Eight Best Marketing Practices to Fund New Loans Faster

Join our expert panelists to learn which best marketing practices will help you get to your customer quickly with your best offer – and win their business for another loan term.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Behind the executive exodus at Fannie Mae

What's behind the wave of executive departures at Fannie Mae? It's not just money, according to former employees of the GSE.

2021 Agent Rankings now live

Today RealTrends + Tom Ferry announce the 16th annual The Thousand of America's top 1,000 real estate sales and professionals and teams.

Mortgage

Mortgage applications are thinning as summer approaches

Refinance share of loans dips to the lowest level since April

For the third week in a row, mortgage applications decreased.

Mortgage applications fell 3.1% in the week ending June 4, and refis took the biggest dip, according to the latest report from the Mortgage Bankers Association.

“Most of the decline in mortgage rates came late last week, with the 30-year fixed-rate mortgage declining to 3.15 percent,” said Joel Kan, the MBA’s vice president of economic and industry forecasting. “This likely impacted refinance applications, which fell 5% for both conventional and government loans. But purchase applications were up slightly last week, and the large annual decline was the result of Memorial Day 2021 being compared to a non-holiday week, as well as the big upswing in applications seen last May once pandemic-induced lockdowns started to lift.”

Compared to last year, fewer people are applying for purchase mortgages, the MBA reported, as home prices continue to rise and prospective buyers avoid astronomical bidding wars. Demand is still strong overall, especially in certain markets in the South and West.

“Housing demand is still far outpacing supply,” Kan said. “The average loan size on a purchase application edged down to $407,000, below the record $418,000 set in February — but still far above 2020’s average of $353,900.”


The mortgage ecosystem is fractured – Here’s how to fix it

To improve the mortgage ecosystem, SitusAMC and ReadyPrice created a platform that connects originators with the secondary market.

Presented by: ReadyPrice

The refinance share of activity decreased to 60.4% of total mortgage applications from 61.3% the previous week. The FHA share of total mortgage applications decreased to 9.5% from 9.6% the week prior, but the VA share of total mortgage applications increased to 11.2% from 10.9%.

Here is a more detailed breakdown of this week’s applications data:

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.15% from 3.17%
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) decreased to 3.29% from 3.34%
  • The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.12% from 3.16%
  • The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.52% from 2.56%
  • The average contract interest rate for 5/1 ARMs decreased to 2.54% from 2.81%, with points increasing to 0.39 from 0.29 (including the origination fee) for 80% LTV loans

Leave a comment

Most Popular Articles

Fannie Mae gives go-ahead for digital verification

Fannie Mae has given mortgage servicers the green light to use third-party digital vendors to verify income and asset information. Mortgage tech firms are thrilled.

Jun 10, 2021 By

Latest Articles

Mortgage forbearance drops as expiration date nears

Mortgages in forbearance fell for the 15th consecutive week last week to 4.04% of servicers’ portfolio volume ― a 12 basis point decline, according to a survey from the Mortgage Bankers Association.

Jun 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please