US mortgage rates climbed last week to a three-month high, prompting a slide in applications for home purchases and refinancing. The contract rate on a 30-year mortgage rose 6 basis points to 6.92% in the week ended May 16, according to Mortgage Bankers Association data released Wednesday. The rate on five-year adjustable mortgages also increased […]
Mortgage rates rise to three-month high, slowing home demand Read More »
Fannie Mae now forecasts mortgage rates to slip back under 6% by the second quarter of 2026 as it elevated its gross domestic product outlook and modified its home sales projections. The origination forecast, while increased over both its March and April projections, other than for rates, remains more conservative than the Mortgage Bankers Association’s
Mortgage rates will go below 6% next year, Fannie says Read More »
The Mortgage Bankers Association’s latest forecast for 2025 expects volume to be slightly lower than previously thought, with a 14% increase in the number of units produced. Mike Fratantoni, the group’s chief economist speaking at its Secondary & Capital Markets Conference in New York on Monday, recounted discussions he had in recent days with people
Lenders feel better, not exuberant, about housing market Read More »
Mortgage brokers are tired of the dialogue around elevated interest rates. “It is what it is,” some say, emphasizing that other factors – such as changes in policy at the Federal Housing Administration — are having a more notable impact on their business and the consumers they serve. At UWM’s Live! event last week, more
Mortgage brokers say FHA changes, inventory are key hurdles Read More »
Rocket Mortgage is buying Mr. Cooper in what could be a transformative deal for the industry, so we looked at what it might mean for mortgage production based on select Home Mortgage Disclosure Act datasets. An analysis of available 2024 HMDA data through iEmergent shows that while Mr. Cooper’s servicing strength could eventually help Rocket
Rocket, Mr. Cooper merger: HMDA data reveals market impact Read More »
The mortgage industry’s comeback after years of economic challenges sputtered, as diminished loan volume and increased production costs made lending unprofitable at nonbanks in the first quarter. Still, the industry managed to narrow losses compared to three months earlier but production ended up in the red again for a second straight quarter, according to the
Mortgage profits near break-even, but costs still climb Read More »
Freddie Mac wants lenders to pass on the cost savings to consumers from its latest enhancements to its Loan Product Advisor automated underwriting system. The company greenlighted what was described as an on-hold innovation to the system. The upgrades include the launch of a new feature, Freddie Mac Income Calculator. It is designed to help
Pulte wants Freddie AU savings passed on to consumers Read More »
Sean Grzebin stepped into the role of CEO of Chase Home Lending in November, armed with the advantage of having worked across functions at the bank since 2011. With a career that has taken him from PHH Mortgage in 1997, to Countrywide, to Goldman Sachs and then Chase, Grzebin has seen his share of market
Chase Home Lending CEO on AI, growth, and market volatility Read More »
New-home purchase activity is showing renewed strength this spring, with loan applications hitting their highest mark on record, according to the Mortgage Bankers Association. Mortgage applications for newly constructed single-family homes in April accelerated 5.3% from a year ago, the industry trade group said. On a month-over-month basis, loan volume increased a nonseasonally adjusted 2%
Mortgage applications for new homes soar to record high Read More »
Dark Matter executives confirmed the company has undergone a reduction in force, as the company sets its next phase in motion. As a standalone company, Dark Matter has only existed for about 20 months. On Sept. 15, 2023, what had been the Black Knight origination technology business, primarily its Empower loan origination system, was sold
Dark Matter confirms layoffs as it right-sizes Read More »