5 Important Questions to Ask Yourself Before You Refinance Your Mortgage
While still on the lower end of the 30-year scale, interest rates have risen to about 6.8%, reaching levels significantly higher than 2021 when rates were as low as 2.96%. At the same time home prices have surged to all-time highs, and inventory remains very tight. These market conditions have left many homeowners contemplating whether […]
Mortgage lenders face customer retention challenge
Declining interest rates are leading borrowers to refinance, but even as the market picks up, servicers are encountering challenges in keeping customers. Servicers saw the retention rate for refinances fall in the second quarter to the second-lowest point in 17 years, ICE Mortgage Technology said in a new report. Companies managed to retain just 20% […]
Refinance applications jump as borrowers see rates drop
Borrowers responded to a pullback in interest rates, leading to another surge for refinance activity last week. The 30-year conforming rate eased back 2 basis points to an average of 6.95% from 6.97% for the seven days ending Feb 7, according to the Mortgage Bankers Association’s weekly applications survey. Similarly, the average 30-year jumbo rate […]
Mortgage lending activity holds on to recent gains
While flattening in recent weeks, mortgage activity is showing some signs of hanging on to its late-summer momentum. The Mortgage Bankers Association’s Market Composite Index, a measure of weekly application volume based on surveys of the trade group’s members, squeezed out a seasonally adjusted increase of 1.4% for the seven days ending Sep. 6. Activity […]
CFPB says minority borrowers lack the chance to refinance
Not all eligible borrowers will be afforded the opportunity to refinance their mortgages as rates decline, a blog from the Consumer Financial Protection Bureau claims. Slightly less than one quarter of current mortgage borrowers have a loan at an interest rate at 5% or higher, the group most likely to benefit from a refinancing. That […]
UWM offers high LTV cash-out refis without mortgage insurance
United Wholesale Mortgage is offering another aggressive promotion for borrowers seeking refinances. The leading lender’s Conventional Cash-Out 90 allows homeowners to access up to 89.99% loan-to-value on their homes in a cash-out refi without obtaining mortgage insurance. The product, available immediately, is the only such offering in today’s mortgage market, the company said. An MI […]
Purchase locks increase in the face of rising rates
Purchase lock activity pointed to steady demand amid accelerating mortgage rates last month, but movement toward government and nonconforming options also suggest a changing buyer profile, according to Optimal Blue. Lock volumes for new home purchases rose 11.6% from September to October, data from the product pricing engine platform’s monthly report showed. The rise reflected […]
10 states most wanting to refinance… and the 10 least
Enjoy complimentary access to top ideas and insights — selected by our editors. Refinancing is declining as mortgage rates have risen due to persistent inflation and strong job growth. Eden Emerald Mortgages ranked the states most and least wanting to refinance by analyzing the number of times people in each state use search engines to […]
Mortgage application increases again after recent slowdown
After the first uptick in several weeks, mortgage application activity again gained momentum, with purchases and refinances both increasing. The Mortgage Bankers Association’s weekly Market Composite Index climbed up a seasonally adjusted 1.7% for the seven-day period ending Nov. 15. The trade group’s index was up for a second consecutive week, following an 0.5% rise. […]
Mortgage refinance applicants see rejections at a high
Mortgage application rejections surged in 2024, with refinance borrowers experiencing the highest rate of “no” in over 10 years, according to research by the Federal Reserve. The average rejection rate for refinances jumped by over 10 percentage points to a high of 25.6% in 2024 from 15.5% in 2023, a consumer expectations survey from the […]