Good Morning! Today is Wednesday, January 15. The House passed a bill to bar trans athletes from female school sports teams. Michelle Obama will not attend Trump’s inauguration. South Korea’s president was arrested in the wake of his failed coup attempt. The Mortgage Note ReportsWhat’s Fair?: The role of lenders in appraisal discrimination is under scrutiny as the…
Mortgage rates ticked up again last week and are projected to keep rising now that Trump has been voted back into office. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.79%, up from 6.72% the week prior. This is the sixth consecutive week of increases, and measures the days leading up…
Mortgage applications saw a major decline on rising rates ahead of the presidential election. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — tanked by 10.8%, slowing from the week prior’s 0.1% decline and hitting its lowest level since mid-August. This is…
Average mortgage rates increased for a fifth consecutive week just as spring buying season entered its peak months. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.22%, up from the week prior’s 7.17%. A year ago at this time, the 30-year FRM averaged 6.39%. The 15-year fixed rate increased from 6.44%…
By SCOTT KIMBLER Home price appreciation will continue to climb throughout 2024, according to the latest analysis by leaders at AEI Housing Center. Tobias Peter, co-director and senior fellow at AEI, spoke during a presentation earlier this month and said even though purchase volume is down, data suggests home price appreciation will rise over the…
By JARED WHITLEY Leaders at a mortgage broker caught up in litigation over United Wholesale Mortgage’s “All In” ultimatum say they never agreed to be in an exclusive relationship with Mat Ishbia’s company. Lawyers for UWM filed suit against Atlantic Trust Mortgage Corporation in January, claiming they submitted at least 71 mortgages to rivals Rocket Mortgage or…
Mortgage brokers felt the burn in the last three months of 2023, with residential lending across the board stalling. A new report from ATTOM found that 1.35 million residential mortgages were originated in Q4 2023. That’s a 13.8% drop from Q3, and the tenth decline in the last eleven quarters. Residential lending activity overall was…
By ERIN FLYNN JAY In recent years, cities in warmer weather states have boasted the nation’s hottest housing markets but now the spotlight is on one of the snowiest places in the country. Last month, Zillow released its annual predictions for the hottest housing markets of 2024. Buffalo, NY, took spot number one based on…
By KIMBERLEY HAAS Wells Fargo released its fourth quarter 2023 financial results on Jan. 12 and leaders there say as they continue to streamline their home lending business profitability will improve. The company reported a net income of $3.4 billion, or $0.86 per diluted share. CEO Charlie Scharf said in his comments that the continued…
By KIMBERLEY HAAS The president of the National Association of Realtors has stepped down after allegedly receiving a threat to disclose a past personal matter. Tracy Kasper reported the threat to law enforcement and informed NAR’s Leadership Team. The threat involved a non-financial matter, according to a press release. “As president and a long-time member…
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