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The average 30-year fixed-rate mortgage dropped to 6.62% on Thursday, a new low for 2024 that appears to be tied to the expectation that the Federal Reserve could move to cut interest rates at its next meeting in September. This is according to data reported by Mortgage News Daily. On Wednesday, Fed Chair Jerome Powell indicated that a rate cut is a possibility after the September meeting if economic data continues to trend in the right direction.
The market is getting more buyer-friendly as a result of a combination of increasing inventory levels and price decreases, according to Realtor.com’s July housing data. In July 2024, the number of active homes for sale increased by 36.6% from the same month the previous year, reaching a post-pandemic high. At the same time, the percentage of listings with price reductions reached 18.9%, the highest level since October.
Homebuyers often adjust their plans for the uncertainty that an election year can bring. With less than 100 days until the 2024 election, a majority of buyers are taking note. That’s according to survey results released Thursday by Veterans United Home Loans, which show that 60% of prospective buyers are taking the election into account. Even more dramatic is that 38% of homebuyers are pausing their search until after Election Day.
Many homebuyers are waiting to see who the next president will be before continuing their home search, but it’s really the Fed that they should be watching.
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
Rapidly rising home prices are bad news for prospective buyers, but they’re proving quite beneficial for homeowner equity. That’s according to a new report from ATTOM Data Solutions that found that in the second quarter of 2024, 49.2% of mortgaged homes were “equity-rich,” defined as having a loan balance of less than half of the estimated market value of those homes.
The company said its contract — which will be available in 24 states — was designed to “help agents navigate new requirements” related to the NAR settlement.
The company said its contract — which will be available in 24 states — was designed to “help agents navigate new requirements” related to the NAR settlement.
Mortgage servicer and lender Planet Home Lending is acquiring the retail division assets of employee-owned Axia Home Loans , HousingWire has learned. Employees of the Washington state-based Axia, a retail and wholesale lender , were informed of the transaction on Wednesday afternoon in a one-hour call with leadership. Executives at Planet Home Lending were also on the call.
eXp showed growth in revenue and transactions as execs pitched the company’s value prop ahead of August 17 rules changes mandated by the NAR settlement.
With just over two weeks to go until the National Association of Realtors’ (NAR) commission lawsuit settlement agreement will require agents to have a signed buyer representation agreement prior to taking a client on a home tour, Zillow has released 24 state-specific versions of the touring agreement it released roughly three months ago. According to Zillow, the state-specific agreements cover 80% of its Premier Agent real-time touring connections.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
Talk to a real estate agent about expectations for the fall and they’ll likely mention that the housing market will be slow due in part to the election, a belief in the industry that’s become rote. But a new report from John Burns Research and Consulting refutes that notion. The firm crunched 35 years of data and concluded that the typical seasonal decline in home sales activity in the fall is actually more severe in non-election years.
The Community Home Lenders of America (CHLA) on Thursday issued a comment letter to the Consumer Financial Protection Bureau (CFPB), saying that a major reason for the increase in mortgage closing costs from third parties is due to a lack of competition among third-party providers. On top of “click fees” that CHLA said are charged by ICE Mortgage Technology to facilitate data access between lenders and vendors, “fees for necessary loan functions have grown exponentially in recent years, in areas
It’s early, the iBuyer’s CEO says, but Opendoor has seen “10-15 basis points of pressure” on commission rates. “Not a huge amount, but decidedly different.
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
As brokerage firms fine tune how to handle the business practice changes outlined in the terms of the National Association of Realtors’ nationwide commission lawsuit settlement agreement , which are set to go into effect on August 17 , many are focusing on how their agents will handle compensation on both the buy-side and the sell-side. When it comes to handling compensation eXp Realty is not mincing its words — it is not sharing its listing fee with the buyer’s broker.
U.S. home prices were flat in May compared with April but were up 5.7% compared with May 2023, according to the Federal Housing Finance Agency’s (FHFA) home price index. The previously reported 0.2% price increase in April was revised upward to 0.3%. “U.S. house price movement was flat in May,” says Anju Vajja, deputy director for FHFA’s division of research and statistics, in a statement.
It is fitting that the 2024 Summer Olympics in Paris are the backdrop for the final two weeks leading up to when the real estate industry will undergo its largest structural change in decades — a feat of near-Olympic proportions. Like the athletes in Paris, Realtors and brokers across the U.S. have been busy training and preparing to be ready for Aug. 17, the date on which the terms of the National Association of Realtors ’ (NAR) nationwide commission lawsuit settlement agreement are set to go i
LenderLogix , a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, is now integrated with automated employment and income technology provider Truv. Through the integration, lenders can now access Truv’s consumer-permissioned data platform through LenderLogix’s point-of-sale (POS) LiteSpeed to obtain direct-to-source income and employment verification for mortgage applicants.
The purchase of a home stands as a critical first step towards establishing true generational wealth for many Americans. Congress recognized this importance and ultimately created the GSEs to help expand U.S. homeownership. Despite this seminal understanding, the Federal Housing Finance Agency (FHFA) has proposed a significant change in the mortgage finance process that actually runs counter to the stated mission of the GSEs and potentially limits consumers’ access to affordable housing.
Nearly 800,000 Americans used private mortgage insurance to purchase a home in 2023, and 64% of them were first-time buyers, according to a report from U.S. Mortgage Insurers (USMI). This new USMI data on low down payment and first-time borrowers provides some silver lining insights within the current residential real estate market, the firm says. “Private mortgage insurance continues to help buyers qualify for financing and become homeowners with down payments as low as 3%, and remains one of t
Despite some recent relief from mortgage rates , top executives at the parent of Rocket Mortgage continue to expect a challenging landscape for the industry in the coming months, mainly due to regulatory changes, low affordability levels and consolidation. What will be their playbook? Leaders at the Detroit-based Rocket Companies say they will continue to invest in artificial intelligence (AI) to gain operational efficiency and grow their servicing portfolio, creating opportunities for refinance
Mortgage rates decreased this week with the average rate for a 30-year fixed-rate mortgage falling to 6.73%, down from 6.78% last week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the average rate for a 30-year was 6.90%. “Mortgage rates declined to their lowest level since early February,” says Sam Khater, chief economist for Freddie Mac, in a statement.
On a recent episode of the Power House podcast, HousingWire CEO Clayton Collins sat down with Mickey Neuberger, chief marketing officer at Realtor.com and the former vice president of global marketing at eBay. In this tantalizing conversation, Collins and Neuberger survey the CMO’s path into marketing , his experience and approach to the field, brand presence, social media and Realtor.com’s recent buyer agency advocacy campaign.
With second quarter net income up 28 percent to $178 million, CEO Varun Krishna says Rocket is making "significant investments in data leadership and infrastructure.
Connecticut-based Ellington Financial , the parent company of top-10 reverse mortgage lender and servicer Longbridge Financial , announced this week that it has completed a securitization backed by a pool of proprietary reverse mortgages. The $232 million securitization closed on Thursday and was backed by a pool of proprietary reverse mortgages, all of which were originated by Longbridge, according to Ellington.
Inman honored 12 individuals and companies at its 26th annual Innovator Awards on Thursday, including awards for company, brokerage and innovator of the year. See the full list of winners.
West Palm Beach, Florida-based Onity Group , the parent company of top-five reverse mortgage lender Liberty Reverse Mortgage , recorded a decline in income during the second quarter of 2024. Despite the financial result, Onity — formerly known as Ocwen Financial Corp. — is doubling down on the reverse mortgage space by entering into an agreement to acquire the reverse lending assets of Mortgage Assets Management (MAM) from Waterfall Asset Management.
The Kennedy family scion and presidential contender also argued Thursday at Inman Connect Las Vegas that democracy depends on people maintaining "a posture of fierce skepticism.
eXp Realty is expanding its footprint in Missouri. The company has added independent brokerage Delhougne Realty Group , a St. Louis-area team that tallied $353.3 million in sales volume on 1,160 transactions in 2023. The group is based in Chesterfield, Missouri, and is led by Matt Delhougne. According to his LinkedIn profile, Delhougne previously worked as a police officer in St.
HomeLight CEO Drew Uher says he's glad to be out of the mortgage business. Fathom CEO Marco Fregenal sees value of being in lending "in a very selective way.
The Federal Reserve’s monetary policy committee once again held constant the federal funds rate at a top target of 5.5% at the conclusion of its July meeting. In its statement, the Federal Open Market Committee (FOMC) noted: “Recent indicators suggest that economic activity has continued to expand at a solid pace.
At Inman Connect Las Vegas, brokerage leaders, technology executives and software builders offered wisdom and wit in a multitopic marathon on AI, the future consumer and how technology drives growth.
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