Best automation opportunities for loan processing

Join our expert panelists to learn how lenders can achieve their goals using the integration of intelligent document automation and RPA technology.

4 Strategies to Strengthen Customer Relationships

Discover the right strategies to execute fast-acting campaigns, track results and improve your bottom line – all while strengthening customer relationships.

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

Average mortgage rate is 3 basis points from all-time low

Freddie Mac's average rate is second-lowest on record, but credit standards are tighter

The average U.S. rate for a 30-year fixed mortgage ticked up to 3.26% this week, the second-lowest ever recorded by Freddie Mac and three basis points away from the all-time low set last week.

“Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” said Sam Khater, Freddie Mac’s chief economist.

Khater predicts refinancing will reach a seven-year high of $1.26 trillion this year as homeowners who still have jobs scramble to lock in the low rates and reduce their monthly payments.

That would put 2020 refi volume about 15% higher than the $1.1 trillion of refis in 2019 and more than double the $537 billion of volume in 2018.

Mortgage rates have inched a few basis points higher this week as mortgage investors weigh the danger of skyrocketing unemployment.

Most economists expect Friday’s unemployment report to show the rate more than tripled in April to about 16%, an all-time high, according to the average estimate in a poll by Trading Economics.

Lenders have tightened standards because of the instability in the economy caused by the COVID-19 pandemic. An index measuring the availability of credit tumbled 12% in April to its lowest level in five years, the Mortgage Bankers Association said in a Thursday report.

“The abrupt weakening of the economy and job market – and the uncertainty in the outlook – drove credit availability down in April for the second consecutive month,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Freddie Mac’s report also reported changes in the average rate for two other types of home loans on Thursday. The average 15-year fixed rate averaged 2.73%, down from 2.77% last week.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.17%, up from last week’s rate of 3.14%.

Leave a comment

Most Popular Articles

Chopra warns of post-COVID housing market fallout

Rohit Chopra warned of housing market fallout and said he would focus on helping struggling homeowners at his Senate Confirmation hearing.

Mar 03, 2021 By

Latest Articles

CFPB delays QM compliance date to October 2022

The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022.

Mar 04, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please