With the COVID-19 pandemic still raging across the U.S., the mortgage industry is still seeing mortgage rates flirt with all-time low numbers. Freddie Mac's Primary Mortgage Market Survey (PMMS) revealed that the 30-year fixed-rate mortgage is averaging 3.31%.
"Mortgage rates continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening,” said Sam Khater, Freddie Mac’s Chief Economist. "While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real time daily economic activity metrics suggest that the economy will likely not decline much further. Going forward, the key question is no longer the depth of the economic contraction, but the duration."
Four OriginatorTech demonstrations showed how vendors are applying AI and automation to content, database outreach, and loan operations
Mortgage technology companies spend plenty of time talking about faster files and smoother closings. But originators attending National Mortgage Professional’s latest OriginatorTech Demo Day pointed to a more immediate problem: marketing.Content creation and marketing topped...
The wholesale and correspondent lender plans to move six underwriting automation products into production within three months
GenWay Home Mortgage has deployed Tavant’s TOUCHLESS mortgage automation platform across its Non-QM and government-lending businesses, extending the industry’s push to automate underwriting beyond conventional agency loans.The national wholesale and correspondent lender is u...
Consumer inflation rose just 0.1% in July, reducing pressure for a September Fed rate hike as mortgage rates remain near their highest levels of the year