Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How Freddie Mac is addressing affordable housing challenges

Freddie Mac is focused on addressing limited access to credit, housing inequalities, creation and preservation of affordable housing supply and advancement of homeownership education.

How to increase minority homeownership?

Today’s HousingWire Daily features a roundtable discussion from HousingWire’s Lunch & Learn series that looks at “Unpacking the lender’s vital role in increasing minority homeownership.”

Mortgage

Freddie Mac: U.S. economic optimism spurs growth in mortgage rates

This week, the 30-year fixed-rate mortgage averaged 3.75%

This week, the average U.S. fixed rate for a 30-year mortgage rose to 3.75%. That’s 6 basis points above last week’s 3.69% but still more than a percentage point below the 4.94% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey.

The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy, said Sam Khater, Freddie Mac’s Chief Economist.

“Due to the improved economic outlook, purchase mortgage applications rose 15% over the same week a year ago, the second-highest weekly increase in the last two years,” Khater said. “Given the important role residential real estate plays in the economy, the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year.”

The 15-year FRM averaged 3.2% this week, rising from last week’s 3.13%. This time last year, the 15-year FRM came in at 4.36%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.44%, increasing from last week’s rate of 3.39%. In 2018, the 5-year ARM sat much higher at  4.14%.

The image below highlights this week’s changes:

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