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Mortgage market consolidates around largest nonbank firms: Fitch

Housing Wire

nonbank mortgage lenders continue to gain market share as the industry consolidates and a number of smaller players exit the space due to a lack of strong franchises to retain sufficient volume, Fitch Ratings reported Tuesday. Fairway Independent Mortgage Corp. Rocket Mortgage had purchase origination volume of $47.5

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Mortgage rates fall as labor market normalizes

Housing Wire

Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking. At the time this would be a speedy labor market recovery, and it happened on schedule, too Total employment data 4.

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Mortgage rates show little movement as markets digest new economic data

Housing Wire

Mortgage rates stabilized this week despite newly released economic data. The 30-year fixed-rate mortgage averaged 6.64% as of Feb. 8, a slight increase from last week ’s figure of 6.63%, according to Freddie Mac ’s Primary Mortgage Market Survey released on Thursday.

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Spring housing market gets more inventory

Housing Wire

I have a simple model with mortgage rates being above 7.25%: weekly inventory data should grow between 11,000-17,000 per week. When mortgage rates increase, demand falls and the price-cut percentage grows. The mortgage spread data got worse last week. However, for now, the labor market is getting softer, but not breaking.

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Don’t expect a significantly better mortgage market in 2024: Piper Sandler

Housing Wire

The mortgage market should improve in 2024 due to a combination of competitive pressures easing and mortgage demand picking up from historical lows last year, according to a note from Piper Sandler , a leading investment bank. If we were to see the labor market soften, we expect a more pronounced decline in home prices.”

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The mortgage market just had its strongest week in months

Housing Wire

Falling mortgage rates last week brought increased demand. 1 compared to the previous week , according to data from the Mortgage Bankers Association (MBA). The 30-year fixed-rate mortgage averaged 7.17% last week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.4% for the week ending Dec.

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Opinion: Bank capital requirements would put squeeze on mortgage market

Housing Wire

The effort was intended to decrease systemic risk, but by focusing narrowly on the risk posed by banks, it would likely increase risk in the mortgage market. The proposal would make it more expensive for large banks to hold, sell or service mortgages, reinforcing their now decade-long retreat from mortgage lending.

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