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Residential

Ten-Year Treasury Note Drives Mortgage Rates Back Up

Home for Sale/Credit: Comstock

Freddie Mac has announced the results of its latest Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates following an uptick, as the 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.6 point for the week ending April 24, 2014. This was up from last week when it averaged 4.27 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent. Also this week, the 15-year FRM veraged 3.39 percent with an average 0.6 point, up from last week when it averaged 3.33 percent.Click to continue

Distressed and Short Sales Comprise 16 Percent Share of Q1 Sales

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RealtyTrac has released its March and Q1 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,253,464 in March, an increase of 0.4 percent from February and up eight percent from a year ago. The median sales price of U.S. residential properties—including both distressed and non-distressed sales—was $164,500 in March, up one percent from February and up 10 percent from March 2013. March was the 24th consecutive month where U.S.Click to continue

NAHB: Housing Market to Follow Upward Trajectory Through 2015

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A growing economy, pent-up demand, competitive mortgage rates and affordable home prices will keep housing on an upward trajectory through 2015. However, several obstacles including tight consumer credit, shortages of lots and labor and rising materials prices are hindering a more robust recovery, according to economists who participated in yesterday's National Association of Home Builders (NAHB) 2014 Spring Construction Forecast Webinar.Click to continue

Referral Fees: Agreement or Understanding

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Question: There has been a lot of litigation and concerns involving referral fees. One of the areas of confusion relates to what is the so-called “agreement” or “understanding” involving a referral of business. So, what do these terms mean?

Answer: RESPA defines a “referral” to a settlement service provider in two ways:Click to continue

Wacky Winter Weather Hits Home Remodeling in Q1

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Against the backdrop of unusually severe winter weather, the Remodeling Market Index (RMI) declined to 53 in the first quarter of 2014, according to the National Association of Home Builders (NAHB). This reading is down from the historically high level of 57 in the two most recent quarters, but remains above the key break-even point of 50.Click to continue

Marketing in the Shadow of Rising Interest Rates

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While interest rates may be on the rise, we all wait peacefully to see if HARP 3.0 is actually going to come to fruition. If rates do continue to rise, the mortgage market will shift to a purchase and cash out refinance market as it always does. While this may scare some people from marketing, others continue to market successfully. How do they do it?Click to continue

CFPB Reports on Consumer Frustration With Mortgage Paperwork

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The Consumer Financial Protection Bureau (CFPB) has published a report which finds that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage. The bureau also released guidelines for an upcoming eClosing pilot project to assess how electronic closings can benefit consumers as they navigate the mortgage closing process.Click to continue

Freddie Mac: Nationwide Housing Recovery Crawls Along

Home Mortgage/Credit: Photodisc

Freddie Mac has released its Multi-Indicator Market Index (MiMi) for February showing the U.S. housing market overall recovering at a slightly slower pace from the previous month. However, more than half of all states, as well as more than half of the top 50 metro areas, continue to show an improving trend. Eleven states and the District of Columbia, and four metro areas, are in their stable range of housing activity, unchanged from last month. One year ago, seven states and the District of Columbia, and zero metro areas, were in their stable range.Click to continue

Mortgage Apps Slide 3.3 Percent Week-Over-Week

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Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 18, 2014. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased three percent compared with the previous week. The Refinance Index decreased four percent from the previous week.Click to continue

HSH.com: Mortgage Rates Climb for First Time in Weeks

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Rates on the most popular types of mortgages moved a little higher for the first time in weeks, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by one basis point (0.01 percent) to 4.39 percent. Conforming 5/1 Hybrid ARM rates increased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.16 percent.Click to continue