Mortgage rates increased again last week due to a heap of political and financial news.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.57%, up from 6.39% the week prior.
A year ago at this time, the 30-year FRM averaged 5.10%.
The 15-year fixed-rate mortgage rose from 5.75% to 5.97%. A year ago, it averaged 4.31%.
Daily average rates even exceeded 7% on May 25, hitting their highest level since November.
“The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week,” said Sam Khater, Freddie Mac’s Chief Economist.
At the current rate, 6.57%, Redfin reported that the typical buyer’s monthly mortgage payment amounts to $2,614, a…
After falling slightly the week before, mortgage rates shot right back up last week, continuing to fluctuate within the 6% range.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, up from 6.35% the week prior.
A year ago at this time, the 30-year FRM averaged 5.25%.
The 15-year fixed-rate mortgage remained unchanged at 5.75%. A year ago, it averaged 4.43%.
“The 30-year fixed-rate mortgage averaged 6.39% this week, as economic crosscurrents have kept rates within a ten-basis point range over the last several weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months.…
Home prices appear to have bucked their downward trend, rising almost everywhere in the U.S. in March.
Black Knight’s latest Mortgage Monitor report found that home prices rose last month on both non-adjusted (+1.38%) and seasonally adjusted (+0.45%) bases.
This is the third consecutive month of increases recorded by Black Knight, with 92% of markets seeing prices increase.
“[J]ust five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180,” said Black Knight Vice President of Enterprise Research Andy Walden.
Other than Western and pandemic boomtown markets, 40% have seen prices return to peak levels, with only Austin (-0.7%), Salt…
Mortgage purchase demand increased last week but that doesn’t signal a change in the mortgage market.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 7.4%, balancing out last week’s 5.4% dip.
The average interest rate for 30-year fixed loans rose from 6.71% to 6.79%. Rates have jumped by 50 basis points just in the last month, driving applications down.
Adjusted purchase applications increased by 7%, while the unadjusted index was up 9% from the week before and was 42% lower YOY.
But MBA Vice President and Deputy Chief Economist noted that the bump was the result of purchase applications resettling after sinking in weeks prior,…
Michelle DeHart has been appointed vice president of loan operations for escrow at Cenlar FSB, company leaders announced in a press release.
“I am excited to be part of the Cenlar team,” DeHart said. “My objective is to strengthen Cenlar’s escrow area by leveraging technology and automating wherever possible to enhance operational efficiencies and deliver the best outcomes for Cenlar, our clients, and their homeowners.”
DeHart will be in charge of all escrow functions including tax, insurance, flood insurance, and escrow analysis.
With 25 years of experience in mortgage banking and financial services, she will also lead additional operational efficiencies and risk mitigation initiatives.
“With Michelle’s breadth and depth of knowledge in the mortgage servicing industry, she is a valuable…
The number of million-dollar U.S. homes has dropped dramatically from a record high last year.
They now account for 7% of all U.S. houses, down from 8.6% in June 2022, according to an analysis by Dana Anderson at Redfin.
This could signal a reversal in the housing market, at least on the luxury side. Prices soared so high and so fast that Fannie Mae and Freddie Mac raised their lending limits to $1 million in some metros back in 2021. The 18% hike was the highest single jump since at least 1970, outpacing the 15.9% increase seen in 2006.
The exception to the current trend is Florida, which now has more homes worth $1 million than it did last year…
American Mortgage Network is on the hunt for loan officers and processors in key U.S. geographic areas.
The mortgage banker has hired three new recruiting executives– TraVaughn Paschal, George DeMare, and Rick Humphery– to lead the initiative.
“With so many mortgage lenders forced to adjust their workforces or shut down completely, many talented loan officers and processors are out of work. These professionals are excited by the challenge and opportunity of joining an employee-owned company that is expanding its footprint throughout the United States,” noted AmNet President and CEO Joseph S. Restivo.
The announcement comes on the heels of another major mortgage banker layoff at Wells Fargo.
Hundreds of employees were affected, including some top originators who had just returned…
Fintech LenderClose announced it is rebranding as Coviance, the company announced in a press release. The rebrand “reflects the company’s next phase of growth” as a transformative technology partner that allows lenders to efficiently scale home equity volume and close in a matter of hours. “The evolution of our technology has advanced us into a new era on our mission to perfect the lending experience,” says Omar Jordan, Founder & CEO of Coviance. “Our technology empowers Credit Unions and Community Banks to compete with fintechs, delivering the best borrower experience with a more humanized touch.” Coviance was founded in 2015 by Omar Jordan with the goal of offering community lenders a user-friendly tech solution to lend more efficiently, faster, and at…
Reggora updated its order management platform to embed borrower’s appraisal information into a lender’s POS system, the company announced in a press release. The update improves borrowers’ experience by resolving common issues in the appraisal process. Lenders can collect payments, show appraisal status, and schedule inspections within their POS system. Reggora says the update reduces IT resources required to implement and maintain the integration with a developer-friendly API. “The appraisal is a critical part of the loan process, but, despite all the progress towards a digital mortgage, the appraisal is still done entirely offline,” said Will Denslow, Co-Founder and CTO of Reggora. “There’s a tremendous opportunity for lenders to differentiate by fixing the appraisal experience, and this integration makes it…
Another Motto Mortgage office has opened in Wheeling, WV, the company announced in a press release. Motto Mortgage Valor will now serve markets through West Virginia and Ohio, owned and operated by Michael Hough and Travis Broadwater. They bring a combined twenty years of experience to the office. Razmine Rouse will serve as operations manager and an originator at the new location. Hough will also originate loans. “Motto Mortgage Valor offers an advantageous alternative to the traditional mortgage bankers currently operating in the Ohio Valley,” Hough said. “We provide the scope, scale, and support of a large retail lender while offering the flexibility, autonomy, and exceptional service of a local mortgage broker that knows how to navigate the intricacies of…
