Prospective homebuyers may be benefiting from the luck of the Irish this week as mortgage rates fall.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.60%, down from 6.73% the week prior.
A year ago at this time, the 30-year FRM averaged 4.16%.
The 15-year fixed-rate mortgage dipped from 5.95% to 5.90%. A year ago, it averaged 3.39%.
“Mortgage rates are down following an increase of more than half a percent over five consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping…
Mortgage rates moved closer to 7% after bleak news from Federal Reserve Chair Jerome Powell this week.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.73%, up from 6.65% the week prior.
A year ago at this time, the 30-year FRM averaged 3.85%.
The 15-year fixed-rate mortgage rose from 5.89% to 5.95%. A year ago, it averaged 3.09%.
“Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” said Sam Khater, Freddie Mac’s Chief Economist.
“Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result,…
By SCOTT KIMBLER
It’s a mixed bag when it comes to predictions for the mortgage market as the economy continues to balance out after the pandemic.
ATTOM recently held a conference where research performed by their company, Altos Research, and others were compiled to provide a more complete picture of what the remainder of 2023 may look like in terms of new home construction, home sales, and mortgage rates. Inflation, the job market, supply and demand, as well as the steady rising of rates by the Federal Reserve, along with other factors, were taken into account.
Unlike some predictions of 2023 that paint a picture of a distraught housing market, this research shows the year as having mortgage challenges, but…
The number of million-dollar U.S. homes has dropped dramatically from a record high last year.
They now account for 7% of all U.S. houses, down from 8.6% in June 2022, according to an analysis by Dana Anderson at Redfin.
This could signal a reversal in the housing market, at least on the luxury side. Prices soared so high and so fast that Fannie Mae and Freddie Mac raised their lending limits to $1 million in some metros back in 2021. The 18% hike was the highest single jump since at least 1970, outpacing the 15.9% increase seen in 2006.
The exception to the current trend is Florida, which now has more homes worth $1 million than it did last year…
Mortgage purchase demand fell for a second week as rates hit their highest point since last November.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – dropped by 13.3%.
The average interest rate for 30-year fixed loans rose 23 basis points to 6.62%.
Purchase demand dipped to its lowest level since 1995 as a result. Adjusted purchase applications decreased by 18%, while the unadjusted index was down 4% from the week before and was 41% lower YOY.
“This time of the year is typically when purchase activity ramps up, but over the past two weeks, rates have increased significantly as financial markets digest data on inflation cooling at…
By KIMBERLEY HAAS
Officials at the Consumer Financial Protection Bureau are warning shoppers about pay-to-play mortgage comparison shopping platforms.
CFPB Director Rohit Chopra said in a statement on Tuesday that given current mortgage interest rates, it is important for homebuyers to shop and compare loan offers.
“We are working to ensure that online platforms are not manipulating their search results in order to coerce kickbacks from lenders,” Chopra said.
Rates for a 30-year fixed-rate mortgage hovered just above 6% last week.
In a press release, CFPB officials said that American consumers looking for the best deal on mortgages often turn to comparison-shopping platforms and mobile apps.
“Many of the websites and applications claim to offer ranked lists of providers suitable…
Carrington Mortgage Services, a private non-bank lender, is adding assumable mortgages to its list of services.
Assumable mortgages allow buyers to assume responsibility for a seller’s loan terms. This includes the current balance, interest rate, remaining term, and any other terms of the mortgage.
“Carrington is committed to ensuring borrowers have every possible opportunity to obtain a loan on the home they want,” said Greg Austin, EVP, Mortgage Lending for CMS.
“Assumable mortgages are another loan option that Carrington is educating home sellers and buyers about in this very complex real estate market.”
Buyers who have the opportunity to assume a mortgage with a low interest rate could see significant savings over the life of the loan.
Carrington is alerting…
Selma Hepp has been named chief economist at CoreLogic, the company announced in a press release.
“I am honored and thrilled to lead our team as we continue to generate industry-leading, data-driven insights and thought-provoking perspectives on all things housing. Given the challenges of today’s housing market, CoreLogic’s depth, wealth, and consistency of data position us to provide clear and actionable views of the property ecosystem, and bring value to our clients and broader markets,” Hepp said in a statement.
Hepp was named interim chief economist in July 2022 and has now cemented the title. In her role, Hepp oversees the economics team that analyzes and forecasts housing and economic trends in real estate, mortgage, and insurance.
Before her interim…
Pennymac has appointed fintech exec Jerry Halbrook as its Chief Mortgage Innovation Officer, the company announced in a press release. Halbrook brings four decades of experience to the company. He will be responsible for developing and launching new tech solutions and preparing for future innovations. “Pennymac welcomes Jerry and his extensive expertise as we continue to make significant strides towards building the future of technology in the mortgage banking industry,” said Doug Jones, President and Chief Mortgage Banking Officer at Pennymac. “Jerry is a proven leader who will accelerate Pennymac’s growth in sectors where our industry is moving – especially in today’s competitive and volatile market.” His previous experience includes roles in the top 10 mortgage lenders, plus boutique firms…
Denise Miller has been promoted to Vice President, Controller, at Monroe Community Credit Union. The company announced in a press release that Miller will oversee the financial and regulatory functions of the credit union while managing the accounting, payment strategies, and payment solutions departments. Her experience includes more than two decades in the financial institution industry, including as an auditor. She has a Bachelor of Science in Business Administration with a double major in Accounting and Finance from Central Michigan University, and her MBA from Walsh College. “Since joining the credit union in April of 2020, Denise’s responsibilities have steadily increased in the financial operations of the credit union,” said Kristine Brenner, President/CEO of MCCU. “As a former auditor, her…