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October 1, 2026
New California Law Will Change How You Sign Up for Home Insurance
Yahoo!
A newly signed law will give California homeowners more ways to make sure they can recover financially after disaster.
Starting next year, all home insurers in California must offer at least 50% extended replacement cost coverage to clients under a law Gov. Gavin Newsom announced Sunday he had signed.
Many Homeowners Have a Big Insurance Coverage Gap — and Don’t Even Know It
CNBC
Insurance experts say many policyholders are financially exposed to damage, including from natural disasters that are becoming more frequent or costly, such as wildfires, hurricanes and flooding, due to insurance coverage gaps.
More than 70% of homeowners are likely underinsured by an average of roughly 20%, according to an analysis of insurance data by Kenneth Klein, a law professor at California Western School of Law.
Senate Bill Would Give First-Time Home Buyers Up to $50K – but It Faces Uphill Battle in Congress
A new bill introduced by Sen. Jeff Merkley (D-OR) aims to make homeownership a reality for more Americans by allowing them to receive up to $50,000 from the federal government for a first-time home purchase.
The Homeownership Promise Act, cosponsored by Sen. Ron Wyden, would allow Americans to open Homeownership Promise Accounts to save for a first-time home purchase. For every dollar put into the account, the federal government would match it at a 5:1 ratio, up to $50,000 in federal matching funds.
Rocket Makes VantageScore Its Default After Testing Finds Borrower Savings
Mortgage Professional
After roughly four months of testing VantageScore 4.0 alongside FICO, Rocket Mortgage says it will make VantageScore its preferred credit-scoring model for eligible loans during the fourth quarter.
Rocket said it has obtained 1.4 million credit reports using both VantageScore and FICO so far this year. Its testing found that VantageScore 4.0 allowed more clients to meet credit requirements and move forward in the mortgage process.
Average Long-Term U.S. Mortgage Rate Churns Upward to Its Highest Level in Nearly Three Years at 7.28%
Associated Press
The average long-term U.S. mortgage rate jumped for the sixth straight week to its highest level in nearly three years.
The benchmark 30-year fixed-rate mortgage rose to 7.28% from 7.03% the previous week, the biggest leap in four years. A year earlier, the average rate was 6.34%.
