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.
This past week, RISMedia published one of its “Storytellers” features on “The Mobile Mortgage Mom,” who is taking her business—and her family—on a unique and unprecedented trip, bringing her passion to communities around the country. “When I started in this business, I primarily worked with the borrowers in the community that had less than ideal credit, whether it was collections or late payments or whatever it was because they just didn’t have the knowledge behind how to better themselves,” said Jordan Nutter. Don’t miss this captivating feature about an entrepreneurial mom who takes her mortgage expertise on the road in a 40-foot branded RV.
“In the age of Amazon, society has conditioned us to want quick results,” says Guaranteed Rate Senior Production Manager Mike Dye, in an RISMedia spotlight about the company’s mission to simplify the mortgage process. Platforms showcased are Guaranteed Rate’s Proactive POD Model, which allows prospective homebuyers to apply for a digital mortgage in less than 15 minutes; as well as its Same Day Mortgage option where the company can validate an applicant’s income, assets and credit, approving a loan in 24 hours or less; its FlashClose technology designed to fast-tracked the closing process; and more.
Mortgage applications took a dip this week, in a typical pattern following mortgage rate increases. This week, applications decreased 1.6%, while the Refinance Index decreased 3% from the previous week and was 3% lower than the same week last year.
Looking at mortgage rate expectations for the remainder of the year, Fannie Mae’s most recent economic projections suggest mortgage rates will remain elevated for a while longer. Per Fannie Mae’s Economic and Strategic Research (ESR) Group, the 30-year mortgage rate is now projected to sit at 6.4% by the end of 2024–higher than the previously projected 5.9%. This will likely cause lower-than-hoped-for home sales during 2024 as homebuyers are less likely to close in a high-mortgage environment, Fannie Mae stated.
Finally, in news from Freddie Mac this week, mortgage rates ticked up nearing 7% this week, that’s up after two weeks of declines, Freddie Mac reported. But despite these fluctuations, the market is showing positive signs. According to Freddie Mac Chief Economist Sam Khater, “Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage and expectations that the Federal Reserve will cut rates later in the year.”
