Mortgage

Expectations that the Federal Reserve would cut rates at its September meeting narrowed mortgage spreads and dramatically aided affordability issues in the housing market. Mortgage rates, which had been north of 7% for much of 2024, fell to the low-to-mid 6% range starting in early September on the expectation that the economy has sufficiently weakened and a new monetary policy would soon be in effect. The Fed on Sept. 18 lowered the benchmark rate by 50 basis points and is expected to lower rates two more times in 2024 as the 2% inflation target goal moves into focus. Refinances and overall mortgage applications have reached their highest level in more than two years, with more than half of applications being refis. The Mortgage Bankers Association reported in September that the average independent mortgage bank turned a $693 profit per loan in the second quarter of 2024 and about 78% of lenders were profitable. Quarterly volume picked up, as did productivity and the closings-to-applications pull through, which helped lower production costs by about $1,800 per loan. While existing-home sales continue to lag historical levels, inventory is now above 2019 levels in some key markets, particularly in areas of Texas and Florida. Home prices grew again in Q2, but the pace of price increases has fallen.

In turn, it’s perhaps more important than ever for industry professionals to stay in the loop on what’s happening within the mortgage industry. From industry insights to expert analysis and mortgage rate forecasts, HousingWire’s mortgage industry coverage can help keep you informed on the news you need the most, even in the most unusual of markets. Sign up here to get the latest in leading mortgage news delivered to your inbox each day.

Mortgage News

Mortgage groups gear up to get trigger leads bill passed in 2025 

Dec 23, 2024By Flávia Furlan Nunes

The trigger leads bill has become a 2025 priority for the mortgage industry after failing to pass the House of Representatives last week, despite Senate approval.

• CFPB sues Rocket, The Jason Mitchell Group over RESPA violations 

  Dec 23, 2024By Flávia Furlan Nunes

• Mortgage groups push FHA for loss mitigation extension 

  Dec 23, 2024By Flávia Furlan Nunes

• What it’s like connecting reverse mortgage professionals with forward lending partners 

  Dec 23, 2024By Chris Clow

• Rocket’s counterpunch: Calling Out HUD and the DOJ 

  Dec 23, 2024By Chuck Meyer

• Natural disasters push mortgage delinquencies to three-year high 

  Dec 23, 2024By Flávia Furlan Nunes

• loanDepot’s Frank Martell on building lifelong consumer relationships through technology 

  Dec 22, 2024By Kennedy Edgerton

• Rocket Companies’ Bill Emerson on HUD lawsuit: ‘We want the correct party responsible, not us’ 

  Dec 20, 2024By Kennedy Edgerton

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