Mortgage rates fell further last week but buyers are waiting to see how far they’ll go before jumping into the market. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.77%, down 12 bps from the week prior’s 6.89%. A year ago at this time, the 30-year FRM averaged 6.78%. This is…
Average mortgage rates surpassed 7% for the first time in 2024 last week. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.1%, jumping from the week prior’s 6.88%. A year ago at this time, the 30-year FRM averaged 6.39%. The daily rate shot up to 7.5% in the middle of this…
The number of renters who believe they’ll never afford a home has skyrocketed in the last year as rates rose and stock shortages lifted home prices out of their late-2023 spiral. A recent Redfin survey found that close to 38% of renters believe they are unlikely to become homeowners, up from 27% at the same…
Mortgage rates slipped for a fifth consecutive week, spurring a boost in purchase activity. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.22%, down from the week prior’s 7.29%. A year ago at this time, the 30-year FRM averaged 6.49%. The 15-year fixed rate fell to 6.56%% from 6.67%. A year…
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…
Rate lock volumes sank in July as mortgage rates exceeded 7% for the first time since November 2022. Black Knight’s Optimal Blue Mortgage Market Indices for July found that 30-year conforming rates cross 7% early in the month before bouncing down and up again, ultimately ending the month at 6.88%. In line with rising rates,…
Just days ago, Inlanta Mortgage seemed poised to go under due to declining homebuyer demand. The Wisconsin-based company operates in 27 states. Leaders there announced plans to close next year, starting the winding down process immediately. The company cited “the dramatic and unanticipated drop in mortgage product demand” for its demise. In a letter to…
This Halloween, mortgage brokers have more to fear than your typical ghosts and ghouls. Some economists say the market is rebalancing, while others say the housing slowdown is more severe than a correction. “Last year, sellers could seemingly list their home at any price and see multiple offers roll in above list price within days,”…
Mortgage Lenders lost money on every loan originated for the first time since 2018 in Q2, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. Independent mortgage banks and mortgage subsidiaries of chartered banks lost an average of $82 on each loan they originated in the second quarter of 2022, down from…
Fintech company nCino, Inc. is expanding its mortgage market reach by acquiring SimpleNexus for $1.2 billion in stocks and cash. SimpleNexus, a digital mortgage platform, was involved in more than one in seven mortgage originations in the US during the first nine months of 2021. It provides services for more than 300 mortgage companies and…
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