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

Mortgage rates are at an all-time low. Here’s how the biggest lenders are handling it

Lenders share insight on what’s happening at ground level

House percent HW plus content

Freddie Mac’s mortgage rate report, considered to be the gold standard in the mortgage industry, goes back nearly 50 years. And in that half century, mortgage rates have never been as low as they are right now.

Freddie’s latest report, which came out Thursday morning, shows that mortgage rates are now at 3.29%. The previous low was 3.31% in November 2012.

The drop to record lows tracks with what several lenders told HousingWire last week: that borrowers were getting lower interest rates than they’ve ever seen before.

But in the last week, coronavirus fears caused bond investors to seek the safety of U.S. mortgages and other financial instruments, leading mortgage rates to drop even further.

Now, rates are below 3.3%, a level that’s never been seen before. And mortgage companies across the country are experiencing a surge in mortgage demand unlike any they’ve ever seen before.

HousingWire spoke with nearly a dozen lenders this week, including many of the biggest lenders in the country, and nearly all said that they’ve never seen a lending environment like the one that’s happening right now.

That’s definitely the case at the nation’s largest lender, Quicken Loans.

“We’re breaking records every day right now. We are right there or below our all-time lows in interest rates. Our volumes are spiking. Our refinance volume is spiking rapidly. It’s incredibly busy. It’s going well,” Quicken Loans President and Chief Operating Officer Bob Walters said.

Several lenders suggested that some of their competitors may face capacity issues in the current interest rate environment, where lenders may not be able to handle all the loan volume they’re seeing and may be forced to keep rates slightly higher to stem the rush.

The rest of this content is for HW+ members. Join today with a HW+ Membership! Already a member? log in

Most Popular Articles

FHFA doubles affordable housing disbursement to $1B

FHFA Director Mark Calabria has upset the #FannieGate folks: the GSEs will be doubling their affordable housing disbursement to $1B in 2020

Mar 01, 2021 By

Latest Articles

Mortgage applications recover as winter storms pass

In the week following historic winter storms in the south, mortgage applications increased .5%, according to the Mortgage Bankers Association.

Mar 03, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please