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.
–Rates are pushing toward last year’s peak, reaching 6.81% this week, according to Freddie Mac. Despite a pause in rate hikes by the Fed, expectations for more increases later in the year appear to be putting pressure on rates.
–Mortgage delinquencies are down overall, according to the latest data from CoreLogic, as a resilient job market and economy continue to keep borrowers afloat. A handful of states, including Idaho, Michigan and Utah, saw delinquency rates rise slightly.
-At the same time, though, more people are choosing to tap into their equity as reverse mortgage volumes rose 25% in June, according to Reverse Mortgage Daily, flipping a downward trend in this type of loan.
–Applications are also down, according to the latest Mortgage Bankers Association survey, reaching their lowest level in a month as purchase, refinance and government-backed loans all fell or stayed flat.
-South Carolina-based Movement Mortgage agreed to pay almost $24 million to settle claims it failed to comply with underwriting requirements for government-backed loans, closing an investigation that began all the way back in 2018. Two whistleblowers received $4 million of that settlement, according to National Mortgage News.
