The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

Mortgage

Mortgage rates fall to 3-month low

The average U.S. fixed rate for 30-year mortgage falls to 3.64%

This week, the average U.S. fixed rate for a 30-year mortgage averaged 3.64%. Not only is this percentage below the previous week’s average, but it’s also 81 basis points below the 4.45% of the same week last year, according to the Freddie Mac Primary Mortgage Market Survey.

The decline also brought mortgage rates to lows not seen in three months.

“Mortgage rates fell to the lowest level in thirteen weeks, as investors sought the quality and safety of the U.S. Treasury fixed income markets,” said Sam Khater, Freddie Mac’s chief economist. “The drop in mortgage rates, combined with the strong labor market, should propel a continued rise in homebuyer demand.”

According to the survey, the 15-year FRM averaged 3.07% this week, falling from last week’s rate of 3.16%. This time last year, the 15-year FRM came in at 3.89%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.3% this week, declining from last week’s rate of 3.46%. Last year, the 5-year ARM averaged 3.83%.

The image below highlights this week’s changes:

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