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“We’re seeing a new wave of younger millennial home buyers flood the market as we enter peak homebuying season. With interest rates at historic lows, now is the perfect time for younger millennials to purchase a home and start building equity.”
–Ellie Mae Chief Operating Officer Joe Tyrrell.

MBA: Strong Borrower Demand, Low Rates Fuel 2Q IMB Production Profits

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $4,548 on each loan they originated in the second quarter, up from $1,600 per loan in the first quarter, according to the Mortgage Bankers Association’s Quarterly Mortgage Bankers Performance Report.

People in the News Sept. 3, 2020

Promontory MortgagePath LLC, Danbury, Conn., named Scott Turnquest as Chief Technology Officer and Jordan Higgins and Kim Joyce as Regional Vice Presidents.

60 Percent of Americans Saving More Compared to Last Year

A new survey from CNBC, Englewood Cliffs, N.J., an Acorns, San Mateo, found Americans are saving more and spending less compared to before the pandemic with 60% of respondents call themselves “savers,” up from 54% a year ago.

Housing Market Stays Hot as Sellers Gain Upper Hand

he U.S. housing market heated up even more during the four-week period ending August 23, said Redfin, Seattle, with strong sales and price growth unfazed by seasonality.