Following Fed Chair Jerome Powell’s comments last week that a December rate cut is not a guarantee, economists said mortgage rates moving higher was an expected market response but also one that favors an improving climate for home affordability. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average…
Mortgage application activity was mixed this week with overall purchase applications declining from last week, but a slight uptick in FHA loan applications and refinance applications still up significantly over last year indicates borrowers continue to look for ways to make homeownership more affordable. The Mortgage Bankers Association (MBA) reports that the market composite index—the…
Knock—the real estate technology company which helps lenders and agents make it easier for homeowners to buy before they sell—today announced the launch of Knock Bridge Loan Plus. This new financing option now pays off the homeowner’s existing mortgage upfront, eliminating double payments. Knock stated that by paying off homeowners’ current mortgage and releasing the…
Mortgage rate watchers point out that so far this year rates have fallen 87 basis points from their mid-January peak, a welcome event for homebuyers that have been waiting on the sidelines and homeowners who have been considering refinancing. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average…
After four weeks of consecutive drops in activity, mortgage applications break the streak with gains for refinance and purchase applications. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage loan activity volume—increased 7.1% on a seasonally adjusted basis for the week ending Oct. 24. The index increased at nearly the…
Editor’s Note: The Mortgage Mix is RISMedia’s biweekly highlight reel of need-to-know mortgage-industry happenings. Watch for it every other Friday afternoon. – loanDepot has filed a lawsuit against West Capital Lending over trade secrets and contracts, as reported by National Mortgage Professional. loanDepot is alleging that West Capital orchestrated a large-scale employee raid and data…
With mortgage rates continuing to decline–to their lowest point in over a year this week–refinance activity enters its sixth week at a high pace. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) slid another eight basis points this week to 6.19% from last…
The dry spell for mortgage applications is showing signs of recovery as consecutive weeks of decreasing activity slows significantly. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage loan activity volume—decreased 0.3% on a seasonally adjusted basis for the week ending Oct. 17. For the week prior to this, the…
Continuing a pattern of small movements expected as the government shutdown continues, rate saw only a slight downward trend this week. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) slid three basis points to 6.27% from last week’s average of 6.30%. “Mortgage rates…
The government shutdown reaches its 15th day, leaving the housing market scarce as new pending sales pull back and buyer traffic slows down. With an unclear future for when the shutdown will end, mortgage applications decrease for the third consecutive week. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage…
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