Rate
Mortgage Mix: Fed Rate Cut Closes in; CFPB Fines New Day Financial
Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon. – A Federal Reserve interest rate cut is looking more and more imminent with this month’s Personal Consumption Expenditures (PCE) price index data. The PCE index increased 0.2% from the previous month, and core-inflation rose… […]
Fed Chair Powell Affirms Rate Cuts Are Coming This Year as U.S. Moves Closer to 2% Inflation Goal
Federal Reserve Chair Jerome Powell on Wednesday signaled that rate cuts are coming this year, sticking to the Fed’s cautious script about slashing rates too quickly before it has a sustained handle on inflation. “In our pursuit of our dual mandate, the Federal Reserve remains steadfast in promoting maximum employment and stable prices for the… […]
Finally, a Pause in Mortgage Rate Hikes
After several sharp spikes and nearly doubling over the last year, mortgage rates took a breather this week, decreasing from 5.81% the previous week to 5.7% this week, according to the latest Primary Mortgage Market Survey (PMMS) from Freddie Mac, released Thursday. Key findings: 30-year fixed-rate mortgage averaged 5.70% with an average 0.9 point as […]
Helping Clients Navigate Higher Rate Environments
Rising inflation and the Fed reeling back support have led to quickly rising rates. Here’s how you can help clients navigate this new environment. What’s happening in the market? There are three main factors affecting the current market: higher mortgage rates, low inventory and higher prices. Let’s explore these challenges. Higher mortgage rates According to […]
Guaranteed Rate Names Sanjay Gupta as Chief Marketing Officer and Chief Digital Officer
Guaranteed Rate has announced it has named veteran marketing executive Sanjay Gupta as its new chief marketing officer and chief digital officer. Gupta brings more than two decades of experience leading marketing efforts for some of the most recognized names in financial services, including Bank of America, Allstate and Ally Financial. He most recently served […]
Delinquencies Still Double Pre-Pandemic Rate
Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 15.7 percent in October compared to a 17.4 percent gain in September. The portfolio balance at the end of the period was $ 3.179 trillion compared to $ 3.137 trillion the prior month and $ 2.669 trillion a year […]
Fannie Mae: Mortgage Serious Delinquency Rate Decreased in September
Fannie Mae reported that the Single-Family Serious Delinquency decreased to 1.62% in September, from 1.79% in August. The serious delinquency rate is down from 3.20% in September 2020. These are mortgage loans that are “three monthly payments or more past due or in foreclosure”. The Fannie Mae serious delinquency rate peaked in February 2010 at […]
A Nearly Unbelievable Data Point: The Birth Rate
The baby bust has likely been fueled by both economic and health concerns of women during the pandemic. www.nar.realtor – Research
Huge Forbearance Decline; Rate Reckoning; Lenders’ Profit Outlook
With interest rates expected to rise and most homeowners who could benefit from refinancing having done so, mortgage bankers are not expecting the sometimes record profits of the last year or so to continue. Fannie Mae’s third quarter Mortgage Lender Sentiment Survey (MLSS) found just short of a majority of respondents expecting their profit margins […]