True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Mortgage

Freddie Mac: Mortgage rates hit highest point this year

Up year-over-year for second week in a row

Mortgage rates increased yet again to their highest rate this year, causing many homeowners to hold off on refinancing.

“With mortgage rates at the highest we’ve seen this year, borrowers are now backpedaling on refinance opportunities,” Freddie Mac Chief Economist Sean Becketti said. “The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16% week over week.”

Click to Enlarge

12-1-16

(Source: Freddie Mac)

The 30-year fixed-rate mortgage increased to 4.08% for the week ending Dec 1, 2016. This is up from last week’s 4.03% and up from last year's 3.93%.

Similarly, the 15-year FRM increased to 3.34% this week, up from 3.25% last week and from 3.16% last year.

The five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.15%, up from both last week’s 3.12% and last year’s 2.99%.

“The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP,” Becketti said. “The 30-year mortgage rate rose five basis points to 4.08%, rising a total of 51 basis points in three short weeks.”

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