Eight Best Marketing Practices to Fund New Loans Faster

Join our expert panelists to learn which best marketing practices will help you get to your customer quickly with your best offer – and win their business for another loan term.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Behind the executive exodus at Fannie Mae

What's behind the wave of executive departures at Fannie Mae? It's not just money, according to former employees of the GSE.

2021 Agent Rankings now live

Today RealTrends + Tom Ferry announce the 16th annual The Thousand of America's top 1,000 real estate sales and professionals and teams.

Mortgage

Freddie Mac: Mortgage rates retreat back down

Temperature and economy heat back up

Mortgage rates retreated back down following the release of real GDP estimates for the first quarter.

This comes on the heels of mortgage rates increasing last week after two weeks of decline before that.

According to the latest Freddie Mac Primary Mortgage Market Survey, the average 30-year, fixed-rate mortgage averaged 4.29% for the week ending May 1, falling from 4.33% a week ago, but almost a full percent higher than 3.35% a year earlier.

The 15-year FRM dropped to 3.38%, compared to 3.39% last week and 2.56% in 2013.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.05%, up from 3.03% a week ago and significantly up from 2.56% last year.

The 1-year Treasury-indexed ticked up to 2.45% this week, slightly up from 2.44% for the same period in 2013.

“Mortgage rates were down slightly following the release of real GDP estimates for the first quarter of the year which rose 0.1% and fell well short of market expectations,” said Frank Nothaft, vice president and chief economist for Freddie Mac.

“Meanwhile, the pending home sales index rose in March ending eight consecutive months of decline and the S&P/Case-Shiller 20-city composite house price index rose 12.9% over the 12-months ending in February 2014,” Nothaft added.

Similarly, Bankrate posted rates modestly falling, with the 30-year, FRM dropping to 4.48% from 4.44% last week.

The 15-year, FRM decreased to 3.51% from 3.54%, while the 5/1 ARM increased to 3.54% from 3.35%.

“Despite the abysmal economic performance in the first quarter of the year brought on by the brutal winter weather, both the temperatures and the broader economy are starting to warm up,” Bankrate said.

“The Federal Open Market Committee gave a nod to a pickup in economic activity and household spending, and maintained the tapering of bond purchases by scaling back an additional $10 billion in monthly purchases. With the Fed avoiding any market-unsettling surprises, the focus now turns to the monthly jobs report. The employment report is the next likely catalyst for movement in bond yields and mortgage rates,” it continued.  

Most Popular Articles

Fannie Mae gives go-ahead for digital verification

Fannie Mae has given mortgage servicers the green light to use third-party digital vendors to verify income and asset information. Mortgage tech firms are thrilled.

Jun 10, 2021 By

Latest Articles

How Rocket Pro TPO continues to give its broker partners the upper hand

To remain competitive and create a better experience in this purchase environment, brokers need one thing above all: Speed. And there’s one lending partner that has the solutions and resources to give LOs just that.

Jun 11, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please