Although mortgage industry employment continued to slide, the overall jobs picture beat expectations, December data from the Bureau of Labor Statistics found. Preliminary estimates found mortgage banker and broker payrolls totaled 377,400 in November, compared with an upward revision of 389,300 for October and 425,900 in November 2021. This is the lowest level of mortgage … [Read more…]
Today’s mortgage and refinance rates Average mortgage rates had a decent day yesterday, falling moderately. That was overdue after a couple of bad weeks. But it was a great way […]
Another year has nearly passed, which means itâs time for the 2023 mortgage rate predictions. I think we can all agree that the 2022 predictions were the worst on record. After all, mortgage rates had never doubled in a year before. Just about everyone (or in fact, everyone) got 2022 totally wrong, though you canât… Read More »2023 Mortgage Rate Predictions: All Eyes on Inflation
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Because mortgage rates have more than doubled lately, interest in adjustable-rate mortgages has taken off. The popular 30-year fixed, which was priced as low as 2.65% in early 2021, is now closer to 6%! At the same time, alternative loan products like the 5/1 ARM are now pricing at a sizable discount. For example, the… Read More »An Easy Way to Save Even More Money with an Adjustable Rate Mortgage
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Mortgage rates are trickling back toward record lows again and refinance applications are on the rise. You can thank our questionable economy, a COVID resurgence, and the Fedâs pledge to continue buying mortgage-backed securities. The recent announcement regarding the end of the Adverse Market Refinance Fee is also undoubtedly helping. My expectation is we’ll see… Read More »Resetting the Clock When You Refinance: Why It Could Cost You
The post Resetting the Clock When You Refinance: Why It Could Cost You appeared first on The Truth About Mortgage.
More good newsâ¦for loan originators. The Mortgage Bankers Association increased its 2009 mortgage lending forecast by $800 billion to $2.78 trillion thanks to the expected refinance bonanza. The group now expects refinancing to total $1.96 trillion in 2009 and purchase originations to ring in at $821 billion. The refinance figure is up from an estimated [&hellip
The post MBA Ups 2009 Mortgage Forecast by 0 Billion first appeared on The Truth About Mortgage.
Refinance demand fell for the sixth straight week, indicating an end to the boom that began in early 2009, according to the latest survey from the Mortgage Bankers Association. Overall, mortgage application volume was off 18.6 percent on a seasonally adjusted basis during the week ending December 17. On an unadjusted basis, it was 20.0 [&hellip
The post Is the Refinance Boom Finally Over? first appeared on The Truth About Mortgage.
Despite a slight uptick this week, mortgage rates are still pretty much rock bottom, and unarguably at ridiculously low levels. This has sparked yet another refinance boom, with mortgage application volume rising to its highest point since May 2009, per the latest data dump from the Mortgage Bankers Association. This is great news for existing [&hellip
The post Are the Low Mortgage Rates a Home Buyer Trap? first appeared on The Truth About Mortgage.
It sounds like we just hit the housing recovery trifecta, all in one stellar news day. The 30-year fixed fell to its lowest point on record, 3.34%, according to the latest survey from Freddie Mac. Thatâs down from 3.40% last week and 4% a year ago, not that those prior high mortgage rates were a [&hellip
The post Mortgage Rates, Delinquencies, and Negative Equity All Drop first appeared on The Truth About Mortgage.
