Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How Freddie Mac is addressing affordable housing challenges

Freddie Mac is focused on addressing limited access to credit, housing inequalities, creation and preservation of affordable housing supply and advancement of homeownership education.

How to increase minority homeownership?

Today’s HousingWire Daily features a roundtable discussion from HousingWire’s Lunch & Learn series that looks at “Unpacking the lender’s vital role in increasing minority homeownership.”

Mortgage

Freddie Mac: Mortgage rates fall to year’s lows

Rates continue downward trend

The 30-year, fixed rate mortgage dropped to new yearly lows,  averaging 4.10% for the week ended Aug. 21,  according to Freddie Mac’s latest Primary Mortgage Market Survey.

This is down from the year's previous record low of 4.12% last week and significantly down from 4.58% last year.

In addition, the 15-year, FRM fell to 3.23% from 3.24% a week prior. A year ago, the 15-year, FRM averaged 3.60%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage came in at 2.95%, slightly down from 2.97% a week ago and 3.21% in 2013.

The 1-year Treasury-indexed ARM increased from 2.36% a week ago to 2.38%. Last year this time, the 1-year ARM came in at 2.67%.

“Mortgage rates were down slightly this week, following the decline in 10-year Treasury yields.  Meanwhile, housing starts in July jumped 15.7% to 1.093 million units after falling 4% a month earlier. Also, July’s consumer prices increased at a 0.1% seasonally adjusted pace, the slowest in five months,” Frank Nothaft, vice president and chief economist with Freddie Mac, said.

Meanwhile, Bankrate also reported mortgages ratings falling for a second consecutive week, hitting a 14-month low.

The 30-yr, FRM decreased to 4.24%, down from 4.27% last week, while the 15-yr, FRM dropped to 3.37%, down from 3.39% the prior week.

Furthermore, the 5/1 ARM declined to 3.28%, compared to 3.324% a week ago.

“Muted inflation readings and ongoing tensions in hotspots around the globe helped fuel demand for bonds, pushing mortgage rates lower. Mortgage rates are closely related to yields on long-term government bonds. Any time there is reason for nervousness among investors, their movement into the perceived safe haven of bonds is good news for mortgage rates,” Bankrate said. 

Most Popular Articles

FHFA to make desktop appraisals permanent

Desktop appraisals, a temporary flexibility implemented in March 2020 amid lockdowns and social distancing, will become permanent, the FHFA said today.

Oct 18, 2021 By

Latest Articles

Rocket Pro TPO redesigns pricing calculator for brokers

Rocket Pro TPO aims to help its broker partners grow their businesses. The new Pricing Calculator provides brokers with fast, reliable and accessible information that can help differentiate them from competitors. In the midst of this serious housing shortage, brokers need tools to help them provide top-notch service to homebuyers. 

Oct 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please