Guardian Residential Lending Industry News, March 28 – April 4, 2019

Guardian Residential Lending Industry News, March 21-28, 2019
March 28, 2019
Guardian Residential Lending Industry News, April 4-11, 2019
April 11, 2019
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In the Know: A Roundup of This Week’s Local and National Real Estate Stories 

Lower mortgage rates spark action, what homebuyers say they want, Zillow Mortgage and more…

Freddie Mac: Interest rate drop drives mortgage demand to highest level since 2016 (HW, April 4)

The 30-year fixed-rate mortgage averaged 4.08% this week

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Americans are relocating more frequently than before, here’s why (HW, April 1)

On average, 47 million U.S. residents moved each year from 2012 through 2016

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A massive drop in mortgage rates will likely spark refi activity (HW, April 1)

Mortgage rates fell 22 basis points last week to 4.06%, an event that will likely be a gamechanger for the refinance market. According to the latest report from Black Knight, 4.9 million homeowners with a mortgage can now reduce their interest rate by at least 0.75% by refinancing after the recent drop in mortgage rates.

The latest rate change brings refinance incentive to 1.6 million more homeowners than before – a near 50% jump in refi incentive in a single week’s time.

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Nearly 5 million homeowners can now save money on their mortgages (CNBC, April 1)

With the average rate on the 30-year fixed now close to 4 percent, 4.9 million borrowers could likely qualify for a refinance and reduce their interest rate by at least three-quarters of a percentage point, according to Black Knight, a mortgage data and analytics company.

That is a nearly 50 percent increase in the size of that population in a single week.

On a $300,000 mortgage, a refinance from 4.81 percent to 4.06 percent would save the homeowner about $133 per month.

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Housing industry responds to Trump’s calls for housing finance reform (HW, March 28)

Groups applaud president’s official step toward instigating long-awaited change

The Mortgage Bankers Association applauded Trump for championing change that would foster competition in real estate finance and protect taxpayers.

The National Association of Realtors shared similar sentiments.

The National Association of Federally-Insured Credit Union is also a fan of Trump’s move.

“A healthy secondary mortgage market is of the utmost importance to Americans, and we support efforts by the Trump administration to reform our housing finance system in a way that promotes competition and puts an end to taxpayer bailouts,” said NAFCU President and CEO Dan Berger.

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Zillow is now a mortgage lender, launches Zillow Home Loans (HW, April 2)

Zillow has owned a mortgage company for approximately six months, having purchased Mortgage Lenders of America in November 2018, but now, the online real estate giant has truly become a mortgage lender as well.

Zillow announced Tuesday that it is launching its own mortgage lending operation, which it is calling Zillow Home Loans.

For years, prospective homebuyers could search for a mortgage through Zillow’s site, as lenders paid to have their interest rates and terms listed on Zillow’s mortgage marketplace. Now, they’ll have a new competitor: Zillow itself.

The company is rebranding Mortgage Lenders of America to carry the Zillow name, and will use the lender to finance home buying and selling through its Zillow Offers platform.

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NAR: Here’s what homebuyers really want (April 2)

A third of buyers are focused on heating and cooling costs

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Home-price growth expected to pick up in year ahead (HW, April 2)

Strong spring home buying season may spur growth

Home prices have been appreciating rapidly since the housing market’s recovery, but they’ve stepped off the fast track in recent months, displaying a notable slowdown in appreciation.

But CoreLogic predicts a turnaround thanks to low mortgage rates, which should spur strong home buying activity this spring and nudge home prices upward.

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Just For Fun

Frank Lloyd Wright in 45 essential works (Curbed, March 29)

A map of projects from across the country that present an overview of the legendary architect’s incredible career.

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Thanks for reading!