What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

Freddie Mac: Mortgage rates plumment further below 4%

Following weak jobs report

Fixed-mortgage rates drastically decreased following a more than disappointing September jobs report, the most recent Freddie Mac Primary Mortgage Market Survey said.

Once gain, rates are below 4% for the 11th consecutive week, including the 15-year fixed, which fell below 3% once again for the first time since April of this year.

The 30-year fixed-rate mortgage averaged 3.76% for the week ending Oct. 8, 2015, down from last week when it averaged 3.85%. Last year, the 30-year FRM averaged 4.19%. 

Additionally, 15-year FRM averaged 2.99%, down from last week when it averaged 3.07%. In 2014, the 15-year FRM averaged 3.36%. 

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88% this week, falling from 2.91 percent last week. A year ago, the 5-year ARM averaged 3.06%.

The 1-year Treasury-indexed ARM averaged 2.55% this week, increasing from 2.53% last week. At this time last year, the 1-year ARM averaged 2.42%.

Click to enlarge

housing

(Source: Freddie Mac)

“Calling the September jobs report disappointing is an understatement. The sputtering U.S. economy added only 142,000 jobs. To make matters worse, there were downward revisions to the prior two months. Hourly wages were flat, and the labor force participation rate fell to 62.4%, the lowest rate since 1977,” said Sean Becketti, chief economist with Freddie Mac.

“In response, Treasury yields dipped below 2% triggering a 9 basis point tumble in the 30-year mortgage rate to 3.76%.”

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