Coming in at 6.76 percent to kick off the month of May According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average rate for a 30-year fixed mortgage in the United States declined to 6.76% this week, marking a continued easing in borrowing costs. Sam Khater "Mortgage rates again declined this week," said Sam Khater, Chief Economist at Freddie Mac. "In recent weeks, rates for...
The real estate industry and The New York Times have not been on good terms for a while now. Although the mutual disdain began with the Times’ 2023 expose of alleged widespread sexual harassment and a “culture of fear” at the National Association of Realtors (NAR), things really began to heat up with the Times’ coverage of the commission lawsuits. With that backdrop, it’s not surprising that...
Artificial intelligence has moved from a buzzword to boardroom priority in lending. After years of hype and speculation, we’re finally seeing real transformation in how loans are processed, underwritten, and serviced. What’s most fascinating isn’t just the technology itself but the emerging pattern of success: the institutions making the greatest strides aren’t those attempting to replace human...
On Tuesday, the National Reverse Mortgage Lenders Association (NRMLA) held its first dedicated reverse mortgage industry event of the year. The association’s Western Regional Meeting in Irvine, California, included an estimated 150 registrants from 75 companies around the country and took place in the state that often leads the nation in reverse mortgage volume. Attendee reactions were generally...
Florida’s housing markets were as hot as any after the COVID-19 pandemic began, but now they’re among the coldest. Stubbornly high mortgage rates, rapidly rising inventory and macroeconomic headwinds are impacting housing markets all over the country, but Florida is notable for both how far it’s fallen and how much it’s slumping. Here are four charts using Altos data that explain Florida’s...
Roughly two weeks after HomeServices of America announced that Chris Kelly was taking over as CEO from Gino Blefari, the firm is back with more C-suite changes. On Thursday, the firm announced the appointment of Alex Seavall to chief financial and operations officer, along with the appointment of Candace Adams as executive vice president of HomeServices of America, the role vacated by Kelly. Seavall...
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