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

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

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Don’t sleep on non-QM products

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Mortgage

Freddie Mac: Mortgage rates nearly hit a 2-year low

The 30-year fixed-rate mortgage averaged 3.82% this week

Mortgage rates continued to slide this week, signaling to homeowners that now might be a good time to refinance, according to the latest Freddie Mac Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage averaged 3.82% for the week ending June 6, 2019, down from last week’s rate of 3.99%. A year ago, the rate was 4.54%.

“While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide dispersion among mortgage rate offers,” Freddie Mac Chief Economist Sam Khater said. “By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”

The 15-year FRM averaged 3.28% this week, moderately falling from last week’s 3.46%. This time last year, the 15-year FRM came in at 4.01%.

Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.52%, decreasing from last week’s rate of 3.60%. Once again, this rate is much lower than the same time period in 2018 when it averaged 3.78%.

“These low rates are also good news for current homeowners,” Khater said. “With rates dipping below 4%, there are over $2 trillion of outstanding conforming conventional mortgages eligible to be refinanced – meaning the majority of what was originated in 2018 is now eligible.”

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