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The housing market’s rapid shifts — which have been spurred on by a combination of fluctuating mortgage rates, chronically low levels of inventory, confusion of whether an economic recession is just around the bend, and other unique factors, like a slew of bank collapses — are continuing to have an oversized impact on the mortgage industry, even as the Fed halts its interest rate hikes. Home prices grew in 93% of markets in the first quarter, mortgage rates have remained in the low-to-mid 7% range and purchase mortgage applications have remained below even spring of 2023’s modest figures. The Mortgage Bankers Association reported in May that the average independent mortgage bank lost $2,109 per loan in the fourth quarter of 2024 and many lenders are staring at an eighth consecutive quarterly loss, with the better positioned mortgage lenders having relied on mortgage servicing revenue to patch up losses elsewhere. Experts had hoped that the spring buying season would be the key to turning things around, but so far, the housing market remains in a slump.
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
Inflation eases for the first time in three months
May 15, 2024Consumer prices in April were up 3.4% from a year earlier, and down from 3.5% in March. The shelter component of the CPI came in at 5.5% in April.
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Steve Resch talks about financial planner relationships for reverse lenders
May 14, 2024 -
Republican senator takes aim at Biden’s housing policies
May 14, 2024 -
Appraisal firm Atlas VMS hires former AAG chief appraiser
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Mortgage rates continue to trend down ahead of inflation report
May 14, 2024 -
Fidelity CEO says federal government’s title insurance proposals are ’misguided’
May 14, 2024 -
Better improves loan volume by 25% but remains unprofitable in Q1
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FinLocker raises $17M in Series B funding round
May 14, 2024