Skip to main content

Freddie Mac to Buyers: You Better Shop Around!

Phil Hall
Apr 17, 2018
Ginnie Mae has announced that it had approved the inclusion of a servicing advance financing facility under its Acknowledgment Agreement program

Freddie Mac has a word of financial advice for potential homeowners: Don’t settle for one home loan quote.
In the latest edition of Freddie Mac Insight, the government-sponsored enterprise (GSE) insisted that 80 percent of borrowers who go that proverbial extra mile for an additional rate quote while shopping for a mortgage will save between $966 and $2,086 over the life of their home loan. Furthermore, Freddie Mac claimed the average expected savings rises to $2,914 if the borrower picks up five rate quotes, adding that 80 percent of borrowers who rack up five quotes will save between $2,089 and $3,904 on their home loan.
“By shopping more than one mortgage lender, consumers are more likely to get a better interest rate and save money in both the short and long term,” said Len Kiefer, Freddie Mac’s deputy chief economist. “With lower monthly payments and lower fixed fees, the loan will be more affordable and thus safer, and consumers may have hundreds or thousands of dollars more in their pockets. Not a bad return for a few phone calls or clicks.”
And it seems that more people will be in the market for a home loan this year. Separately, Fannie Mae reported that its Home Purchase Sentiment Index (HPSI) ticked upwards by 2.5 points in March to 88.3. The net share of respondents to Fannie Mae’s survey said now is a good time to buy a home was up by 10 percentage points from February while the net share who said home prices will go up in the next 12 months decreased three percentage points in March. The net share of respondents who believed mortgage rates will go down over the next 12 months increased 5 percentage points.

Apr 17, 2018
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021