In an attempt to reduce the volume of money laundering in the United States, the Biden Administration has announced steps to increase transparency in all-cash real estate transactions. The regulations include requirements on title insurance companies to turn over information about property purchases made via cash and additional disclosures for commercial property purchases as well. This information provided by senior administration official to Bloomberg.
The objective of the Administration is to prevent lawbreakers for using U.S. real estate to hide their illicitly obtained cash.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
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