Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How Freddie Mac is addressing affordable housing challenges

Freddie Mac is focused on addressing limited access to credit, housing inequalities, creation and preservation of affordable housing supply and advancement of homeownership education.

How to increase minority homeownership?

Today’s HousingWire Daily features a roundtable discussion from HousingWire’s Lunch & Learn series that looks at “Unpacking the lender’s vital role in increasing minority homeownership.”

Mortgage

Mortgage rates set more record lows

A weakening economy and the Federal Reserve’s continued purchase of mortgage securities took the 30-year, fixed-rate mortgage to historic lows for the second straight week

The Freddie Mac survey showed the 30-year FRM averaged 3.36% for the week ending Thursday, falling below the all-time low of 3.4% set last week. Last year at this time, the 30-year FRM averaged 3.94%.

The 15-year FRM, a popular refinancing choice, averaged 2.69%, falling from 2.73% last week and setting a new record low. A year ago, the average rate for a 15-year FRM was 3.26%.

Five-year, Treasury-indexed, hybrid adjustable-rate mortgage averaged 2.72%, up a bit from 2.71% last week and falling from 2.96% a year earlier.

The Federal Reserve’s purchase of long-term fixed mortgage securities pushed 15-year FRMs below 5-year ARMs for the first time since the week of October 15, 2009.

One-year, Treasury-indexed ARMs averaged 2.57%, down from last week’s 2.60%. A year ago, it averaged 2.95%.

Freddie Chief Economist Frank Nothaft cited a weakening economy as a reason for the historic lows.

The final estimate of growth in gross domestic product was revised down to 1.3% in the second quarter, representing the slowest growth in a year. Personal incomes rose only 0.1% in August, while July’s increase was revised downward.

And pending home sales in August fell 2.6%, well below the market consensus forecast of a slight increase.

Home loan analytics firm Bankrate, which surveys large banks, reported that the 30-year FRM fell to 3.52% from 3.55%, while the 15-year FRM dropped to 2.84% from 2.88%. The 5/1 ARM slipped to 2.67% from 2.68% for the week.

jhilley@housingwire.com

@JustinHilley

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