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.

Mortgage

For the first time since July, mortgage rates pass 3%

Rise in mortgage rates over the next couple of months is likely to be more muted, says Khater

The average mortgage rate for a 30-year fixed loan rose 5 basis points last week to 3.02%, marking the first time since July that the industry has seen rates break above 3%, according to Freddie Mac’s Primary Mortgage Market Survey.

Since reaching a low point in January, mortgage rates have risen by more than 30 basis points as the economy works to recover, and according to Sam Khater, Freddie Mac’s chief economist, the impact on purchase demand has been noticeable.

“While purchase activity remains high, it has cooled off over the last few weeks and is currently on par with early March, prior to the pandemic,” Khater said. “However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”

After an arctic storm left purchase applications sluggish, mortgage activity bounced back last week almost immediately despite rising rates.

“The housing market is entering the busy spring buying season with strong demand,” Joel Kan, the Mortgage Bankers Association’s associate vice president of economic and industry forecasting, said. “Purchase applications increased, with a rise in government applications – likely first-time buyers – pulling down the average loan size for the first time in six weeks.”


Increasing Lending and Servicing Capacity – Regardless of Mortgage Rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. This white paper will explore the benefits and use cases for these opportunities as they relate to lenders and servicers.

Presented by: Sutherland

Throughout the pandemic-induced recession, now a year old, the Federal Reserve has stated that the housing market has been one of the only persistent bright spots. However, much of that strength has piggybacked on the industry’s historically low interest rates, and left some economists worried that the rapid rise in Treasury yields in the last several weeks risk choking off that activity.

The 10-year U.S. Treasury note, a heavy-hitter in the swing of mortgage rates, has risen by half a percentage point since January, now teetering near 1.4%.

However, Logan Mohtashami, HousingWire’s lead analyst, sees this as push in the right direction.

“Last year I talked about how the 10-year yield should stay at a range between 1.33% and 1.60% in 2021,” Mohtashami said. “If we couldn’t do this, something terrible happened with the vaccination process. After we closed above 1.33%, the yield rocketed toward 1.60%; we are in a range between these two levels right now. We are no longer in a recession; this is where the 10-year yield should be.”

Leave a comment

Most Popular Articles

Fannie Mae: Mortgage rates and home prices will rise in ’22

Economists at Fannie Mae expect higher mortgage rates and home prices next year due to higher inflation, a tightening of monetary policy, and low home inventory

Oct 15, 2021 By

Latest Articles

What does it really mean to digitize the closing process?

ICE Mortgage Technology, a global provider of data, technology and market infrastructure, recently announced that Encompass eClose, its end-to-end eClose solution, is expanding its hybrid capabilities to now include full eNote and eVault functionality. In advance of that announcement, HousingWire Editor-in-Chief Sarah Wheeler had the opportunity to catch up with ICE Mortgage Technology President Joe Tyrrell to talk about what it actually means to digitize the closing process.

Oct 18, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please