Both listings and sales improved in December, suggesting the impact of cooling rates may finally be encouraging movement in the market.
That’s according to HouseCanary’s December Market Pulse Report, which found new listings up 5% YOY last month.
Though stock remains historically low and many buyers are still priced out of the market, the data may reflect the beginning of a market reset for 2024.
“The slight increase in December listings indicates the impact of lower mortgage rates is beginning to trickle down into the market which comes as an optimistic sign as we head into the new year,” said Jeremy Sicklick, HouseCanary Co-Founder and CEO. “With that said, any market turns are likely to be slow.”
Sicklick pointed to…
Mortgage applications slipped as the initial shock of falling rates wore off and buyers once again approached the market carefully.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell 1.5%, coming down from the week prior’s 7.4% boost.
Adjusted purchase applications dropped by 1%, while the unadjusted index fell 4% from the week before and was 18% lower YOY.
Americans appear to be losing interest in falling rates, which initially sparked some activity in the market. The 30-year fixed fell to its lowest level since June last week and hit 6.83%.
“At least as of last week, borrowers’ response to this rate move was rather tepid. VA…
Rocket Mortgage’s search tool has new advancements, the company announced in a press release.
Pathfinder is an AI and machine learning-powered search engine used by more than 40,000 bankers, brokers, and underwriters to simplify mortgage processing.
“Pathfinder has been an invaluable tool for curating complex data and transforming it into knowledge engineering. This technology, and others that leverage advancements in AI and machine learning, are truly evolving how we can facilitate homeownership,” said Brian Woodring, Rocket Mortgage CIO.
Its custom Google AI search, which Rocket developed after releasing a searchable home loan knowledge database three years ago, increased Rocket’s speed and efficiency in answering client questions by 29%.
Rocket is now testing a new AI chat interface, which has shown…
New American Funding and The Agency are partnering to meet the needs of The Agency’s clients, with NAF becoming the preferred mortgage lender of The Agency.
NAF, which marks its 20th anniversary in 2023, holds the distinction of being the largest Hispanic-owned mortgage lender in the U.S. Meanwhile, The Agency has earned global recognition as a rapidly growing luxury boutique brokerage.
“We are thrilled to be working closely with one of the most prestigious companies in real estate today,” NAF Co-Founder and CEO Patty Arvielo said.
“As one of the nation’s largest privately-owned mortgage companies, NAF is uniquely positioned to cater to the needs of The Agency’s clients nationwide. We look forward to evolving our partnership into an even stronger…
Non-conforming loans pushed rate lock dollar volumes up in February as homebuyers struggle to handle high rates.
While conforming, FHA, and VA loans all lost some share of the market last month, non-conforming loans increased across the spectrum, snagging 12.2% of the market, Black Knight reported in its latest Originations Market Monitor report.
Jumbo loans saw a boost last month as high interest rates made GSE products less attractive. Dollar volume flew up as a result, though locks fell.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances was 6.49% last week, while the conforming rate was 6.79%. Conforming rates finished the month 52 basis points above January’s levels.
Adjustable rate mortgages saw gains, accounting for…
Just a few weeks after Better.com announced its One Day Mortgage product, Guaranteed Rate is trying to speed things up further with Same Day Mortgage.
Same Day Mortgage promises a loan approval in less than 24 hours, which Guaranteed Rate calls an “industry first.”
“Guaranteed Rate is known for revolutionizing the mortgage industry and making the home buying process easier – innovations like the first-ever digital mortgage that we launched in 2015,” said Guaranteed Rate President and Chief Executive Officer, Victor Ciardelli.
“Today we’re changing the game again with Same Day Mortgage. Customers expect services to be fast and easy, Same Day Mortgage delivers exactly that with cutting-edge technology and a totally efficient process.”
The program was tested with a…
FormFree is entering a new era, having strategically divested itself of asset-verification service AccountChek and naming a new president.
Eric Lapin, who joined FormFree in 2022 as chief strategy officer, was promoted to president, the company announced.
“FormFree is proud to have pioneered the mortgage industry’s first asset verification service, and that revolutionary spirit will propel the next phase of our growth,” said Lapin.
“Moving forward with a laser focus on the future will allow FormFree to innovate with the agility of a startup while benefitting from all the experience and wisdom we have accumulated over nearly two decades in business.”
Lapin said the company will now focus more on future innovators like blockchain and decentralized Web3 technologies. FormFree already…
Matt Nader has been promoted to Senior Vice President, Director of Sales at First Home Mortgage, leaders at the lender announced in a press release.
Nader joins the executive team after five years as a loan originator and branch manager, being named the company’s top originator for the last four years.
“The last five years of originating at First Home Mortgage have been the greatest chapter of my career,” Nadar said. “I am looking forward to this new opportunity, and I can’t wait to dig in deeper with our sales force and marketing team to further build our origination business, open new relationships, and continue to be the best retail mortgage provider in the U.S.”
Nader brings nearly two decades…
Carrington Mortgage Services, a private non-bank lender, is adding assumable mortgages to its list of services.
Assumable mortgages allow buyers to assume responsibility for a seller’s loan terms. This includes the current balance, interest rate, remaining term, and any other terms of the mortgage.
“Carrington is committed to ensuring borrowers have every possible opportunity to obtain a loan on the home they want,” said Greg Austin, EVP, Mortgage Lending for CMS.
“Assumable mortgages are another loan option that Carrington is educating home sellers and buyers about in this very complex real estate market.”
Buyers who have the opportunity to assume a mortgage with a low interest rate could see significant savings over the life of the loan.
Carrington is alerting…
Better.com is starting 2023 with a product leaders there think will revolutionize the industry: a mortgage application with a one-day turnaround.
Better announced the launch of its One Day Mortgage in a press release. The company says its customers can get pre-approved, lock in a rate, and get a Mortgage Commitment Letter completely online and within 24 hours.
“We spent the first seven years bringing the mortgage industry into the digital era, and executing over $100 billion of fully digital online mortgages. Better’s offerings serve to kickstart the slow, opaque, and costly homeownership process. With One Day Mortgage, Better is revolutionizing the mortgage industry once again by empowering its customers, making it not only cheaper, but also faster and easier…
