Tag Archives: Joel Kan

With mortgage rates plummeting 26 basis points week-over-week, Redfin reports that buyers may have a limited amount of time to take advantage. The average rate now sits at its lowest level since mid-September … but for how long?

Looking into 2024, the Mortgage Bankers Association (MBA) has announced that it now predicts origination volume to total $1.95 trillion next year.

The MBA, NAR, and NAHB have sent a letter to the Board of Governors of the Federal Reserve about the industry’s concerns over negative market impacts stemming from the Fed’s monetary policy actions.

“February’s early-stage delinquency rate was historically low and primarily driven by a strong job market,” said Molly Boesel, Principal Economist at CoreLogic. “However, the possibility of a recession that would raise the U.S. unemployment rate could slightly erode the current strong mortgage performance situation in the coming months.”

With news that inflation may have peaked, Freddie Mac reports that the fixed-rate mortgage fell below the 7% mark, leading to a slight rise in overall mortgage app volume for the week.

A new outlook from MBA economists predict a recession in 2023, significant staffing cuts, and falling origination, and purchase volumes.

NAR reports that foreclosures and short sales represented less than 1% of total home sales in April 2022, but down slightly from April 2021’s totals.

Home buyers continued to snap up the limited supply of available homes, exerting upward pressure on sales prices and overall home-price growth.

A new forecast by the MBA finds that while originations are expected to decline 33% from this year, lenders will turn their attention to their servicing business in order to meet profit margins.