The Mortgage Leader, Nov. 29, 2018Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $480 on each loan they originated in the third quarter, down from a reported gain of $580 per loan in the second quarter, according to the Quarterly Mortgage Bankers Performance Report from the Mortgage Bankers Association.
Category: Top National News
Mortgage Rates Hold Steady, Taking Pause After the Thanksgiving Holiday
Washington Post, Nov. 29, 2018–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average stayed the same, at 4.81 percent, with an average 0.5 point. It was 3.90 percent a year ago. (MBA mention)
Mortgage Rates Could Head Lower after Powell Comment Drives Bond Yield to Important Level
CNBC, Nov. 29, 2018–Patti DommWith the Fed sounding more dovish, the bond market is adjusting and now signaling that rates for mortgages and other consumer loans could be lower in the near future than what was expected just a few days ago.
Senate Vote Puts Kraninger Step Closer to Leading CFPB
American Banker, Nov. 29, 2018–Kate Berry (subscription)A motion to limit debate on Kraninger’s nomination passed along strictly party lines, 50-49, advancing the nominee to a final vote.
Conventional Loan Limits Increase for a Third Year
The Press-Enterprise (Calif.), Nov. 29, 2018–Jeff LazersonIt’s a trifecta for Southern California mortgage shoppers as the Federal Housing Finance Agency, or FHFA (Fannie and Freddie’s conservator and regulator), boosted local conforming and so-called agency high-balance or super-conforming loan limits three years in a row.
Natural Disasters Hasten Housing Market Slowdown
HousingWire, Nov. 29, 2018–Alcynna LloydMortgage Bankers Association Chief Economist Mike Fratantoni cites California’s recent wildfires as cause for concern. “The hurricanes in the South and wildfires in the West likely impacted both month’s numbers and continue to cloud the picture of the housing market’s overall strength,” Fratantoni said.
Former Head of FHA and MBA David Stevens Blasts Reverse Mortgages
HousingWire, Nov. 29, 2018–Jessica GuerinThe former commissioner of the Federal Housing Administration–who recently stepped down as president and CEO of the Mortgage Bankers Association–posted a comment about HECMs on LinkedIn last week that ignited a chain of heated commentary about the product.
U.S. 2019 Housing Market Outlook on Shaky Ground
Reuters, Nov. 29, 2018–Hari Kishan, Indradip GhoshGrowth of U.S. home prices will slow sharply next year along with economic momentum, according to a Reuters poll of property experts who largely said turnover in the housing market has peaked. (MBA mention)
Zillow Predicts 5.8 Percent Mortgage Rate in 2019
National Mortgage Professional, Nov. 28, 2018–Phil HallNext year will be marked by increasing mortgage rates and decreasing affordable homeownership opportunities, according to a new forecast from Zillow.
Weekly Mortgage Applications Rise 5.5% as Homebuyers Edge Back In
CNBC, Nov. 28, 2018–Diana OlickTotal mortgage application volume increased 5.5 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 16 percent lower than a year ago.