ICE Mortgage Technology’s Post

𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐫𝐚𝐭𝐞𝐬 𝐚𝐫𝐞 𝐚𝐜𝐭𝐮𝐚𝐥𝐥𝐲 "𝐚𝐯𝐞𝐫𝐚𝐠𝐞" 𝐫𝐢𝐠𝐡𝐭 𝐧𝐨𝐰, 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐭𝐡𝐞 𝐩𝐚𝐬𝐭 𝟓𝟐 𝐲𝐞𝐚𝐫𝐬. Freddie Mac has been tracking the 30-year fixed mortgage rate since April of 1971. Every week, they release the results of their Primary Mortgage Market Survey, which averages mortgage application data from lenders across the country. If you'd like to access a very normal, "average" interest rate, I can help you.  Especially if you want to tap equity from your home and pay off higher interest credit cards or a HELOC (those are often over 10% these days--credit cards average over 22%!!). DM me. #emilyhallrealestate #syracuseutrealtor #innovativerates 𝐓𝐡𝐞 𝐚𝐯𝐞𝐫𝐚𝐠𝐞 𝐜𝐫𝐞𝐝𝐢𝐭 𝐜𝐚𝐫𝐝 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐫𝐚𝐭𝐞 𝐢𝐬 𝟐𝟐.𝟕𝟓% 𝐟𝐨𝐫 𝐧𝐞𝐰 𝐨𝐟𝐟𝐞𝐫𝐬 𝐚𝐧𝐝 𝟐𝟏.𝟏𝟗% 𝐟𝐨𝐫 𝐞𝐱𝐢𝐬𝐭𝐢𝐧𝐠 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬, 𝐚𝐜𝐜𝐨𝐫𝐝𝐢𝐧𝐠 𝐭𝐨 𝐖𝐚𝐥𝐥𝐞𝐭𝐇𝐮𝐛'𝐬 𝐂𝐫𝐞𝐝𝐢𝐭 𝐂𝐚𝐫𝐝 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞 𝐑𝐞𝐩𝐨𝐫𝐭

Curious about the top players in the mortgage game? According to data from National Mortgage News' MortgageStats site, the top five lenders are raking in an average origination volume of over $7 billion as of Q1 2024. While most banks experienced a dip in volume from Q4 2023 to Q1 2024, one actually saw a whopping 42.91% increase! Want to know more? Head over to our page and scroll through to discover which residential lenders made the cut and how they fared through March 2024. ✅ #VerityEnabled Link to article ➡️ https://bit.ly/3KzfUhn

𝗪𝗵𝗼’𝘀 𝘁𝗵𝗲 𝗞𝗶𝗻𝗴: 𝗛𝗘𝗟𝗢𝗖 𝗼𝗿 𝗖𝗮𝘀𝗵-𝗢𝘂𝘁 𝗥𝗲𝗳𝗶𝗻𝗮𝗻𝗰𝗲? The latest ICE Mortgage Monitor report from June 2024 reveals homeowners' preferences for accessing home equity. The data shows a distinct inclination towards Home Equity Lines of Credit (HELOCs) over cash-out refinances (C/O refis). This trend highlights a crucial shift that loan officers must pay attention to. Homeowners are favoring HELOCs due to their flexibility and potentially lower costs compared to cash-out refinances, especially in a high-interest rate environment. This shift necessitates that LOs adapt their strategies and ensure they are well-informed about HELOCs to effectively serve their clients. Loan officers be sure to reach out to your past clients to discuss current trends and options for accessing home equity. By staying informed and prioritizing client education on HELOCs, you can enhance your client relationships and drive business volume. For more detailed insights, check out the ICE June 2024 Mortgage Monitor report: https://lnkd.in/gtMEuyiC

Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased. Overall affordability declined significantly, with borrowers spending more of their income on mortgage payments and lenders more often denying applications for insufficient income. Most refinances during the reported period were cash-out refinances, and, in a reversal of recent trends, the median credit score of refinance borrowers declined below the median credit score of purchase borrowers. As in years past, independent lenders continued to dominate home mortgage lending, with the exception of home equity lines of credit.

Are you interested in Mortgage Repurchase Rates? We presented in June with data through Q4 2022. To learn what the recently released Q1 2023 dataset from Fannie Mae and Freddie Mac told us, watch out 15-minute Repurchase update webinar! https://lnkd.in/eZByFEYM Lenders One Mortgage Cooperative Mortgage Bankers Association The Mortgage Collaborative

According to Reuters, the Mortgage Bankers Association's weekly index of mortgage application activity dropped 6.9% in the week ending 10/13/23, reaching its lowest point since May 1995. The report also revealed that applications for home loans fell 5.6% to their lowest level since February 1995, while applications for refinancing decreased by 9.9%.

A boost for buyers as average mortgage rates drop below 6% The latest data from Moneyfacts indicates that average mortgage rates have decreased for the fourth consecutive month, with two-year fixed rates falling below 6%. There are currently 5,694 mortgage options available, the highest level in 15 years. However, borrowers are advised to act quickly as the average shelf-life of a mortgage product has decreased to 17 days, suggesting intense repricing by lenders as the year comes to a close. Finance expert Rachel Springall noted that fixed mortgage rates have dropped for both two- and five-year terms, benefiting borrowers across different loan-to-values (LTVs), including first-time buyers and those with small deposits. Lenders are likely aiming to meet end-of-year targets, which has led to the rapid repricing of mortgage products. This dynamic may result in better deals for borrowers seeking to refinance. #mortgagerates https://lnkd.in/e-Kf4CUq

https://conta.cc/3W8Mf5K Consumer Spending Surges For the third week in a row, stronger than expected major economic data was unfavorable for mortgage markets. First it was job gains, then inflation, and now consumer spending which eclipsed forecasts. As a result, mortgage rates climbed again to the highest levels of the year. For more mortgage information, please contact me at 972-489-2846 [email protected] #mortgagenews #mortgagerates #mortgageinfo #texasmortgages #texashomes #texashomeloans #loanofficer #homesintexas #mortgage101 #loansintexas #georgiamortgages #MortgageBrokers #Refinance