Mortgage rates have had a great couple of weeks after jumping to multi-month highs at the beginning of January. By yesterday, they’d made it almost all the way back to their best recent levels. The same was true this morning, but things have changed since then. The bond market (which dictates rates) had its worst […]
Mortgage rates hit another all-time low on Friday for most lenders. Other lenders had slightly lower rates yesterday morning. Since then however, almost every lender has moved up from those lows, even if only by microscopically small amounts in the bigger picture. Purchases and refinances continue to be offered at vastly different rates. The gap […]
Next Week Could be Crazy (Obviously); Fannie/Freddie Report Higher Profits; Forbearances Increasing or Just Reinstating?
Both GSEs reported financial results for the third quarter of 2020 that were significantly higher than both their Q2 2020 and their 2019 numbers . Fannie Mae’s net and its comprehensive incomes were $ 4.2 billion and Freddie Mac’s net and comprehensive incomes came in at $ 2.5 billion and $ 2.4 billion, respectively. Fannie […]
It began last week. It was subtle–so subtle as to pass largely unnoticed. But the gentle drift toward slightly higher rates has taken bigger steps so far this week. As of this afternoon, the average lender is quoting the highest rates since late September! That’s quite a realization when juxtaposed with last week’s (misleading) headlines […]
Posted To: Pipeline Press Tom Petty sang, “There’s somethin’ good comin,’ just over the hill, somethin’ good comin’, I know it will. And I’m in for the long run, wherever it goes, ridin’ the river, wherever it goes .” Lenders always walk a knife-edge between wanting good economic times for their customers, and having them […]
There was another decline in forbearance starts this past week and the number of loans in active plans also fell for the third straight week. Black Knight’s weekly report on COVID-19 related forbearances reported a total of 4.12 million loans that have been granted forbearance, allowing borrowers to omit or reduce mortgage payments due to […]