Purchase

The mortgage brokerage franchisor added 30 operating offices and had its best year yet for unit sales.

After several weeks of resistance, mortgage rates are now moving in lockstep with the recent increases in the 10-year Treasury yield.

Severe winter weather and another hike in mortgage rates stifled loan volume for the week, according to the Mortgage Bankers Association.

While sales shot up from the same time last year, inventory reached its lowest level since Remax started its National Housing Report in 2007.

With pandemic conditions in place for a second spring, lenders and brokers discuss the indicators that will reveal whether the market is shifting away from the traditional selling season to one that runs hot throughout the year.

While its net income declined annually for the second consecutive year, CEO Hugh Frater touted Fannie Mae’s resiliency in a record year for providing mortgage liquidity.

The company purchased $1.1 trillion of single-family mortgages and $83 billion of multifamily loans during 2020.

But the average amount for a purchase loan increased to an all-time high, showing the upper end of the housing market remains strong.

The mortgage industry’s technology emphasizes speed, but a surge in volume has elongated the closing process for many, which is problematic ahead of a potential seasonal uptick in more time-sensitive purchase loans.

With low mortgage rates billowing demand as homebuying season approaches, consumer confidence for selling jumped in January, according to Fannie Mae.