The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
The Home Builders Assocation of Greenville would like to officially welcome you, please join us for new member orientationat
the HBA office on Tuesday, August 4th at 5:30p.m. The reception will start with a short meeting on what
the HBA of Greenville is about and how you can get the most out of your
membership and get involved. After which, please stay for a reception
with the board of directors and current members of the HBA.
Responding to concerns from the Consumer Financial Protection Bureau, Wells Fargo announced on July 29 that it is voluntarily discontinuing affiliated marketing agreements with builders and realtors. In general, these type of agreements benefit both builders and lenders. Lenders receive business from builders who refer their buyers and because the lender is familiar with the builder, it helps to make the home buying lending process proceed more smoothly.
While these marketing agreements are legal, Wells Fargo has acted unilaterally to take this action to avoid any appearance of paying for referrals.
The Wells Fargo announcement is expected to have a limited impact on our industry, as the vast majority of our members do not have such agreements with Wells Fargo. However, if the Wells Fargo action causes other financial institutions to follow suit, this could affect builders who have similar agreements with other lenders.
Note that Wells Fargo is not a member of the Home Builders Association of Greenville.
Nationally, interest rates on conventional purchase-money mortgages increased from May to June, according to several indices of new mortgage contracts.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index was 3.85 percent for loans closed in late June, up 10 basis points from 3.75 percent in May.
The average interest rate on all mortgage loans was 3.85 percent, up 10 basis points from 3.75 in May.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.04 percent, an increase of 14 basis points from 3.90 in May.
The effective interest rate on all mortgage loans was 3.99 percent in June, up 9 basis points from 3.90 percent in May. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $325,600 in May, up $14,700 from $310,900 in May.