Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.
- Mortgage Rates took a dip under the historic high of just over 7% last week to 6.95% this week, according to the latest Primary Mortgage Market Survey® from Freddie Mac. The 15 year fixed-rate averaged 6.29%, and the ARM averaged 5.95%.
- The Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey found that mortgage applications decreased 0.5% from a 1.7% decrease one week earlier.
- In their Q3 2022 earnings report, Rocket Mortgage recorded $25.6 billion in loan origination, down from $34.5 billion last quarter and $88 billion last year. Net revenue was reported at $1.3 billion and net income dropped 93% to $96 million.
- LendingTree continues to suffer revenue losses in Q3 2022, reporting a total revenue of $237.8 million, down 9% from last quarter and a significant drop of 20% from last year. Chairman and CEO Doug Lebda and CFO Trent Ziegler shared that ““Despite the macroeconomic headwinds that pressure our short-term financial results, we are more encouraged than ever for the future. We know managing through this period—and getting leaner—will make our people better and our business more durable.”
- The Federal Reserve announced its fourth 75 basis points increase this year. In a press conference following the Fed’s announcement, Fed Chair Jerome Powell said, “my colleagues and I are strongly committed to bringing inflation back down to our 2% goal. We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%.”
- Rocket Mortgage introduced a conventional loan option for those interested in purchasing or refinancing a manufactured home. The financing can be used for the purchase of a primary residence with as little as 5% down or a second home with at least 10%.
