Mortgage rates went down last week but remain in the high 6%’s. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.81%, down slightly from the week prior’s 6.83%. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.17%. Fifteen-year rates declined more significantly, clocking in at 5.94%, down from…
Last week, Mark Paoletta, Chief Legal Officer of the Consumer Financial Protection Bureau, issued a memo to staff detailing a seismic shift in the agency’s priorities for 2025. The CFPB will now focus exclusively on “pressing threats to consumers,” particularly “identifiable victims with material and measurable consumer damages,” and emphasizes actions against large banks and…
Mortgage demand sank as ongoing economic uncertainties pushed rates to a multi-month high. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 12.7%, adding to the week prior’s 8.5% slump. Adjusted purchase applications were down 7% while the unadjusted index…
Home sellers are trying to seal the deal with buyers through concessions rather than lower sale prices. Just under half (44.4%) of home sales in Q1 2025 included concessions given to buyers by sellers, according to a new analysis from Redfin. That’s an increase from 39.3% at the same time a year earlier, but still…
Mortgage rates jumped by 20 bps last week but remained under 7%. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.83%, up significantly from the week prior’s 6.62%. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.1%. Fifteen-year rates also soared, clocking in at 6.03%, up from 5.82%….
First American Data & Analytics launched a title evaluation product designed to streamline the loan origination process. VeriTitle is a “first-of-its-kind solution” for title intelligence, accelerating mortgage and home equity loan originations, according to a press release. “VeriTitle delivers a preliminary title evaluation that helps lenders differentiate loans – identifying those ready for an accelerated…
Residential construction dipped in March as homebuilders digested the immediate impacts of new tariffs. Housing starts slipped 11.4% from February to a 1.49 million annual pace, though they were up 1.9% YOY, according to new data from the U.S. Census Bureau. The monthly drop was larger than expected by economists surveyed by Bloomberg. Starts represent…
California-based Equity Smart Homes Loans is ditching United Wholesale Mortgage for Rocket Pro. Rocket wins a major brokerage in the move. Equity Smart employs 435 loan officers who originated more than 1,600 loans in 2024, National Mortgage Professional reported. CEO Pablo Martinez told writer Katie Jensen at NMP that it was a difficult decision to…
Mortgage demand shrank last week, reversing an upswing caused by economic confusion in the wake of President Trump’s tariffs. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 8.5%, cooling from the week prior’s 20% jump. Buyer demand exploded as…
Mortgage rates went down last week, though their future remains uncertain. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.62%, down slightly from the week prior’s 6.64%. A year ago at this time, the 30-year fixed-rate mortgage averaged 6.88%. Fifteen-year rates remained unchanged at 5.82%. Last year, they were at 6.16%. “The…
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