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Mortgage Rates vs. the Stock Market

Mortgage match-ups: “Mortgage rates vs. the stock market.” With all the recent stock market volatility, you may be wondering what effect such events have on mortgage rates. Do mortgage rates go up if stocks go down and vice versa? Or do they move in relative lockstep? Let’s find out! Stocks and Mortgage Rates Follow the [&hellip

The post Mortgage Rates vs. the Stock Market first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

Don’t Freak Out About the Recent Mortgage Rate ‘Spike’

Queue the panic. Mortgage rates have officially spiked and the media is all over it. Yep, the average rate on a 30-year fixed mortgage increased from 2.65% to 2.79% this week, per Freddie Mac’s weekly survey. Freddie Mac Chief Economist Sam Khater noted in the weekly news release that mortgage rates have been under pressure [&hellip

The post Don’t Freak Out About the Recent Mortgage Rate ‘Spike’ first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

USA Mortgage Review: #1 Mortgage Lender in Missouri?

If you live in the USA and need a mortgage, perhaps you’ve thought about applying at “USA Mortgage.” Makes sense, right? It just so happens that USA Mortgage is located right smack in the middle of our fine country, in St. Louis, Missouri to be exact. Well, that’s pretty darn close to the midpoint… Anyway, [&hellip

The post USA Mortgage Review: #1 Mortgage Lender in Missouri? first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

15-Year Fixed Mortgage Rates Just Hit Record Lows: Should You Consider One?

While 30-year fixed mortgage rates tend to steal all the headlines, 15-year fixed mortgage rates quietly reached record lows this week as well, per Freddie Mac’s weekly survey. This morning, Freddie announced that the 30-year fixed fell to a new record low 2.65%, down from 2.67% last week. That was the first record low of [&hellip

The post 15-Year Fixed Mortgage Rates Just Hit Record Lows: Should You Consider One? first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

Mortgage Impounds vs. Paying Taxes and Insurance Yourself

If you’ve been researching mortgages, or are in the process of taking out a home loan, you’ve probably come across the term “impounds” or “escrows.” When you hear these seemingly scary words, the loan officer or mortgage broker is referring to an impound account, also known as an escrow account. You may even be told [&hellip

The post Mortgage Impounds vs. Paying Taxes and Insurance Yourself first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

10 Mortgage Lenders to Consider for the Best Mortgage Rates (and Fees!)

Everyone likes a discount, right, even if it’s on a small one-time purchase that equates to a nominal amount. For one reason or another, it just feels like a win. It’s obviously even sweeter if you get a discount on a big-ticket item, as the savings will be much larger. Better yet, how about a [&hellip

The post 10 Mortgage Lenders to Consider for the Best Mortgage Rates (and Fees!) first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

Why Joe Biden and Kamala Harris Haven’t Paid Off Their Mortgages

You’d think presumably wealthy politicians like Joe Biden and Kamala Harris would own their homes free and clear. But that’s not the case, per their 2019 tax returns. Both individuals disclosed their returns on the JoeBiden.com website, and each paid tens of thousands of dollars in mortgage interest last year. But why would they pay [&hellip

The post Why Joe Biden and Kamala Harris Haven’t Paid Off Their Mortgages first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com

UWM now offering ultra-low mortgage rates on FHA loans

Ahead of its initial public offering slated for mid-December, United Wholesale Mortgage is offering mortgage rates below 2% on FHA loans through its Conquest Program.

UWM, the second-largest lender in the country, is offering rates between 1.99% and 2.5% on FHA loans, the company announced in a statement on Wednesday. The rates will be available on FHA purchase mortgages, FHA rate and term refinances, and FHA streamline refinances.

On Wednesday, the FHA announced new loan limits for 2021, increasing those amounts to $356,362 for much of the U.S. and to $822,375 in high-cost areas.

The Conquest FHA announcement is the latest in a series of UWM product launches in 2020. The lender, led by CEO Mat Ishbia, has offered ultra-low mortgage rates on VA purchase and IRRRL loans, as well as purchase and refinances on both 30-year and 15-year fixed-rate products.

Not all borrowers have qualified for the products, and to obtain the lowest rates borrowers have had to buy points upfront.


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Like many other mortgage companies, UWM has ridden a wave of record-low mortgage rates and rising home prices en route to its best-ever year in 2020.

As of the end of the third quarter, Pontiac, Michigan-based UWM closed nearly $128 billion in production, eclipsing the $108 billion it originated throughout all of 2019, the firm said. UWM originated $54.2 billion in closed loans during the third quarter, an 81% increase from the $29.9 billion it originated in Q3 2019 (loan volume was up 31.8% from Q2 2020).

According to company statements, net income totaled $1.45 billion in the third quarter, up from $198 million during the same period in 2019. The gain-on-sale margin also inched up to a record 3.18%; a year ago it was 1.29%.

In the summer, UWM announced it was merging with a blank-check company led by businessman Alec Gores. Ishbia, who will control 94% of the company, is seeking a valuation of about $16.1 billion. He’s described the impetus to go public as achieving greater scale, promoting the broker channel, and avoiding having to sell mortgage servicing rights.

The mortgage brokers that UWM bet its future on and championed have also reaped the rewards from low mortgage rates and a boom in mortgage originations over the last few quarters.

According to Inside Mortgage Finance, the wholesale and correspondent channels in the third quarter rose 34.1% from the second to the third quarter. By contrast, there was only a 9.2% increase in retail production and 16.9% growth in total first-lien originations, the publication reported. The third-party-origination share of third-quarter production rose 4.5 percentage points to 35.5% in the third quarter.

The post UWM now offering ultra-low mortgage rates on FHA loans appeared first on HousingWire.

Source: housingwire.com

Intercontinental Capital Group to add 500 jobs in Charlotte

New York-based mortgage lender InterContinental Capital Group plans to make a big investment in Charlotte, North Carolina.

The lender will add 500 jobs in Charlotte over the next five years as a part of a $5.8 million capital investment, North Carolina Gov. Roy Cooper said in a news release on Tuesday.

Overall, $8.45 million in incentives has been offered by the state, including $7.7 million through the Job Development Investment Grant program, $650,000 from the community college system and $109,661 in city investment grants.

The North Carolina Department of Commerce, who spearheaded the agreement with ICG, was in competition with several other cities, such as Indianapolis, which offered the company $15 million, and Richmond, Virginia, which offered $4 million.

“As we evaluated different locations, it became clear that whether we were looking for marketing talent to better connect with customers, engineers eager to build tomorrow’s solutions today, sales and operations talent passionate about customer service or a budding workforce eager to make a transition, they were all here in Charlotte,” said ICG founder and CEO Dustin DiMisa.


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According to the release, the company’s new job offerings in 2021 include sales, marketing, fulfillment, tech, administration and executive management and will average its salaries at $87,500 per year. By 2025, the state estimates more than $47.3 million in annual payroll will have impacted the Charlotte region.

ICG, headquartered in Long Island, New York, currently has approximately 2,000 employees nationwide with 179 stationed in the Charlotte location. ICG’s chief operating officer and chief marketing officer, Daniel Wilson and Laura Ashley, told Charlotte Business Journal on Tuesday that no decisions have been made yet on additional space to accommodate the growth or the 500 new hires promised over the next five years.

Founded in 2005, ICG currently operates in 46 states and the District of Columbia and also operates a military focused arm known as Veterans Community Home Loans.

Charlotte has proved to be a hot market in recent years with companies such as Better.com, BB&T and SunTrust, Beeline, Knock and Zillow.

At the time of its expansion into the city, Better.com CEO and founder Vishal Garg said, ”we see an entrepreneurial hunger and spirit in the city of Charlotte that is akin to what we used to see in places like downtown Manhattan in the 1980s and Silicon Valley in the 1990s.”

A December Realtor.com report also predicts Charlotte as the number three hottest housing market for 2021 as both a popular destination for millennials and retirees.

The post Intercontinental Capital Group to add 500 jobs in Charlotte appeared first on HousingWire.

Source: housingwire.com