The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

Mortgage

Average U.S. mortgage rate rises to 3.28%

30-year fixed home-loan average is third-lowest on record

The average U.S. rate for a 30-year fixed mortgage rose two basis points to 3.28% this week, not far from the 3.23% all-time low set at the end of April.

The rate increased from 3.26% in the prior week, Freddie Mac said on Thursday.

The average has stayed under 3.4% since the beginning of April after the Federal Reserve began a bond-buying program aimed at greasing the nation’s credit wheels.

Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” said Sam Khater, Freddie Mac’s chief economist.

Khater forecasts the average rate in the current quarter for a 30-year fixed home loan will be 3.3%. In the final two quarters of 2020, he’s expecting it to fall to 3.2%.

The low rates will help to bolster real estate demand as U.S. states begin easing pandemic restrictions, he said. Mortgage applications to finance home purchases have risen for four consecutive weeks, the Mortgage Bankers Association said in a Wednesday report.

“Although purchase applications reached a new low in mid-April, today purchase demand is only down 10% from one year ago,” Khater said. “While demand is improving, inventory is low and declining with no signs of a turnaround yet.”

The number of U.S. home sales this year likely will fall 14% compared with 2019 as the nation grapples with the worst pandemic in over a century, according to a forecast from the National Association of Realtors.

Rather than having a traditional spring buying season, the April through June period when the bulk of home sales typically occur, demand will shift to later in the year when lockdowns have lifted, NAR said.

For the year, the group is forecasting 4.62 million home sales, down from 5.34 million in 2019.

Freddie Mac on Thursday also reported average rates for two other types of mortgages. The 15-year fixed rate was 2.72%, down from 2.73% last week.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18%, up from last week’s rate of 3.17%.

Leave a comment

Most Popular Articles

Millions will enter housing market in 2021: Zillow

Up to 2.5 million households could enter the housing market in 2021, per Zillow. The buyers will descend on the “secondary cities” across the U.S.

Apr 07, 2021 By

Latest Articles

William Raveis ain’t no stinkin’ iBuyer

Like others, resi brokerage & lender William Raveis is happy to buy your home. But its new program doesn’t mean it’s an iBuyer.

Apr 09, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please