MCLEAN, Va., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.77 percent. "On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.”
News Facts The 30-year FRM averaged 6.77 percent as of February 15, 2024, up from last week when it averaged 6.64 percent. A year ago at this time, the 30-year FRM averaged 6.32 percent. The 15-year FRM averaged 6.12 percent, up from last…
Posted On Friday, 16 February 2024 07:58 Written by
Overall, investor home purchases dropped 11% from a year earlier, the smallest decline since they began falling in 2022 Real estate investors bought 26.1% of low-priced U.S. homes that sold in the fourth quarter, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the highest share on record and is up from 24% a year earlier. By comparison, investors purchased 13.6% of mid-priced homes that sold (vs 14.3% a year earlier) and 15.9% of high-priced homes that sold (vs 15.4% a year earlier). Investors are drawn to affordable homes for the same reason as other homebuyers: They cost less, which is especially attractive when home prices and borrowing costs remain elevated. And when housing affordability is this strained, there could be more potential for value increases in the lower price tier, meaning more potential for building equity. For its analysis, Redfin determined the three price…
Posted On Thursday, 15 February 2024 06:15 Written by
I spoke a little bit last week about conversions and how tracking your conversion rates can really help you dial in your business. Far too often people are focused solely on lead generation, which is important, but they fail to track those leads through their system and use that data to improve their total conversion rates. So, this week I wanted to explore this just a little bit and give you some information to think about including in your business. Here are the main items you want to track to help you improve your conversions, as well as understanding the net result of your leads from all referral sources. Referral source Initial contact Credit Pull/Preliminary document collection Preapproval Contract Closed In general, you want to track all of your leads and come to a total number for your overall conversions. However, you also want to be sure you use referral…
Posted On Monday, 19 February 2024 00:00 Written by
Rents haven’t fluctuated much over the past year, rising 1% in January–a far cry from double-digit growth during the pandemic. The median U.S. asking rent rose 1.1% year over year to $1,964 in January, the largest annual increase since March 2023, and was unchanged from a month earlier, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. While rents ticked up from a year earlier, the bigger picture is that rent growth is leveling off after surging during the pandemic and then rapidly slowing from mid-2022 to mid-2023.
Year-over-year rent growth has hovered between -2.1% and +2.4% for the past year, a much narrower range than the prior year, when rent growth was as low as 4.8% and as high as 17.7%. Asking rents have flattened because the pandemic moving frenzy is over and landlords are grappling with vacancies due to a jump in…
Posted On Tuesday, 13 February 2024 13:45 Written by
FHLBank San Francisco Member Financial Institutions Can Now Originate More Loans for Underserved Borrowers to Close the Racial Homeownership Gap The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) and VantageScore announced today that FHLBank San Francisco will now accept mortgage collateral originated by lenders using VantageScore 4.0 credit scores, which considers rental payments and other data points into its scoring algorithms that are not included in traditional scoring models, ushering in an innovative solution aimed at closing the racial homeownership gap. By expanding the kind of mortgage collateral eligible to be pledged by member financial institutions borrowing from FHLBank San Francisco, lenders will be able to increase the amount of creditworthy mortgage applicants and include many underserved borrowers left out by conventional models. VantageScore estimates that using the VantageScore 4.0 credit model will result in approximately 33 million more consumers nationwide having access to a credit score…
Posted On Monday, 12 February 2024 08:39 Written by
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.64 percent. “Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates and low supply of homes on the market, particularly for first-time and low-income homebuyers.”
News Facts The 30-year FRM averaged 6.64 percent as of February 8, 2024, up slightly from last week when it averaged 6.63 percent. A year ago at this time, the 30-year FRM averaged 6.12 percent. The 15-year FRM averaged 5.90 percent, down from last week when it averaged 5.94 percent. A…
Posted On Friday, 09 February 2024 01:45 Written by
In an increasingly environmentally conscious world, improving your home's energy efficiency is not only responsible but also a wise investment. As sustainable living grows in popularity, energy-efficient homes are gaining momentum, often yielding a higher resale value and can help sell your home fast due to their lower environmental impact and reduced energy bills. Inspired by the will to reside in environmentally conscious and energy-efficient homes, let's explore five practical ways you can transform your living space into a sustainable haven. 1. Embrace energy-efficient appliances and lighting One of the simplest yet most effective steps towards a sustainable home is updating your appliances and lighting. Energy-efficient appliances, identifiable by the Energy Star label, use less energy, reducing both your carbon footprint and utility bills. Similarly, LED light bulbs are a smart swap, consuming up to 80% less energy than traditional incandescent bulbs. This small change not only reduces energy consumption…
Posted On Friday, 09 February 2024 14:44
  I have said it before, but it is worth repeating, how you handle that first interaction with a prospect can vastly improve your conversion rates. Why is this important? Because improving your conversion rates amounts to free money! You work so hard to generate an opportunity, why not spend just a little time refining your process and improve your conversion rates? Scary part is, too many originators, managers, and companies don’t track this important information, much less put steps in place to improve it! So, if you aren’t tracking, or know what to track, here is what I suggest you look at. Initial contact, preapproval, contract, and of course, closings. You may have different terms, but you get the idea. Of all of these, the initial contact can be the biggest and best place to improve your process to increase your overall conversion rates. This contact sets the stage…
Posted On Monday, 12 February 2024 00:00 Written by
Have you experienced receiving a phone call from an unfamiliar number? Nowadays, it may seem like a rhetorical question because most of us have encountered such situations. The prevalence of spam calls on our mobile devices has made it a common occurrence.
Personally, I receive these phone calls at least every few days. I often wonder about their origin and how on Earth they got my number. How about when you scroll through social media or a website, and you come across an ad for something you checked out a few days ago. It’s an item you’re genuinely interested in, but you can’t help but wonder how or why the ad is being served to you. This instance, along with the strange capability of Google and other software being able to read your mind by showing you ads for things you searched for momentarily weeks prior, are all…
Posted On Tuesday, 20 February 2024 00:00 Written by
The landscape of work is undergoing a transformative shift, fueled by the relentless progress of artificial intelligence (AI) and generative AI technologies. In my eyes, the key to understanding this evolution lies in recognizing that humans are not being replaced by AI but are, in fact, being empowered by it. The future of work is marked by increased efficiency, a redefined role for humans, and a seamless integration of remote and in-office collaboration. AI as a Tool, Not a Replacement As generative AI, exemplified by technologies like Chat GPT, becomes more prevalent, the question arises: Will humans be replaced by AI? No, humans will not be replaced; rather, they will be augmented by AI. AI serves as a powerful tool, particularly adept at imitation and quick execution, getting tasks 80% completed in a fraction of the time. However, the true magic lies in the remaining 20%, where human intuition, creativity,…
Posted On Tuesday, 13 February 2024 00:00 Written by
Homebuyer Demand Index is ticking up as the spring home-selling season draws nearer. That hasn’t yet converted to a meaningful improvement in pending sales–but Redfin agents expect it will in the next few months. Redfin’s Homebuyer Demand Index—a measure of requests for tours and other buying services from Redfin agents—rose 6% from a week earlier during the week ending January 28, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. An additional measure of showings also signals tours have ticked up over the last week. More buyers are touring homes because mortgage rates are holding steady below 7%, down from 8% this past October, and some buyers are worried prices will increase more if they wait longer. Sale prices rose 5.5% year over year during the four weeks ending January 28, the biggest increase in over a year. But that earliest-stage demand hasn’t yet translated into…
Posted On Sunday, 04 February 2024 09:53 Written by
New construction has taken up a growing share of the for-sale housing pie because homebuilding has increased and the number of individual homeowners selling has decreased Nationwide, 31.8% of U.S. single-family homes for sale in the fourth quarter were new construction, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s comparable with 31.9% a year earlier, which is the highest level of any fourth quarter on record. Newly built homes are taking up a growing share of the for-sale housing pie for two primary reasons: Homebuilding has increased. Homebuilding has been on an upward trajectory since 2009 as builders have slowly climbed their way out of the hole caused by the Great Recession. Construction also jumped during the pandemic as builders responded to surging homebuyer demand fueled by record-low mortgage rates. The number of homeowners putting their houses on the market has decreased over the…
Posted On Friday, 02 February 2024 07:22 Written by
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