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 rates drop even lower to new record of 2.65%

But home price increases are putting pressure on affordability

The average U.S. mortgage rate for a 30-year fixed loan fell two basis points this week to 2.65% – the lowest rate in the Freddie Mac’s Primary Mortgage Market Survey’s near 50-year history. This week’s mortgage rate broke the previous record set on Dec. 24.

With this week’s record drop, there have now been 22 consecutive weeks when average mortgage rates have been below 3%, and this is the 17th time this year rates have broken a record.

The average fixed rate for a 15-year mortgage also fell last week to 2.16% from 2.17%. A year ago at this time, the 15-year FRM averaged 3.07%.

Despite a full percentage point decline in rates over the past year, housing affordability is slipping as these low rates have been offset by rising home prices, according to Sam Khater, Freddie Mac’s chief economist.

“The forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season,” Khater said.


Low mortgage rates fuel the demand for valuation and settlement services  

VRM Mortgage Services CEO shares how the company is navigating a difficult year, and how its services are impacted by the different national, state and local directives on foreclosure.

Presented by: VRM Mortgage Services


This year’s record low rates may be setting a new norm.

Len Kiefer, Freddie Mac‘s deputy chief economist, noted every decade since the 1980s experienced a 2% drop decade-over-decade. With rates sitting at close to 12% nearly 50 years ago, declining patterns may mean 30-year mortgage rates could average 2% the rest of the 2020s.

“Even just a year ago, that didn’t seem probable, and it’s certainly not my baseline forecast, but we’d have to acknowledge that there is a chance rates could continue their secular decline,” Kiefer said.

However, news of Democrats having won control of the Senate on Tuesday has some economists shifting gears.

The prospects of increased spending and deficits will likely put upward pressure on mortgage rates as the year progresses, said Mortgage Bankers Association Chief Economist Mike Fratantoni. In turn, Fratantoni estimates the massive refinance wave lenders have been riding may be cut short.

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

How Rocket Pro TPO continues to give its broker partners the upper hand

To remain competitive and create a better experience in this purchase environment, brokers need one thing above all: Speed. And there’s one lending partner that has the solutions and resources to give LOs just that.

Jun 11, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please