I’m the COO of a mortgage company that’s funded more than $100 billion in loans. Here are the 3 things you need to know about the housing market now

I'm the COO of a mortgage company that's funded more than $100 billion in loans.  Here are the 3 things you need to know about the housing market now

Steve Reich Mortgage rates climbed above 6% last week, according to Bankrate data, with some pros saying they may go higher. (You can see the lowest mortgage rates you may qualify for here.) On top of that, home prices have risen more than 20% year-over-year, causing affordability challenges for many aspiring homebuyers. And it’s likely … Read more

Mortgage prepayments have fallen 62% from a year ago. This is what that says about the housing market.

Mortgage prepayments have fallen 62% from a year ago.  This is what that says about the housing market.

Ultimately, as long as buyers are able to keep up with their regular monthly payments, fewer people making extra mortgage payments probably isn’t going to have a massive impact on the broader housing market, explains one expert. PA Mortgage prepayment activity fell 19.1% just from March to April and 61.8% from a year ago, according … Read more

Mortgage prepayments have fallen 62% from a year ago. This is what that says about the housing market.

Mortgage prepayments have fallen 62% from a year ago.  This is what that says about the housing market.

Ultimately, as long as buyers are able to keep up with their regular monthly payments, fewer people making extra mortgage payments probably isn’t going to have a massive impact on the broader housing market, explains one expert. PA Mortgage prepayment activity fell 19.1% just from March to April and 61.8% from a year ago, according … Read more

Mortgage Lenders Are Playing Defense

Mortgage Lenders Are Playing Defense

Mortgage lenders have been squeezed by rising rates and falling volumes. Investors should be paying attention to when they push back. Home-lending rates in mid-May hit their highest level since 2009 on Freddie Mac‘s weekly US average of 30-year fixed-rate mortgages, at 5.25%. That is a climb of about 2 percentage points since the end … Read more