Remove 2025 Remove Buyers Remove Housing Market Remove Loan Officers
article thumbnail

Mortgage rates are the highest they’ve been this year. Did loan officers expect this?

Housing Wire

“ Recovery year ” was the theme heading into 2024 as mortgage professionals hoped for some reprieve in a frozen housing market characterized by high interest rates, low inventory levels and sluggish sales. Many of his buyers are still waiting for rates to come down before seeking preapproval for a mortgage. economy remains hot.

article thumbnail

A sub-7% mortgage rate brings holiday cheer

Housing Wire

“Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year,” Sam Khater, Freddie Mac’s chief economist said in a statement.

Mortgage 476
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6% mortgage rates are back (for select borrowers)

Housing Wire

The mortgage rate dip is welcome news for the housing market, but loan originators and industry executives emphasized that rates need to decline further and remain stable to reinvigorate buyers’ demand. Buyers want to know that they will be able to get a low mortgage rate when they lock in a rate.

Mortgage 450
article thumbnail

How LOs, mortgage execs are preparing for 2024

Housing Wire

After nearly two years of trudging through a frozen housing market , the consensus among mortgage professionals is that the worst of it is over. You have all these buyers that have been waiting for rates to come back and now they’re back and all this becomes really competitive again.”

Mortgage 438
article thumbnail

Guild launches 1% down payment advantage program

Housing Wire

Add Guild Mortgage to the list of lenders offering down payment assistance programs in order to court more buyers at a time when mortgage rates remain elevated. To qualify for the 1% down payment advantage program, buyers must have a minimum credit score of 620 and a 95 to 97% loan-to-value first mortgage.

Buyers 378
article thumbnail

Many mortgage lenders are like frogs in a slow boil

Housing Wire

The dour housing market over the past 18 months has thrust struggling independent mortgage lenders (IMBs) into what seems like a pot of water that is coming slowly to a boil. As the heat rises, so too does the number of lenders seeking to exit the market. Hale added that at this time, “buyers have the upper hand.” “I

Mortgage 365
article thumbnail

Will new products stop the bleeding for mortgage lenders? 

Housing Wire

During the second-quarter earnings season, executives from publicly traded mortgage lenders detailed their forays into jumbo loans, non-qualified mortgages, reverse mortgages, home equity products and even personal loans. It comes at a time in which the housing market favors buyers and seller concessions become more frequent.

Mortgage 384