Author: badmortgage
The current average mortgage rate on a 30-year fixed mortgage is 6.45%, compared to 6.54% a week earlier, according to the Mortgage Research Center. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.60%, down 0.17 percentage points from the previous week
Mortgage rates were little-changed on Wednesday, despite the release of several economic reports and another deluge of war-related headlines. In the slightly bigger picture, the market is trading with some sense of hope of a finite timeline for the war. Today, that meant a moderate drop in oil prices and bond yields (aka “rates”). Bonds struggled to maintain the improvement after this morning’s economic reports which were broadly stronger than expected. In general, stronger econ data suggests higher rates, all else equal. In addition to stronger employment and retail sales reports, a key manufacturing report showed much higher inflation–also something…
Mortgage applications fell for the third consecutive week amid an increasingly volatile rate environment. The Mortgage Bankers Association (MBA) reported a decrease of 10.4% on a seasonally adjusted basis for the week ending March 27. The Refinance Index fell 17% from the previous week, but remains 33% higher than the same week one year ago. Purchase activity also declined, with the seasonally adjusted Purchase Index dropping 3%, just 1% above year-ago levels. MBA’s Mike Fratantoni notes “higher rates are being offset somewhat by the buyer’s market in many parts of the country – there are more homes for sale than buyers have…
Rising mortgage rates push application volumes down 10.4% in late March – Scotsman Guide Skip to content error: Content is protected !! This website uses cookies to enhance user experience and to analyze performance and traffic on our website. We may also share information about your use of our site with our social media, advertising and analytics partners. Not consenting or withdrawing consent, may adversely affect certain features and functions. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or…
U.S. Bank has turned to Built Technologies, which provides technology for real estate and construction finance, to help manage its portion of this process.Processing ContentThe bank says it will be able to fund projects faster as well as give clients real-time visibility into each step in the construction process and the related financing.”Our investor and developer clients in the homebuilding sector expect a streamlined, transparent lending experience,” said Suzanne Rathbun, lending services group manager at U.S. Bank. “With one connected platform, we’re delivering faster access to funds and real-time visibility into every draw, so they can keep projects on track.”Last…
US mortgage rates climbed for a fourth straight week, rising to the highest since August and denting refinancing and home purchase activity.
Key Takeaways A cash-out refinance replaces your mortgage with a larger loan and gives you the difference as cash. A HELOC adds a second loan on top of your existing mortgage. If you can refinance at a lower rate than you currently have, a cash-out refi may save you money. If your rate is already low, a HELOC protects that rate. A HELOC offers flexible, revolving access to funds. A cash-out refi gives you one lump sum at closing. Use the decision guide at the end to match your current mortgage rate, spending needs, and priorities to the right product.…
Time flies, Apple turns 50 today, the first quarter is in the books, and here in Northern Nevada, like everywhere, lenders are watching trends and technology. There are all kinds of lists out there, but for those who prefer the CFPB’s data, there’s HMDA Market Share Dashboards for Origination Statistics. In terms of technology, there’s always something new in the AI lender world, and there are firms that specialize in it including Ocrolus, TRUE, Aiva AI & Automation, Marr Labs, TrustEngine, Friday Harbor, AiCR, Guideline Buddy, JazzX AI, and MOZAIQ listed in the Marketplace. “Credit” is a hot topic. Many…
Benchmark Mortgage is suing two of its former top employees for a scheme in which they allegedly shared sensitive companywide financial information with competitors.Processing ContentThe complaint filed last week in Texas Business Court accuses Marty Preston and Denise Donoghue of violating state law in misappropriating trade secrets. A hearing for a temporary injunction to bar the defendants from sharing or using the information they allegedly stole is scheduled for next week, according to the docket.The case was first reported by The Mortgage Scoop. The Plano, Texas-based lender accuses Preston, its national business development director, of encouraging Donoghue, a branch manager, to…
Mortgage interest rates are starting April in a much different place than they were at this point in March. Getty Images/iStockphoto A new month offers a fresh start for borrowers and it will be particularly welcome for those looking for a mortgage loan or an opportunity to refinance their current home. Mortgage interest rates in March increased by around a half a percentage point – even with the Federal Reserve keeping interest rates paused – thanks to a series of volatile economic reports, overseas conflicts and geopolitical tensions. So the sub-6% rates many were seeing listed online in February were…