Mortgage applications slipped again last week as rates neared 7%, with purchase apps falling to their lowest level since the beginning of June.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 3%, adding to last week’s 1.18% decline.
Adjusted purchase applications fell by 3%, while the unadjusted index dipped 3% from the week before and 26% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.87% to 6.93%, pushing homeownership farther out of reach for many Americans.
“The decline in purchase activity was driven mainly by weaker conventional purchase application volume, as limited housing inventory and rates still close to 7% are…
Clever Real Estate announced a suite of integrated products for lenders to protect their purchase pipeline, increase conversations, and close more loans.
Clever Pro is an all-in-one solution for mortgage lenders composed of five products. Each one helps lenders to drive higher profits and maximize performance, according to company leaders.
Tony Cahal, SVP of Clever Pro, said their team has built something groundbreaking.
“Clever Pro solves so many longstanding problems for lenders that hinder profitability and growth. We’re giving them trusted partners in every market nationwide, plus technology to manage the entire buyer journey, all within a single unified ecosystem,” Cahal said in a statement.
Pro Convert is geared towards boosting conversion rates by matching borrowers with Realtors who then…
Mortgage applications increased again last week as rates cooled, though constrained inventory kept purchase activity down.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 1.1%, improving slightly after the week prior’s 0.9% bump.
Adjusted purchase applications fell by 1%, but the unadjusted index was up 24% from the week before and 21% lower YOY.
Application activity benefited from a slight reprieve in rates. The average interest rate for 30-year fixed loans finally retreated, falling from 7.07% to 6.87%.
Refinances saw a boost as rates cooled a bit, up 7% from the week prior. They remain 32% lower than the same time last year, comprising only…
Software company Hawthorn River is teaming up with fintech BeSmartee to integrate its financial spreading product, FlashSpread.
FlashSpread uses Optical Character Recognition, AI, and proprietary algorithms to transform raw data into a Debt Service Coverage Ratio with the press of a button. This allows lenders to make credit decisions quickly and with confidence.
“Hawthorn River is about creating meaningful efficiencies for community banks,” said Jon Rigsby, CEO of Hawthorn River. “Our partnership with BeSmartee and the integration of the FlashSpread product ensures these institutions can focus on their core mission – serving the banking community – by automating and simplifying the financial spreading process.”
Lenders can upload scanned tax returns, get instantaneous spreading of financial data with potential errors or…
Anyone.com, an international finance company, is looking for U.S. lenders to join it in offering a 50/50 homeownership model designed to combat the affordability crisis.
Anyone, an Amsterdam-based finance company that hasn’t officially launched yet, is teasing the program as part of its goal to promote “housing for reasonable pricing and, above all, homeownership” despite the affordability crisis.
The Anyone Mortgage lets potential buyers purchase a home with Anyone, giving Anyone up to 49% holding in the home’s equity and the buyer at least 51%. This is necessary to reduce the debt burden on the homeowner and gives both lender and buyer a shared interest. Rather than make money on interest, Anyone profits when the house’s price appreciates.
“The current…
More than half of all mortgage professionals are living paycheck to paycheck, contending with rising inflation and a cooling market.
Everee, a payroll tech company, surveyed 314 commission-based mortgage professionals. Of the respondents, 31% said they plan to leave the industry in the next year. An additional 15% aren’t sure if they’ll stay in the industry moving forward.
The main issues for these respondents were pay and flexibility. These pros said they might consider staying in their jobs if they were given more flexible working options and competitive pay.
Many states have changed regulations surrounding lenders and work-from-home in the wake of the pandemic. Safety and privacy concerns have been hashed out through trial and error, and LOs at large…
Real estate fintech DwellWell has launched a conversational AI designed for homebuyers, according to a press release.
Leaders at the company announced Dwelly, a one-stop resource “for every homebuyer question and need throughout the process.”
Dwelly is meant to replace the “antiquated” high-touch experience for both homebuyers and industry pros. A homebuyer’s questions can be fielded through Dwelly at any hour of the day, saving real estate agents and mortgage lenders time.
It also routes buyers to real people when the need arises, including matching a buyer to real estate agents in their area when they’re ready for the next steps. Millennials, the largest cohort of homebuyers, prefer communicating via chat to get quick answers over making a call. Dwelly…
Millions of Americans who bought new homes during the pandemic have enjoyed them and the benefits of historically low interest rates. But for those who missed out, the homebuying process has become a drag.
A new survey from Clever Real Estate found more than half of Americans who recently bought a home feel that they overpaid for their home and have struggled financially since.
One thousand Americans who purchased a home in 2022 or 2023 were surveyed on April 12 and 13, 2023. Respondents answered up to 21 questions regarding their recent home purchase, previous home sales, and views on buying and selling homes.
Almost half of respondents exceeded their budget and 58% believe they overpaid. Considering that, it’s no…
Blend Labs announced a new soft credit pull for the mortgage prequalification process.
Blend says the move is a response to an increase in the cost for lenders requesting hard tri-merge credit reports. FICO and the national credit bureaus have raised prices for credit reports, saying the “vast majority” of mortgage lenders would see price increases anywhere from 10% to 400%.
With its soft credit functionality, customers save up to 71% compared to all hard inquiries, according to initial data from Blend users.
Soft credit pulls do not negatively affect credit scores. Consumers’ data will be safe from sale to data brokers or other mortgage companies as “trigger leads.”
“With our new soft credit feature, we’re excited to provide a…
Gen Z is proving that young Americans want to be homeowners and are willing to prioritize it.
According to new Redfin data, Gen Z is ahead of Millennials when it comes to homeownership, with 37% of Gen Z respondents already owning a home or planning to purchase one within the next five years.
Only 32% of Millennials said they have taken that step or plan to within the same time frame.
“The rising tide lifted Gen Z homebuyers in 2020 and 2021; they were part of the pandemic-driven homebuying frenzy,” said Redfin Chief Economist Daryl Fairweather.
Gen Z is more likely to prioritize homeownership as a financial goal, with 60% of Gen Z respondents citing it as a top priority…
