Floify Launches Lending Platform For Brokers

POS provider Floify launched a one-stop lending platform for brokers, Floify Broker Edition. The platform is built on the foundation of the Floift POS platform and features rule-based automation to promote efficiency. It also provides a borrower-friendly interface that boosts application pull-through. Floify says brokers can use Broker Edition in place of a traditional loan origination system or add it to their preferred list of products. “Floify Broker Edition is born out of a deep understanding of the unique challenges faced by mortgage brokers, which include juggling a burdensome administrative workload, regulatory compliance, and multiple technologies with minimal support,” said Floify President and General Manager Sofia Rossato.  “The platform is designed to make mortgage lending easier and more cost-effective while…

Rates Cool, Ending Weeks-Long Upward Streak

Borrowers struggling with rampant unaffordability are seeing some relief as mortgage rates cool, ending an upward swing. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.76%, down from 7.79%. A year ago at this time, the 30-year FRM averaged 6.95%. The 15-year fixed rate remained unchanged at 7.03%. A year ago, it averaged 6.29%. “The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under 8%,” said Sam Khater, Freddie Mac’s Chief Economist. “The Federal Reserve again decided not to raise interest rates but have not ruled out a hike before year-end. Coupled with geopolitical uncertainty, this ambiguity around monetary policy will likely have an impact on the overall economic landscape and may continue…

New Home Sales Spiked In September

New home sales sprang back to life in September, according to newly released data from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales rose by 12.3% from August to a seasonally adjusted annual rate of 759,000. This is well above the rate of 680,000 units predicted by economists. The median price for a new home was $418,800, while the average sales price was $503,900, both down. But the increase may not hold over as the end of the year approaches, bringing with it historically lower-volume months. “While the overall number of potential homebuyers is down, ‘patience’ seems to be the mantra for those still in the market, and lenders would do well to follow suit,…

Applications Down As Treasury Yields Push Rates Higher

Mortgage applications slipped again last week as treasury yields swelled to new highs. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 1%, a more moderate decline than the week prior’s 6.9% dip. Adjusted purchase applications slipped by 2%, while the unadjusted index fell by 2% from the week before and was 22% lower YOY. Another spike in rates drove the decline. The 30-year fixed mortgage rate rose to 7.90%, the highest level since 2000 and a 20 bps jump from last week. Rates have risen nearly 70 bps in the last seven weeks. “Ten-year Treasury yields climbed higher last week, as global investors remained concerned…

Mortgage Rates Overtake Home Prices As Main Buyer Concern

Consumer sentiment is stuck in the pits thanks to soaring mortgage rates. Fannie Mae’s Home Purchase Sentiment Index sank further in September, down by 2.4 points to 64.5. The full HPSI is up 3.7 points YOY, a decline from August. Five of the index’s six components fell month-over-month. The home price expectations component increased, resulting in a net negative outlook.  Only 16% of respondents say it’s a good time to buy a home, down from 18% last month, while 84% say it’s a bad time to buy. This is new survey high. The share of respondents who say it’s a good time to sell dropped as well, down to 63% from 66%. Driving this pessimistic streak are mortgage rates, which…

Purchase Activity Hits 28-YR Low

Mortgage applications slipped again last week as purchase activity fell to its lowest level since 1995. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – declined by 1.3%, down from the week prior’s 5.4% increase. Adjusted purchase applications sank by 2%, while the unadjusted index fell by 2% from the week before and was 27% lower YOY. Declines can be attributed to the average interest rate for a 30-year fixed loan increasing 12 bps to 7.53%, the highest rate since 2000. A recent boost in Treasury yields forced rates higher for the fourth straight week. The jumbo rate also set another record, jumping 17 bps from 7.34% to…

Pending Home Sales Improved In July

Pending home sales were up in July, marking a second month of increases, but there is still lots of room for improvement. NAR’s Pending Home Sales Index rose by 0.9% to a reading of 77.6 in July. An index of 100 is equal to the level of contract activity in 2001. “The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple homebuying offers,” said NAR Chief Economist Lawrence Yun. “Jobs are being added and, thereby, enlarging the pool of prospective home buyers. However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.” Only seven of the nation’s 200 largest…

Top Originators Wary About The Next 6 Months

High rates are making top originators nervous about the next six months. Scotsman Guide asked mortgage pros who qualified for their Top Originator rankings how they expect their businesses to fare in the next six months. Their answers were tepid, with an eye on uncertainty. The biggest change came from the percentage of originators who see their businesses staying exactly the same in the next six months, up from 29% in H1 2023 to 45% in H2. A small percentage of originators think their businesses are likely to perform worse in the next six months (9% in H2 vs. 6% in H1) but less than half expect originations to pick up (down to 45% from 64%.) Another point of note…

Mixed Inflation Data Pushes Rates Up

Mortgage applications slipped slightly last week as rates rose again. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 0.8%, a much softer decline than the week prior’s 3.1% drop. MBA attributes recent declines to rising rates. The average interest rate for 30-year fixed loans rose from 7.09% to 7.16%, pushing homeownership farther out of reach for many Americans. This is the third straight week of increases. Adjusted purchase applications fell by 0.2%, while the unadjusted index dipped 2% from the week before and was 26% lower YOY. Refinances continued to be hobbled by the high rate environment, down by 2% and 35% lower than the…

Applications Dip, Rates Hit 7.09%

Mortgage applications dipped last week as rates hit their highest level since November 2022. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 3.1%, adding to the week prior’s 3% decline. Adjusted purchase applications fell by 3%, while the unadjusted index dipped 3% from the week before and 27% lower YOY. The average interest rate for 30-year fixed loans rose from 6.93% to 7.09%, pushing homeownership farther out of reach for many Americans. Refinances slipped by 3% and remain 32% lower than the same time last year, making up 28.7% of total applications. In the past decade, refis averaged 58% of total activity. “Treasury yields rates…