Demand for purchase loans rose last month to levels approaching records set in March, but rising home prices mean homebuyers are increasingly likely to need to apply for jumbo loans that have traditionally carried higher interest rates.
The latest Originations Market Monitor report from mortgage and property data aggregator Black Knight shows purchase loan rate locks surged by 6 percent last month, reversing two consecutive months of declines. Cash-out refinancings were also up 10 percent, while rate-and-term refis fell 4 percent.
Non-conforming, “jumbo” mortgages accounted for 12.4 percent of all purchase and refinance rate locks, up from 5.25 percent a year ago. Conforming mortgages eligible for purchase or guarantee by mortgage giants Fannie Mae and Freddie Mac accounted for 65 percent of all mortgage rate locks in June, down from 72.3 percent a year ago. FHA loans captured a 12 percent market share, up from 10.2 percent a year ago.
President
Joe Biden fired
Andrew Saul, the commissioner of the Social Security Administration on Friday after Saul rebuffed a White House request to resign. Saul is disputing that Biden can fire him, pointing to the fact that his term expires in 2025.
“I consider myself the term-protected Commissioner of Social Security,” Saul told
The Washington Post. He said he intends to sign into work on Monday as usual. His deputy was also fired.
Saul was nominated to the position by Donald Trump in 2019 and was confirmed by the Senate by a vote of 77 to 16. His appointment drew some criticism at the time because Saul had served on the board of the Manhattan Institute, a conservative think tank that has argued in favor of cuts to Social Security benefits.
HEADLINES & GLOBAL NEWS
By
Jul 09, 2021 08:05 PM EDT
(Photo : Photo by Alex Wong/Getty Images) WASHINGTON, DC - JULY 09: U.S. President Joe Biden speaks during an event at the State Dining Room of the White House July 9, 2021 in Washington, DC. President Biden signed an executive order on “promoting competition in the American economy.”
The head of the Social Security Administration, who was appointed by former President Donald Trump, was forcibly removed by President Joe Biden on Friday after failing to resign at the White House s request.
White House officials said the forced resignation was due to Andrew Saul, the Social Security commissioner, having a long history of undermining and politicizing the agency s benefits. Another Trump-appointee in the agency, David Black, who is Saul s deputy, chose to resign on Friday.
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