2020 brought a lot of new realities into our lives – one of them being ultra-low mortgage rates.
With national mortgage refinancing rates hovering at record lows, many millennials have been taking action to lower their monthly payments and see significant savings long-term. According to the latest *Ellie Mae Millennial Tracker, refinance activity climbed to 45% of all loans closed by millennial borrowers Read more
According to Attom Data Solutions 17.8 million residential properties were considered equity-rich in Q4 of 2020.
To put this into perspective, that is one in three of the 59 million mortgaged homes nationwide now considered equity-rich. Equity-rich means that the combined estimated amount of loans secured by these properties was 50% or less of their estimated market value. A continuous rise up from 28.3% the previous quarter and 26.7% the year before. Read more
The entire mortgage industry can agree – 2020 was one of the most successful years in history for those offering mortgage products and services. Loan officers used the historic low rates to help their current clients refinance home mortgages, saving them money and in-turn earning referrals from happy customers. Now, however, with referral bases drying up and experts predicting rising rates in 2021, it’s time for mortgage companies to start thinking about how they will keep the momentum of 2020 going throughout this new year. Read more
The Mortgage Bankers Association has reported that after two weeks of decreases in mortgage applications, applications just increased 1.1% during the week of December 6-11, 105% higher than this same week one year ago. Mortgage rates have now set a 15th record low for 2020. Read more
Mortgage rates have hit a record low for the 14th time this year, encouraging even MORE borrowers to seek out lenders and refinance their home loans. Read more
Most mortgage professionals would rather do just about anything than cold call a mortgage lead list – frankly, we don’t blame them! With the abundance of marketing possibilities available these days & the mortgage industry booming, why would any successful mortgage professional spend time cold calling? Read more
There has been a record $1.1 trillion in first lien originations in the second quarter of 2020 alone. These record breaking numbers have tested mortgage professional’s capacities in ways they haven’t seen before, but Read more
Financial markets have had their fair share of shakeups this year, causing the Federal Reserve to slash interest rates to the lowest in history.
For the first time since 1971, rates have dipped below 3%. The 30-year fixed-rate mortgage averaged 2.98% for the week ending July 16, down five basis points from the previous week, according to Freddie Mac. And the 15-year fixed-rate mortgage dropped three basis points to an average of 2.51%. Read more
Mortgage rates recently plummeted to another all-time low, convincing many to refinance their homes. These rock-bottom rates have caused the average close time to increase exponentially due to the massive influx in applications. With many companies now exclusively working from home, getting ahold of applicants’ employers or HR departments has become a challenge. This delay in approval is giving Read more