuyers Must Earn More Now To Afford A Typical Home

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Housing affordability has fallen to its lowest level in more than 10 years, according to a national trade group. Homebuyers must earn more. Last month, the nation’s home buyers needed to earn roughly $107,000 yearly, up from around $74,000 a year earlier, to afford a median-priced home, according to Redfin. In the Philadelphia metropolitan area, the annual income required to afford a house at the median sales price of…

Racially Biased Home Appraisals: NCRC Study

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The NCRC released a report demonstrating a groundbreaking study about racially biased home appraisals utilizing mystery shoppers in Baltimore, MD. In addition, the study revealed that real estate appraisers deliver better assistance to White homeowners than Black homeowners. The appraisers assign higher values to residences they believe to be White-owned, as well. Black/White interracial partners…

Philly 5by25: Plan to Create 5,000 Black, Brown Homeowners

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The “Philly 5 by 25 initiative” will aid home buyers and homeowners through efforts to tackle tangled titles, help diversify the real estate and home appraisal industries, support housing counselors, finance the development of affordable housing, and help individuals remain in their homes. A collaborative of Philadelphia community groups, led by the civil rights…

Tips for Homebuyers Facing Soaring Interest Rates

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The article below gives valuable insight and tips for homebuyers to overcome soaring interest rates. The mortgage rates have more than doubled, from less than 3% to nearly 7%, within the past couple of years. The increase may prompt questions you need to ask yourself no matter where you are in the home-buying process. Do higher…

Reinventing Our Communities FRB Philadelphia Cohort Program

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The Philadelphia Federal Reserve Bank (FRB) developed the Reinventing Our Communities (ROC) Cohort Program to promote strong local economies by supporting neighborhoods across the U.S. to address structural discrimination and obstacles to opportunity. Cohorts are parties of cross-sector community leaders who partake in workshops and peer learning that allows them to acquire skills and develop…

Yearly Archives: 2022

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