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."
August Power Play reaches beyond cash-out refinances while pairing near-term pricing incentives with a longer-term broker technology play
Rocket Pro is broadening its refinance incentive and extending its stacked purchase credit for August, giving mortgage brokers another reason to revisit past clients while elevated rates continue to limit origination volume.The wholesale lender’s August Power Play increases ...
Executives point to healthy securitization demand and fresh capital for additional loan purchases during the mortgage REIT’s second-quarter earnings call
Angel Oak Mortgage REIT purchased $204 million in newly originated Non-QM mortgages and home equity lines of credit during the second quarter, up approximately 39% from a year earlier but down 17% from the first quarter.The results, combined with two securitizations complete...
New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools