Last month involved several regulatory compliance updates and hot topics in the Mortgage industry. We’ve rounded up some key updates and how they will affect you and your financial institution going forward.
Survey: Mortgage Borrowers Sought Mortgages Via Brokers in 2019
The percentage of borrowers buying a home who applied for mortgages through a broker increased in 2019 from a year earlier, while the percentage of those applying through a bank or credit union fell under 50%, according to a new report.
The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) on Thursday published updated data collected via the National Survey of Mortgage Originations (NSMO). Data from the survey provides insights into borrowers’ experiences in obtaining residential mortgages.
Why Is This Important to Me and My Financial Institution?
Key survey data like this is important to better understand borrower experiences and trends occurring within the mortgage market.
Variant Scare Causes Mortgage Rates to Fall 2.78%
The average 30-year fixed-rate mortgage sank 10 basis points to 2.78% for the week ending on July 22, continuing several weeks of declines, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS.
According to Sam Khater, Freddie Mac’s chief economist, concerns about the COVID-19 Delta variant and the recovery from the pandemic are taking their toll on economic growth.
While the economy continues to mend, Treasury yields have decreased, and mortgage rates have followed suit, said Khater. “Unfortunately, many homebuyers are unable to take advantage of low rates due to low inventory and high prices.”
Why Is This Important to Me and My Financial Institution?
Declining mortgage rates are giving prospective homeowners the chance to refinance and reduce their monthly payments.
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