Connect with us

Published

2 years ago

on

close video Lenders weigh in on mortgage rate adjustments: ‘We’re no stranger to these changes’

United Wholesale Mortgage Chief Operating Officer Melinda Wilner and loanDepot loan consultant John Gerardi debunk mortgage rate changes from the Federal Housing Finance Agency.

Experts at two of the nation's top lenders claim homebuyers may not fully understand a new Biden administration rule that redistributes high-risk loan costs to homeowners with good credit. 

"I think there's a little bit of maybe misinterpretation," United Wholesale Mortgage (UWM) Chief Operating Officer Melinda Wilner told Fox News Digital. 

"A lot of people think that higher credit scores are now paying more for their mortgages than lower credit scores and that's actually not the case. It's just some of the changes were more impactful to certain pockets of credit scores and loan to value."

BIDEN'S MORTGAGE REDISTRIBUTION PLAN SPARKS OMINOUS WARNING AS EXPERTS NOTE SIMILARITIES TO PRIOR CRISIS

The new rules enacted by the FHFA on May 1 aim to help lower-income borrowers afford their monthly mortgage payment. Under it, borrowers with a credit score of 679 or lower and less money for a down payment will qualify for better mortgage rates than they otherwise would have, while those with higher ratings ranging from 680 to above 780 will pay increased fees.

However, LoanDepot broker John Gerardi told Fox News Digital that people in the upper-credit score range will still get the benefit of having a better payment option than someone with a lesser credit score. 

"They’re just maybe going to lose out on a very small discount that they might have had six to eight months ago with the old pricing grid," he explained.  close video PA Treasurer Stacy Garrity blasts Biden’s new mortgage rule punishing borrowers with good credit: ‘Disaster’

Pennsylvania Treasurer Stacy Garrity provides insight into President Biden’s new mortgage rule to subsidize risky loans.

According to Gerardi lenders have been complying with the new adjustments way before they went into effect. 

"These adjustments have been in play for a long time, and [the FHFA] go back to the drawing board, analyze which loans are doing better than other loans and make their changes," the New York-based loan consultant explained. "So right now we have the newest of their wave of changes, which most lenders were made aware of in January and already had started to build it into their pricing model."

Both Gerardi and Milner emphasized that the rate changes are normal and part of the FHFA's typical process for evaluating prices.

"Rates change all the time. The adjustments change often as well. So we're no stranger to these changes," Wilner said. 

REALTORS DEFEND HOMEBUYERS OVER BIDEN'S ‘UNECCESSARY’ MORTGAGE RULE: ‘NOT THE TIME FOR FEE INCREASES’

However, she also pointed out that concerns from buyers have become "a little louder" since the changes began circulating in the media and challenged the idea that good creditors were paying the difference in new rates for poor-credit buyers. 

"It's just different adjustments," Wilner said.

"It's nothing that you can really tangibly feel when a borrower comes to a lender and says, hey, you know, what's my rate going to be, what's my payment, we give the rate with everything built into it. It's not normally, hey, yesterday it was this, and today it's this kind of thing," she added. "I think the attention to it kind of makes people feel that way, but they're not seeing tremendous amounts of difference between it."

A recent change to the Federal Housing Finance Agency (FHFA) pricing adjustments has many buyers concerned about mortgage payments. Some have said the changes give better rates for buyers with low credit and have good credit buyers subsidizing those (AP Photo/Rich Pedroncelli / AP Images)

In an attempt to alleviate fears, FHFA Director Sandra Thompson said in a statement last month that the new fees will not "represent pure decreases for high-risk borrowers or pure increases for low-risk borrowers" and will instead be targeted at "products such as second homes and cash-out refinances."

"Many borrowers with high credit scores or large down payments will see their fees decrease or remain flat," Thompson explained. 

The motivation behind it, according to Gerardi, may be to get first-time homebuyers into the market. 

"We took some hits during the pandemic and now we want to make our new changes to kind of inspire first-time homebuyers, give them a little bit of benefit, even if they don't have the best credit," he said. "But in order to give to one side of the spectrum, they have to take from another."

Gerardi added that the pricing model for those purchasing second homes has also changed with the new FHFA rules. In the past second homes were priced like primary residences, but are now being priced "out closer to what an investment property would look like."

"There is a lot of risk to financing a second home investment property, especially with these inflated prices," he said. "So that's definitely a risk that shows you the intention behind it is where do we [FHFA] feel like the chips are going to fall in today's day and age? Who is going to really take that homeownership and basically hold on to it with all they've got? – The first-time buyer."

“A lot of people think that higher credit scores are now paying more for their mortgages than lower credit scores, and that’s actually not the case.” – Melinda Wilner, United Wholesale Mortgage COO

Given the tumultuous housing market with inventory shortages, high rates, and skyrocketing costs, the risk associated with second homes and investment properties has come under a new lens.

Market volatility has some experts like Gerardi concerned about these changes and the fear surrounding them could have a negative impact on an already weak housing market. 

"So with these changes that are coming up, besides just discouraging people from coming out and looking to buy homes, they're already feeling like that they're behind the eight ball being a seller's market," he explained. "But now you might discourage sellers from wanting to list their homes because they're now concerned, well, what am I going to be able to afford on my next purchase?"

"The last thing that we want to do is discourage sellers from even listing their home because of the inventory issue that we're dealing with," he added.  close video Biden’s mortgage redistribution rule adds ‘insult to injury’: Brian Lewis

Manhattan broker and ‘America’s Agent’ Brian Lewis argues the Biden administration is putting ‘one more boot on our neck.’

Wilner, however, said she does not believe the changes will "halt" the housing market as seasonality and numerous other factors come into play when buying a home.

"I don't see any of these LLPA changes as catastrophic or anything too significant that will impact a lot of people from buying homes," she said. "The bigger impact is really what are rates holistically going to do. These adjustments are not as significant as if rates came down into the fives and into the fours and into the threes again." 

CLICK HERE TO READ MORE ON FOX BUSINESS

"The hope is that there is some impact, especially on the lower credit and where there were decreases and maybe there is a group of people that now can buy the home based on changes that were made there," Wilner added. 

As fears still remain for many homebuyers, the true impact of these rates is yet to be seen. Gerardi noted these changes could be reevaluated, and new adjustments could come within the year if the desired outcome is not met.

Wilner and Gerardi both stressed the importance of maintaining a high credit score when buying a home.

FOX Business' Michael Lee and Kristen Altus contributed to this report.

Related Topics:
Continue Reading

Environment

Prime Day-2 Green Deals: Anker SOLIX F3800 Plus, GE 2-in-1 washer/dryer, Lectric e-bikes, EcoFlow, Jackery, Aiper, Greenworks, more

Published

23 mins ago

on

July 9, 2025

By

Prime Day-2 Green Deals: Anker SOLIX F3800 Plus, GE 2-in-1 washer/dryer, Lectric e-bikes, EcoFlow, Jackery, Aiper, Greenworks, more

It’s the second day of the Prime Day seasonal savings and we’ve got another jam-packed edition of Green Deals focusing on some of the best discounts we’ve spotted so far, with all the others rounded up in our Prime Day Green Deals hub here, which is regularly being updated throughout the days, so be sure to check back often. Leading our top three picks today is Anker’s SOLIX F3800 Plus Portable Power Station and its bundle packages, which are seeing up to $7,994 in savings to new low prices starting from $2,564. Next, we have GE’s Smart Combo Electric Washer & Dryer with Ventless Heat Pump at its $1,750 low, as well as Lectric’s full Better Than Prime Day sale that is taking up to $654 off e-bike bundles starting from $799. All that and much more are waiting for you below.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

You can save up to $7,994 on Anker’s SOLIX F3800 Plus station + bundles at new low prices for Prime Day starting from $2,564

As part of its ongoing Prime Day Sale running through July 13, Anker SOLIX is dropping the prices lower than ever on its new F3800 Plus Portable Power Station starting at $2,564.05 shipped, after using the promo code PDSG5OFF at checkout for an extra 5% in savings – plus, you’ll be getting a free protective cover to boot! We saw this model drop from its $4,799 MSRP to hit a short-lived former $2,649 low in the brand’s early Prime Day sale, which is getting beaten out here by $85. It’s also beating out its current Amazon pricing of $2,699 (usually keeping between $2,999 and $3,899), with the combined 47% markdown here giving you a massive $2,235 in savings at the best new price that we have tracked. And don’t forget about all its bundle options we’ve collected below that are also down at new lows through the weekend.

Anker’s SOLIX F3800 Plus, as well as its standard F3800 predecessor, are the brand’s largest expanding backup units that start at a sizeable 3,840Wh LiFePO4 capacity, with further investments bolstering that capacity up to a 26,900Wh maximum (when six batteries are attached). It has 15 output port options to connect devices, appliances, and vehicles – with the latter being covered by the L14-30R and TT-30R ports for EVs and RVs. You’ll get up to a steady 6,000W power output normally, while it can surge as high as 9,000W when needed. That output even expands when two stations are paired together, raising the rate to 12,000W for home backup coverage.

Advertisement – scroll for more content

In terms of recharging, the F3800 Plus brings an additional method to the table with its 6,000W input it can receive from a gas generator, while its solar input max has increased to 3,200W (from 2,400W). Of course, there’s also the usual AC outlet charging and more to keep it juiced up and running.

***Note: these prices below haven’t had the extra savings factored in yet, so don’t forget to use the promo code PDSG5OFF at checkout to score the very best deals!

Anker SOLIX’s Prime Day F3800 Plus standard deals/bundles:

Anker’s SOLIX Prime Day F3800 Plus home backup bundles:

To also checkout the pricing on its standard F3800 counterpart and bundles, be sure to check out our full coverage here.

GE 2-in-1 smart combo electric washing machine and dryer

Save space or double up with GE’s 2-in-1 smart combo electric washer/ventless heat pump dryer at its $1,750 low

As part of its Black Friday in July Sale, which is running parallel to Amazon’s Prime Day Sale event, Best Buy is offering a returning low price on the GE Profile 4.8 Cubic-Foot Smart Combo Electric Washer & Dryer with Ventless Heat Pump down at $1,749.99 shipped, which is beating out the brand’s direct pricing by $249. While it usually goes for $2,900 at full price, at Best Buy it’s been more recently fetching $2,700, with discounts having kept the costs between $2,000 and $2,200 in 2025. The last time we saw prices fall this low was during Best Buy’s Black Friday sale, with this being the first time it showed up in the new year with $950 in savings at the best price we have tracked.

If you want to learn more about this unit, be sure to check out our original coverage of the deal here.

Lectric XPress 750 e-bike

Lectric’s Better Than Prime Sale offers up to $654 in free gear with e-bikes starting from $799

Lectric’s Better Than Prime Sale is in full swing with up to $654 discounts across its e-bike lineup, which includes the preorder deal on the new XP Trike2 and increased bundles on the new XP4 e-bikes. Sadly, if you were hoping to score the XPedition 2.0 Dual-Battery Long-Range Cargo e-bikes, they are out of stock following the July 4th sale, but the brand has since restocked another popular model, the XPress 750 Commuter e-bikes that come with $336 in free gear at $1,299 shipped. The bundles are the same as the last few sales we’ve seen, which would normally run you $1,635 in full were it not for the usual savings – not to mention the $200 off option for a spare battery to double its range (found on its landing page). All-in-all, you’ll be getting a steel-encased rear cargo rack, fenders to go over both tires, an Elite headlight upgrade, and a suspension seat post. Head below for more on this and the other models seeing savings during this limited-time event.

If you want to learn more about this model or get the full rundown of e-bike deals we’re seeing during this sale, be sure to check out our original coverage here.

EcoFlow Prime Day power station sale

Power outdoor adventures with EcoFlow’s stations and bundles at up to 62% off in Prime Day savings starting from $199

EcoFlow’s Prime Day Sale is in full swing and lasting through July 11 with up to 62% off its power stations and solar generator bundles – plus, there’s extra savings to score using the promo code EFPDAFF5 at checkout for an additional 5% off your order. Among the many units we’re seeing at some of their lowest rates, a notable standout to cover your trips into the wilds, jobsites, and emergency needs is the DELTA 2 Max Solar Generator bundle that comes with a 500W solar panel (4 x 125W) for $1,281.55 shipped, after using the promo code. This newer package would usually run you $2,699 at full price, with it only available directly from the site. At Amazon, the closest matching bundle you can find gives you the station with a 400W panel for $1,279, meaning you’re getting the brand’s largest portable panel for just $3 more. The combined 53% markdown here gives you $1,417 in savings at the best price we have tracked. Head below for more of the best deals we’re spotting during this sale.

If you want to learn more about this power station or get the full lineup of power station, solar generator bundles, and add-on accessory savings, be sure to check out our full coverage of the sale here.

Aiper Surfer S2 robotic solar pool skimmer

Let Aiper’s Surfer S2 robot worry about skimming your pool while being powered by the sun at new $280 low

As part of its ongoing Prime Day event, the official Aiper Amazon storefront is offering its popular Surfer S2 Robotic Solar Pool Skimmer at $279.99 shipped. It carries a $400 MSRP, but at Amazon, we’ve been seeing it keep down at $340 lately, with discounts usually taking things to $320, and one previous discount to $300 from last month. Today’s deal brings you a new all-time low, giving you $120 off its price tag for the best deal we have tracked.

If you want to learn more about this popular model, be sure to check out our full coverage of the deal here.

Jackery Prime Day power station sale

Jackery’s full Prime Day Sale with up to 65% discounts, bonus savings, free gifts, and more sees return and new lows from $89

Jackery has switched over to its full Prime Day Sale through July 11 with up to 65% discounts on power stations, solar generators, and more – plus, there are extra savings, limited stock free gifts, and membership benefits too. Among the offers this time around, we’re seeing returning and new low prices on Jackery’s new HomePower 3000 Portable Power Station and its bundle options, starting from the station on its own at $1,614.05 shipped, after using the promo code PRIME5 at checkout for an additional 5% off, which beats out the Amazon pricing by $85. This new model (also known as the Explorer 3000 v2) hit the market back in May carrying a full $2,499 price tag, and which discounts brought down to $1,699 for the first time during the early Prime Day Sale. That low price is returning here, with the extra 5% savings making things all the better for a second chance at the best pricing we have tracked, saving you $885 in the process.

If you want to learn more about this all-new power station, or browse the full lineup of deals we’re seeing during this sale, be sure to check out our full coverage here.

greenworks pro 2,700 psi electric pressure washer

Greenworks’ Pro-tier 2,700 PSI electric pressure washer falls to new $285 low for Prime Day, more

As part of its ongoing Prime Day deals event, Amazon is offering the Greenworks Pro 2,700 PSI Electric Pressure Washer at $284.99 shipped, which is beating out the brand’s direct pricing by $15. It normally fetches $400 at full price, with discounts having kept above $320 before this week. It fell to $300 at the beginning of Prime Day, but has since dropped lower to this new all-time low price. You’ll be saving $115 off the going rate while the savings last, upgrading your outdoor cleaning game at the best price to date.

If you want to learn more about this model’s capabilities, as well as browse the lineup of electric pressure washer deals we’re seeing, be sure to check out our original coverage here.

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Technology

Bitcoin rises to fresh record above $112,000, helped by Nvidia-led tech rally

Published

39 mins ago

on

July 9, 2025

By

Bitcoin rises to fresh record above 2,000, helped by Nvidia-led tech rally

The logo of the cryptocurrency Bitcoin can be seen on a coin in front of a Bitcoin chart.

Silas Stein | Picture Alliance | Getty Images

Bitcoin hit a fresh record on Wednesday afternoon as an Nvidia-led rally in equities helped push the price of the cryptocurrency higher into the stock market close.

The price of bitcoin was last up 1.9%, trading at $110,947.49, according to Coin Metrics. Just before 4:00 p.m. ET, it hit a high of $112,052.24, surpassing its May 22 record of $111,999.

The flagship cryptocurrency has been trading in a tight range for several weeks despite billions of dollars flowing into bitcoin exchange traded funds. Bitcoin purchases by public companies outpaced ETF inflows in the second quarter. Still, bitcoin is up just 2% in the past month.

Stock Chart IconStock chart icon

hide content

Bitcoin climbs above $112,000

On Wednesday, tech stocks rallied as Nvidia became the first company to briefly touch $4 trillion in market capitalization. In the same session, investors appeared to shrug off the latest tariff developments from President Donald Trump. The tech-heavy Nasdaq Composite notched a record close.

While institutions broadly have embraced bitcoin’s “digital gold” narrative, it is still a risk asset that rises and falls alongside stocks depending on what’s driving investor sentiment. When the market is in risk-on mode and investors buy growth-oriented assets like tech stocks, bitcoin and crypto tend to rally with them.

Investors have been expecting bitcoin to reach new records in the second half of the year as corporate treasuries accelerate their bitcoin buying sprees and Congress gets closer to passing crypto legislation.

Don’t miss these cryptocurrency insights from CNBC Pro:

Continue Reading

Politics

Bitcoin soars to new all-time high above $112K as traders liquidate shorts

Published

1 hour ago

on

July 9, 2025

By

Bitcoin soars to new all-time high above 2K as traders liquidate shorts

Bitcoin soars to new all-time high above 2K as traders liquidate shorts

Bitcoin price roared to a new all-time high above $112,000. Cointelegraph explains why.

Continue Reading

Trending