Mortgage applications increased 4.2% for the ending June 17, compared with the previous week
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Publicly traded mortgage companies lost a collective $6.14 billion in market capitalization in a one-week period, according to a HousingWire analysis of 11 stocks.
Several industry observers said it is the worst downturn for the mortgage market since 2008.
Kevin Heal, senior analyst and fixed income strategist at Argus Research, said to HousingWire that for lenders, "it's a tough time in the market right now because you don't know what rates to offer borrowers."
Some borrowers are not scared, however.
Mortgage applications increased 4.2% for the ending June 17, compared with the previous week, propelled by borrowers' demand for purchase loans. Purchase apps increased for the second straight week, despite rates at the highest since November 2008.
LOs – in what some consider the worst downturn since the financial crisis, what are you seeing with your clients as far as which products they're choosing and how they're navigating rising rates?
Despite mortgage rates reaching the highest level in 14 years, mortgage applications increased 4.2% from the prior week, according to the Mortgage Bankers Association.
Percy analyzes consumer behavior signals and turns them into actionable intelligence for mortgage and real estate brands. Our data-driven platform engages homeowners to help agents and LOs increase purchase business and drive deeper relationships with their clients. Meet Percy
With a housing market in transition, originators are looking to seize profitable opportunities that benefit both borrowers and their own bottom lines. HousingWire recently spoke to Jonathan Scarpati, Senior Vice President of Wholesale Lending at Finance of America Reverse, about tapping into the reverse mortgage market in light of the changing market.
Publicly traded mortgage lenders saw over $6 billion in value disappear in just over a week. They could be facing the worst downturn since 2008. But at least they have options.
At Reverse Mortgage Funding LLC, we know that when used thoughtfully, it can be a sophisticated part of a financial plan. That's why we're working to change the way people think about reverse mortgages.
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