The key to implementing non-QM products

With the refi boom falling off and the margin compression happening to lenders nationwide, lenders are looking at non-QM to help fill in those gaps. Learn how to implement non-QM products here!

RealTrends 2021 Team Profitability Study

Brokerage firms have often speculated about how well teams perform from a profit and loss point of view, as well as how productive they are. In this research study, RealTrends answers these two big questions.

Proven Strategies for Accelerating eMortgage Adoption with Freddie Mac and Better

This webinar will cover how the industry is working to overcome challenges lenders experience in adopting eClosings. You’ll hear from industry leaders at Snapdocs, Freddie Mac and Better Mortgage. Register now!

Logan Mohtashami on existing home sales, mortgage rates

Today’s HousingWire Daily begins the Rundown miniseries where HousingWire’s Editor-in-Chief Sarah Wheeler and Lead Analyst Logan Mohtashami will talking about housing and economics every Monday.

Mortgage

Mortgage rates continue to move north

Rates hit 3.14% for the week ending Oct. 28, according to Freddie Mac

The average 30-year-fixed mortgage rate continues to trend upwards, rising by five basis points to 3.14% for the week ending Oct. 28, according to Freddie Mac’s latest PMMS survey.

Rates have risen roughly 20 basis points over the past month, and market observers believe that rise will continue.

Sam Khater, Freddie Mac’s chief economist, said in a statement that the yield on the 10-year Treasury has been increasing “due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages.”

“Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers,” he added.

Last week, the average 30-year-fixed mortgage rate slightly came in at 3.09%, while a year ago today the 30-year fixed-rate mortgage averaged 2.81%. 


Lenders – Now is the time to prioritize lead generation

HousingWire Editor-in-Chief Sarah Wheeler and Deluxe Senior Business Development Executive Mark McGuinn discuss the challenges lenders are facing to optimize lead generation, even as mortgage rates continue to change. 

Presented by: Deluxe

Rates have remained historically low in the past year thanks to the Federal Reserve’s monthly purchases of $120 billion in U.S. Treasury bonds and mortgage-backed securities. The central bank has signaled that once the labor market corrects itself, they will taper off their purchases.

With the rise in mortgage rates, refinance activity has started to wane, with refis representing 62.2% of total applications, per a report from the Mortgage Bankers Association for the week ending Oct. 22, 2021.

The refi index dipped 2% from the week prior, sitting 26% lower than it was the same week last year.

“The increase in rates triggered the fifth straight decrease in refinance activity to the slowest weekly pace since January 2020. Higher rates continue to reduce borrowers’ incentive to refinance,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Meanwhile, purchase activity has continued to thrive, with the seasonally adjusted purchase index increasing 4% from one week earlier, the MBA found.

“Purchase applications picked up slightly, and the average loan size rose to its highest level in three weeks, as growth in the higher price segments continues to dominate purchase activity,” Kan said.

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