Ginnie Mae’s Alanna McCargo is leaving the company and returning to private life, the Department of Housing and Urban Development announced. McCargo, who has served a president of the Government National Mortgage Association (Ginnie Mae) since January 2022, called the move a “deeply personal decision.” “The past 3.5 years in public service with the Biden-Harris…
Rates took a turn for the worse last week, rising back to nearly 7%, as economic data soured analysts’ moods on easing rates. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.87%, up from the week prior’s 6.74%. A year ago at this time, the 30-year FRM averaged 6.42%. This breaks…
First-time homebuyers accounted for a record number of GSE purchase loans in 2023, while originations sunk to new lows, according to ICE’s latest Mortgage Monitor. They made up 55% of agency purchases last year, the highest share ever recorded by ICE in the ten years it has been tracking this metric. “The market in which…
Fannie Mae appointed a new EVP and Chief Operating Officer, Morgan Stanley exec Peter Akwaboah. Akwaboah brings almost thirty years of experience in the financial services industry to the position. He will oversee Fannie Mae’s Chief Information Office, Enterprise Operations, Business Resiliency, and Enterprise Workplace and Security functions. “Peter’s many years of experience and unique…
The Fed’s preferred inflation measure soared to a four-month high in September, increasing the likelihood of future Fed rate hikes. The personal consumption expenditures price index tracks what Americans buy and for how much, offering a view into their spending habits. The core index, which excludes food and energy components, increased by 0.3% in September. …
Average mortgage rates jumped another 10 bps last week, edging closer to 8%. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.79%, up from 7.63%. A year ago at this time, the 30-year FRM averaged 7.08%. The 15-year fixed-rate rose to 7.03% from 6.92%. A year ago, it averaged 6.36%. “For…
The Federal Housing Finance Agency has made significant changes meant to improve lending access to low-income and first-time homebuyers. At the Mortgage Bankers Association’s 2022 Annual Convention & Expo, FHFA Director Sandra L. Thompson announced that the agency had validated and approved the FICO 10T credit score model and the VantageScore 4.0 credit score model…
Ian Ouwerkerk has been named Freddie Mac Multifamily’s SVP of Underwriting and Credit, the GSE announced in a press release. He has served as interim SVP since Q1 2022. Ouwerkerk joined Freddie Mac in 2008. He previously served as VP of Multifamily underwriting and senior director of underwriting for the Southeastern region. As VP of…
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