The Federal Reserve Board on Tuesday afternoon cut the target federal funds rate by 25 basis points -- half of what some investors were hoping for -- sending stocks, mortgage equities in particular, on a downward spiral.The short-term benchmark rate now stands at 4.25%. The Dow Jones industrial average closed down 294 points, with some mortgage bellwethers getting hammered. (See item above.)
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
