An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Did you miss out on HousingWire Annual? We have you covered! Join us virtually on October 25 for a chance to see hand picked sessions from our in-person HousingWire Annual in Frisco. Register now for FREE!

How brokers can help today’s unique borrower

The average borrower has drastically changed throughout the years. More borrowers are self-employed, work remotely and have multiple streams of income. Learn about the tools to assist any borrower quickly and effectively.

Experts on how AI makes a difference in the mortgage process

Today’s HousingWire Daily features a roundtable discussion on “Humans versus really smart machines” and what the right mix looks like to gain efficiencies in the mortgage loan manufacturing process.

MortgageReal Estate

Report: Home sales hold ground despite TRID

Here’s why housing will stay a seller’s market

Mortgage rates are close to record lows, and April home mortgage applications were at their highest since 2010, however lack of inventory continues to give sellers the upper hand, according to Capital Economics report, titled US Housing Market Monthly.

Annual growth rate for home sales rose to 5.4% in March, despite volatility caused by the Consumer Financial Protection Bureau's know before you owe regulations, aka TRID, according to the report. 

After the slight growth of 1.4% in GDP in the fourth quarter of 2015, strong opposition such as falling oil prices and the strengthening of the dollar caused GDP growth to slow down in 2016’s first quarter, according to the report. This year started off even slower with a 0.5% GDP growth.

Although the labor market likely slowed in April, it still continues to rise. April’s gain of 160,000 dropped from the February and March gains of more than 200,000.

The current mortgage rate of 3.87% for a 30-year fixed rate puts mortgage rates close to record lows. Because of this, affordability continues to increase even while home prices rise.

That being said, mortgage credit remains tight, and prevents many from being able to qualify, according to the report.

"The improving economy will persuade banks to accept more applications, although the much tougher regulatory environment rules out any return to the ultra-loose conditions seen in the mid-2000s," the report stated.

In fact, the current weakness in the market reflects a lack of inventory rather than problems with lending.

Realtors also report stronger buyer than seller traffic every year since the beginning of 2012, the report added. 

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