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.
-A 2021 antitrust case against United Wholesale Mortgage (UWM) has been dismissed by a Florida federal court, as reported by National Mortgage Professional. The case had alleged that UWM and its CEO Mat Ishbia had conspired with brokers to mount a group boycott of Rocket Mortgage and Fairway Independent Mortgage Corporation. Judge Wendy W. Berger wrote that the court was “unpersuaded” by the plaintiffs claims in her decision on Sept. 23.
–Mortgage rates have reached their lowest level in two years, according to the latest Freddie Mac data. The average 30-year fixed-rate mortgage fell to 6.08% this week, down from last week’s rate of 6.09%, and last year’s average of 7.31%.
-“Although this week’s decline was slight, the 30-year fixed-rate mortgage trended down to its lowest level in two years,” said Sam Khater, Freddie Mac’s chief economist. “Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment.”
-In response to continuously falling mortgage rates, applications have reached a two-year high, according to the MBA’s latest Weekly Applications Survey. Applications increased 11%, and refinance activity is up 20%.
-“Mortgage applications increased to their highest level since July 2022, boosted by a 20% increase in refinance applications after a large increase the prior week,” said Joel Kan, MBA’s vice president and deputy chief economist.
