Here’s How Low Mortgage Rates Could Drop in 2023, According to One Expert – Money
Here’s How Low Mortgage Rates Could Drop in 2023, According to One Expert Money
Here’s How Low Mortgage Rates Could Drop in 2023, According to One Expert Money
Before you panic, take comfort in the fact that mortgage rates probably wonât do too much in 2017, just as they havenât in recent years, despite stark predictions telling us otherwise. I went ahead and compiled the 2017 mortgage rate forecasts of Fannie Mae, Freddie Mac, the Mortgage Bankers Association, and the National Association of… Read More »2017 Mortgage Rates Are Expected to Stay in the 4% Range
The post 2017 Mortgage Rates Are Expected to Stay in the 4% Range appeared first on The Truth About Mortgage.
Mortgage rates fall as fears about the US economy loom CNN
âWhere can you always find money? In the dictionary.â Plenty of lenders and finding the money to buy other companies while smaller ones are looking for the right buyer. Eat or be eaten seems to be the name of the game as lenders hungry for production are courting other lenders. Some just get out of the game entirely. (See lender and investor section below.) Cutting costs and being efficient continue to be of paramount importance regardless of plans for the future. Is the credit process cost effective and efficient? Yesterday I mentioned changes in the credit world and received, âRob, when will companies learn that there are âtoo many snouts in the credit troughâ? Thereâs Fair Isaac, the Bureaus, and the credit resellers. It is not a level playing field, and now, like the old days of having different gfees for different lenders, lenders are slotted into âtiersâ. In the next few years, weâll be moving from a tri-merge environment to a bi-merge environment. Regardless of what comes our way, the overall construct of this portion of our business is shaky.â Editorâs note: âShakyâ is not good in this environment. (Todayâs podcast can be found here and this weekâs is sponsored by SimpleNexus, an nCino company and homeownership platform unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, and business intelligence. I go on todayâs podcast to talk with Robbie about the industry ramping up mortgage travels and how mortgage market cycles have historically played out.)
As chief financial officer for UWM, Hubacker will oversee all financial aspects of the company, including accounting, internal and external reporting, financial compliance, tax, treasury and liquidity management, and budgeting and forecasting. Before joining UWM, Hubacker spent 18 years at Deloitte & Touche, most recently as a partner. He also served as vice president, assistant … [Read more…]
Inflation is a big negative — but it does have a few silver linings.
While we may not have a great explanation or even the capacity to believe it, nonfarm payrolls came in at 517,000 this morning versus a median forecast of 185,000. The bond market has reacted about like you’d expect: with a large, immediate sell-off. While that number does indeed seem very high (and it is–especially relative to the forecast), there are two caveats. 1. It doesn’t look ridiculously high in the context of the past 2 years. 2. Today’s data was also affected by the annual re-working of seasonal adjustment factors. This isn’t some conspiracy or deception. The BLS (the entity that collects and publishes this data) has an established procedure for updating seasonal adjustments once per year. The changing landscape of the post-pandemic labor market has thrown a few curve balls to revision processes such as this. And while we can’t comment on whether this particular revision caused overly optimistic distortion of today’s number, it’s fair to say it may have helped the number be a bit higher than it otherwise would have been. But before you cry foul and blame BLS math for overstating the level of employment, consider that the NON-ADJUSTED numbers suggest an average monthly job gain of more than 400k over the past year (same as the adjusted numbers). Adding insult to injury is a significantly stronger number reported in ISM’s non-manufacturing index 90 minutes after the jobs report. The index came in at 55.2 vs a median forecast of 50.4. That is definitely a big “beat,” and an even bigger improvement from the 49.2 reported last month, but the caveat is much more obvious in this case. Last month really sucked and economists incorrectly guessed that today’s number would follow suit. Here too, changes in seasonal patterns are likely contributing to forecasting errors. Given all of the above, the 11bp sell off in 10yr yields and the half point loss in MBS seem reasonable. Both remain in stronger territory vs last week.
The median sales price of new houses in December was $442,100, down 3.7% from November but still up 7.8% from last year. Meanwhile, the average sale price was $528,400. “In a further sign of decreasing housing affordability, even though the median home price is down for the second straight month, it is still up 7.8% … [Read more…]
“Recent indicators point to modest growth of spending and production this quarter,” Powell said in Wednesday’s Federal Open Market Committee’s (FOMC) press conference. “Consumer spending appears to be expanding at a subdued pace, in part reflecting tighter financial conditions over the past year. Activity in the housing sector continues to weaken, largely reflecting higher mortgage … [Read more…]
Inflation-adjusted I bonds are paying off 9.62% interest rates right now.