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.
- How low will mortgage rates go? The 30-year fixed mortgage rate dropped for the third consecutive week, according to the latest Primary Mortgage Market Survey® from Freddie Mac, which showed mortgage rates at 6.32% amid continued economic uncertainty.
- Mortgage rate fluctuations appear to be a boon for the market as mortgage applications saw another uptick. The number of folks applying for mortgages rose by 2.9% on a seasonally adjusted basis from one week earlier. According to experts at the Mortgage Bankers Association, refis have also seen some increased activity following their dry spell.
- Mortgage delinquencies experienced a modest decrease in January based on CoreLogic’s monthly Loan Performance Insights Report. Reports show that all mortgaged homes in the U.S. that were delinquent to some degree dropped by half a percentage point to 2.8% at the start of the year.
- Rocket Companies, parent company to Rocket Mortgage and Rocket Homes, has branched into the credit card business. The Detroit-based company launched the Rocket Visa Signature Card to make home-buying easier through everyday spending. Cardholders will earn 5% back (up to $8,000) that they can use toward closing costs and a down payment on a home.
- The Federal Housing Finance Agency (FHFA) has extended its COVID-19 payment deferral option to distressed homeowners dealing with hardships not associated with the pandemic. Households with loans backed by Fannie Mae and Freddie Mac that have fallen on tough times will now have the option to temporarily suspend their monthly obligations for up to six months.
