Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.
- Mortgage rates increased to 6.39%, the level at which they stood two weeks ago, according to the latest Primary Mortgage Market Survey from Freddie Mac. The 15-year fixed-rate mortgage remained unchanged, however, at 5.75%. Due to home prices continuing to rise, Freddie Mac Chief Economist Sam Khater said that “This indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership.”
- In keeping with the trend of rising mortgage rates, mortgage applications fell 5.7% this week, according to the latest Mortgage Applications Survey from the Mortgage Bankers Association (MBA). Joel Kan, MBA’s vice president and deputy chief economist, commented that “Most borrowers have lower rates on their mortgages, and those who are in the market are extremely rate sensitive.”
- With controversy still surrounding the Federal Housing Finance Agency’s new loan level pricing adjustments, National Association of REALTORS® President Kenny Parcell went to Washington to testify in front of Congress on why the organization feels these fees are unnecessary and possibly harmful. “Without addressing this issue, housing will remain out of reach for many,” said Parcell.
- Guaranteed Rate has partnered with Gateless to make use of its smart underwriting system, according to Yahoo! Finance. The companies shared that Smart Underwrite enables lenders to digitally read and interpret all critical loan data and documentation the moment it is received, and keeps with Freddie Mac and Fannie Mae guidelines.
