Mortgage applications increased before and after the Thanksgiving holiday as rates tempered and inventory improved. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 2.8% last week, adding to the week prior’s 6.3% bump. This marks a fourth consecutive week…
By KIMBERLEY HAAS Rocket Mortgage has launched new 15- and 30-year home equity loan options and the executive vice president at Rocket Pro TPO says brokers can use them to help clients who need cash. The new terms complement Rocket’s existing 10- and 20-year options and Mike Fawaz said in an interview with The Mortgage…
Mortgage rates resumed their upward march last week after briefly stalling. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.84%, up from the week prior’s 6.78%. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.29%. Fifteen-year rates ticked up to 6.02% from 5.99%. A year ago at this…
Existing home sales found their footing in October, rising in all four regions as rates moderated and inventory improved. Sales increased 3.4% to a seasonally adjusted annual rate of 3.96 million, according to the National Association of Realtors. They were up 2.9% YOY. “The worst of the downturn in home sales could be over, with…
Mortgage applications rose for a second week despite rates trending back towards 7% as inventory increases. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 1.7%, adding to the week prior’s 0.5% increase. This is the second increase after six…
By CHUCK GREEN and KIMBERLEY HAAS Mirror, mirror on the high-ceilinged, lavishly patterned wall, with Donald Trump’s recent reelection, what direction will the U.S. real estate market take? When it comes to the fate of the market, the personal history of top nominees might offer a hint, explained Kateryna Odarchenko, managing director of SIC Group…
Mortgage rates stalled in the days following Donald Trump’s re-election and another rate cut from the FOMC. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.78%, essentially unchanged from the week prior’s 6.79%. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.44%. Fifteen-year rates followed the same pattern,…
Rate Insurance unveiled new AI-driven features within its sales and service platform, powered by Rate Intelligence. These additions to the platform enhance customer experience and help agents maximize their efficiency. It’s another step towards a comprehensive AI strategy across all Rate brands, the company says. “Our goal at Rate Insurance is to continue to invest…
Mortgage applications turned around last week as some buyers decided to make moves in the wake of the election. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — ticked up by 0.5%, reversing from the week prior’s 10.8% decline. This is the…
Better.com has introduced a new loan product to boost affordability for veterans and active service members. The VA Interest Rate Reduction Refinance Loan (VA IRRRL) is a streamlined refinancing solution for eligible veterans, active-duty service members, and surviving spouses. “At Better.com, we are committed to honoring veterans for their service. The addition of VA IRRRL…
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