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.
- According to Mortgage News Daily, the 30-year fixed-rate mortgage currently sits at 6.85% (rates had reached 7.05% on May 22, 2023). The 15-year fixed-rate mortgage sits at 6.23%, a decline of 0.13% from the May 22 rate.
- Mortgage applications have continued to decline. For the week ending May 26, 2023, mortgage applications decreased 3.7% from the previous week compared to the 4.7% decrease the week ending May 19, 2023. This data comes from the latest Weekly Application Survey from the Mortgage Bankers Association (MBA).
- According to Greg McBride, chief financial analyst at Bankrate.com: “We won’t get a meaningful and sustained decline in mortgage rates until inflation shows a more substantive retreat.”
- Research by ATTOM Data found that only 1.25 million new mortgages originated in Q1 2023, representing a 19% quarterly decline.
- CoreLogic’s latest Loan Performance Insight Survey found that during March 2023, 2.6% of all mortgages were in some state of delinquency. This is the lowest reported level in two decades.
- Pennsylvania bank ESSA Bank & Trust will pay $3 million to settle allegations of redlining, a practice that hurts prospective Black and Latino mortgage borrowers.
