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The mortgage rate pendulum swings yet again

Housing Wire

Expect 2024 to be mildly better than 2023 with mortgage rates falling in the second half of the year, housing experts opined in their forecasts at the end of the year. The pessimism is visible in mortgage rates. Freddie Mac ‘s weekly Primary Mortgage Market Survey is climbing back towards 7%.

Mortgages 493
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With mortgage rates dropping, the conforming and jumbo loan spread narrows

Housing Wire

The collapses of Silvergate Bank , Silicon Valley Bank and Signature Bank , the rescue of First Republic Bank and the acquisition of Credit Suisse by UBS, brought turbulence to the financial markets that led to a decline in mortgage rates – despite the Federal Reserve hiking federal funds rate by 25 basis point on Wednesday.

Loans 459
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Can the good times continue at Realogy?

Housing Wire

Brokerage and franchise conglomerate Realogy reported its yearly financials Thursday, and the Madison, New Jersey-headquartered company tallied $343 million in net income for 2021. The brokerage, however, does more high-end deals. The average home sold by the brokerage cost $609,000, while the average franchise sale was $394,000.

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Mortgage lenders, borrowers react to banks closures 

Housing Wire

The Silicon Valley Bank and Signature Bank failures that occurred over the last week have caused even more uncertainty within the mortgage industry. Still, homebuyers took advantage of declining rates provoked by the turbulence and applied for home loans. ” The latest Mortgage Bankers Association (MBA) survey proved Deitch right.

Banks 370
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UWM offers legal support to brokers, accuses Rocket of ‘connections’ with Hunterbrook report

Housing Wire

In a message to mortgage brokers, United Wholesale Mortgage (UWM) defended itself from the Hunterbrook Media report that claims the lender orchestrated a scheme to steer loans. He worked for an independent mortgage broker that actually shopped between options.

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How the Fed’s rate hike will affect the housing market

Housing Wire

The Federal Reserve ’s 75 basis point interest rate hike – its largest since 1994 – proves the central bank is laser-focused on slowing inflation, but loan officers and housing economists don’t expect mortgage rates to come down until consumer prices fall. In early January, rates were as low as 3.4%.

Marketing 448
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Will new products stop the bleeding for mortgage lenders? 

Housing Wire

But there’s another threat that Homepoint executives must worry about – United Wholesale Mortgage (UWM), the top dog in wholesale, has embarked on a strategy of heavy price cutting, forcing Homepoint and others to limbo to compete for business. Mortgage executives project that number to remain steady or even tick up in the third quarter.

Mortgages 418