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

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

Dec 22, 2024By Kennedy Edgerton

In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez sits down for a tantalizing conversation with Frank Martell, the president and CEO of loanDepot, to discuss the company’s profitability in the third quarter of 2024 and its Project North Star growth plan for 2025.

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

  Dec 20, 2024By Kennedy Edgerton

• FHFA finalizes new housing goals for Fannie Mae, Freddie Mac 

  Dec 20, 2024By Chris Clow

• Ginnie Mae exec who helped launch MBS issuer scorecard announces retirement 

  Dec 20, 2024By Chris Clow

• LoanPASS CRO on the cultivation of a reverse mortgage lender partnership 

  Dec 20, 2024By Chris Clow

• FHA borrowers would get mortgage insurance relief through proposed House bill 

  Dec 20, 2024By Flávia Furlan Nunes

• Would you trust a robot to help grandma age in place? You might need to 

  Dec 20, 2024By Chris Clow

• The leadership deficiency in the mortgage industry: How we got here and how we can fix it   

  Dec 20, 2024By Fobby Naghmi

Load More