Mortgage rates dipped to their lowest level since early this year as analysts firm up their opinions on a September rate cut from the Central Bank. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.73%, down from the week prior’s 6.78%. A year ago at this time, the 30-year FRM averaged…
The recent surge in home prices pushed U.S. homeowners’ tappable equity to a record $11 trillion. Prices were on a run in March, according to the ICE Home Price Index, up 1.2% and more than 25% above the 25-year average increase. This is the third straight month of above-average gains as stock shortages keep competition…
Mortgage applications slipped again last week as purchase activity fell to its lowest level since 1995. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – declined by 1.3%, down from the week prior’s 5.4% increase. Adjusted purchase applications sank by 2%, while the…
Another Motto Mortgage franchise has opened, this one in Houston, TX. Motto Mortgage Luxe Group is a Black-owned, full-service mortgage brokerage headed by Angela Martin and Toi Parnell. Martin and Parnell bring a combined forty years of mortgage industry experience to the branch. Parnell most recently worked as a branch manager and senior loan officer…
Existing-home sales dipped in March after rising the month prior as the housing market remains rate sensitive. Sales declined by 2.4% to a seasonally adjusted annual rate of 4.44 million from 4.48 million the month prior, according to the latest data from the National Association of Realtors. Year-over-year, sales are down 22%. All four major…
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,”…
April’s existing-home sales slipped for the third consecutive month, falling 2.4% from March to a seasonally adjusted rate of 5.61 million, the National Association of Realtors (NAR) reported. Sales were down 5.9% year-over-year, with each of the four major regions seeing declines. The median price for existing homes of all types was $391,200, up 14.8%…
Salisbury Bank and Trust Company has promoted Andrea MacArthur to Vice President, Mortgage Advisor, the company announced. MacArthur has worked at Salisbury since 2002, beginning in the mortgage department with no prior experience. She is a graduate of the Connecticut School of Finance and Management. Her intelligence and willingness to learn allowed her to move…
Commercial and multifamily delinquencies fell in Q1 2022, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report. MBA looked at commercial/multifamily delinquency rates for five of the largest investor groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, and Fannie Mae and Freddie Mac. These groups hold more than 80% of…
Americans reported their highest level of financial well-being since 2013 in the Federal Reserve Board’s Economic Well-Being of U.S. Households in 2021 report. The data comes from the Board’s 9th annual Survey of Household Economics and Decisionmaking (SHED), which was conducted in October and November 2021. “The SHED results provide valuable insight into Americans’ financial conditions during…
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