Alcynna Lloyd is a reporter at HousingWire. Lloyd has a degree in broadcast journalism from the University of North Texas. She previously interned with a broadcast position at CBS and has a background in freelance journalism.
LoanLogics recently expanded its executive team, welcoming two new leaders to the company, including Elizabeth Green and Paul Vancheri. Green has been appointed to the position of chief collateral office and Vancheri will now serve the company as its executive vice president of technology.
In May, existing home sales rose for the first time since March, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said homebuyers' purchasing power has been bolstered by favorable conditions like falling mortgage rates.
In May, home-sale growth continued to lag, highlighting a slowdown in inventory, according to new data from Redfin. Redfin Chief Economist Daryl Fairweather said although recent surges in mortgage applications reflect heightened homebuyer demand, a lack of inventory continues to prevent growth.
Homeowner optimism continues to trend upward, with new data from the National Association of Realtors indicating 46% of Americans strongly believe now is a good time to sell a home. NAR Chief Economist Lawrence Yun said lower mortgage rates, along with job and wage growth, will lead to an increase in sales in upcoming quarters.
The average U.S. mortgage rate rose two basis points to 3.84%, according to the latest Freddie Mac Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said while the continued drop in mortgage rates has paused, homebuyer demand is still strong.
Mortgage borrowers who shopped around last week could've saved $47,271 on the life of a $300,000 loan, according to LendingTree's Mortgage Rate Competition Index. However, the share of borrowers who received rates under 4.25% fell to 24.2%, with the index growing to one for the week ending June 2, 2019.
Quicken Loans Mortgage Services recently appointed Austin Niemiec as the company’s new executive vice president. Niemiec, who began his career with QLMS 10 years ago, will be taking over for former senior vice president David Schroeder. Quicken Loans President and COO Bob Walters said QLMS couldn’t be in better hands as it writes the next chapter of its story.
Although 36% of the country’s largest 260 cities now have rents that exceed the national average of $1,442, RentCafé’s data indicates that a whopping 64% of rents still fall below the median. According to the company's data, cities in the Midwest and the South continue to maintain the most affordable rental prices.
A recent uptick in mortgage rates resulted in a slight decline of purchase applications, according to the Mortgage Bankers Association. MBA Vice President of Economic and Industry Forecasting Joel Kan said although borrowers were sensitive to rising rates, the refinance share of applications still remained at its highest level since January 2018.
The NRP Group, a builder and manager of multifamily housing, recently appointed David Brown as a regional vice president of development. In this new role, Brown will focus on building the company’s pipeline in the Dallas-Fort Worth metroplex.
Brickman takes to helm of one of the largest mortgage companies in the U.S. today, and while times at the government-sponsored enterprise are filled with uncertainty, Brickman sees nothing but excitement for the future of Freddie Mac.
When buying a home, many Americans consider a 20% down payment to be the norm, the ideal amount of money to put down to get a conventional mortgage with no private mortgage insurance and to keep monthly payments reasonably affordable.