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.
- Could it be? After climbing above 7% last week, mortgage rates have tumbled 47 basis points, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). While it may be welcome news to consumers, Freddie Mac’s Chief Economist Sam Khater cautioned that there is a “long road ahead” for the housing market.
- Though it came before the dip in rates, the Mortgage Bankers Association (MBA) reported that mortgage applications enjoyed a 2.7% jump from the previous week.
- Can you say Abracadabra? S. mortgage holders saw a total of $1.3 trillion in newly acquired equity vanish from the market in the third quarter of 2022. According to Black Knight’s 2022 Mortgage Monitor report, the loss is the largest quarterly dollar decline on record and the largest on a percentage basis since 2009.
- It’s been a long time coming, but California-based Carrington Mortgage Services has agreed to pay a $5.25 million penalty to the CFPB for alleged “improper practices” related to pandemic forbearance plans.
A new FHFA report found that Fannie Mae and Freddie Mac purchased $2.52 trillion in single-family mortgages in 2021 with an average guarantee fee of 56 bps—up two basis points from the year prior. The report attributed the uptick primarily to a 50 bps “adverse market fee” that the FHA applied in 2020 on mortgage refis.
