{"id":58434,"date":"2024-08-15T03:03:13","date_gmt":"2024-08-15T01:03:13","guid":{"rendered":"https:\/\/housesmarketplace.com\/mortgage-rates-are-still-a-concern-but-los-gear-up-for-busy-days-ahead\/"},"modified":"2024-08-15T03:03:13","modified_gmt":"2024-08-15T01:03:13","slug":"mortgage-rates-are-still-a-concern-but-los-gear-up-for-busy-days-ahead","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/mortgage-rates-are-still-a-concern-but-los-gear-up-for-busy-days-ahead\/","title":{"rendered":"\u0421\u0442\u0430\u0432\u043a\u0438 \u043f\u043e \u0438\u043f\u043e\u0442\u0435\u043a\u0435 \u043f\u043e-\u043f\u0440\u0435\u0436\u043d\u0435\u043c\u0443 \u0432\u044b\u0437\u044b\u0432\u0430\u044e\u0442 \u0431\u0435\u0441\u043f\u043e\u043a\u043e\u0439\u0441\u0442\u0432\u043e, \u043d\u043e \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0440\u044b \u0433\u043e\u0442\u043e\u0432\u044f\u0442\u0441\u044f \u043a \u043d\u0430\u043f\u0440\u044f\u0436\u0435\u043d\u043d\u044b\u043c \u0434\u043d\u044f\u043c"},"content":{"rendered":"
\n

The recent declines in mortgage rates<\/a> have been good news for mortgage professionals and consumers alike. But the industry is not yet out of the woods, said Todd Sheinin, the Maryland-based vice president of strategy and development at Primary Residential Mortgage Inc.<\/strong><\/p>\n

\u201cAs you talk to more people across all aspects of our business, from the loan officers to the consumer to real estate agents, everybody is eagerly excited for what\u2019s coming,\u201d Sheinin said.\u00a0<\/p>\n

For a conventional 30-year mortgage, most of Sheinin\u2019s clients are quoted in the mid-6% range and clients are buying down points depending on their down payment and credit score.<\/p>\n

August is generally a slower time for business in the mortgage industry and this year is no different, LOs told HousingWire<\/strong>. But with mortgage rates trending down to the mid-6% levels \u2014 and expectations of further declines ahead \u2014 originators are gearing up for busier days ahead.<\/p>\n

\u201cThere is maybe a small increase in overall applications and people are looking a lot. I don\u2019t think it\u2019s quite what I think you are looking for in terms of increased activities yet,\u201d Sheinin said.<\/p>\n

The average 30-year conforming mortgage rate declined to 6.66%<\/a> at HousingWire<\/strong>\u2019s Mortgage Rates Center on Wednesday as inflation numbers<\/a> indicated the U.S. economy has cooled and pushed down the 10-year Treasury yield.<\/p>\n

After mortgage rates peaked above 7.5% in May, some LOs are finding small pockets of refinance opportunities.<\/p>\n

\u201cOverall, it\u2019s just easier to do refinances right now, and easier to call up our previous clients that we originated in the high 7% mortgages and get it lower, but I haven\u2019t seen a huge resurgence in the market of buyers,\u201d said Benjamin Segaloff, a Michigan-based executive loan officer at Rocket Mortgage<\/strong>.<\/p>\n

Jared Evenson, a branch manager for CrossCountry Mortgage<\/strong> in Spokane, Washington, is ringing up all of his past clients to scope out refi opportunities.<\/p>\n

\u201cAs loan originators, sometimes we assume that the refinance might not make sense for them, so we may not make that phone call because it\u2019s going to be another quarter percent before it\u2019s their time or another half a percent to where it really will make sense for that,\u201d Evenson said.<\/p>\n

It was through a phone call that Evenson found out that one of his clients was looking to refinance his existing 30-year mortgage into a 15-year loan. This brought up the timeline to refinance sooner as rates for a 15-year mortgage are lower.<\/p>\n

\u201cThat completely changed my strategy for him,\u201d Evenson said. \u201cIf his [existing] mortgage rate was at 6.625% with the loan amount he has around $650,000, we start seeing an opportunity at about 6% [for a 30-year mortgage] for him. When I\u2019m seeing a 30-year rate at 6%, his 15-year rate might be 5.5%, so it might be time to pull the trigger sooner than later.\u201d<\/p>\n

Mortgage rates, which generally move in tandem with the 10-year Treasury yield, are expected to drop even further in the coming months as the Federal Reserve<\/strong><\/a> <\/strong>is widely anticipated to cut rates by 25 to 50 basis points in September.<\/p>\n

\u201cAs we get under 6%, I think refi opportunities will explode because every FHA loan we will be able to streamline, and then every loan we\u2019ve done in the past two years we\u2019ll be able to refi,\u201d Segaloff said.<\/p>\n

The general consensus among LOs on the magic rate to spur activity is in the 5% range.<\/p>\n

\u201cI think the real key is as rates continue to come down, and once we get somewhere where there is a five handle in front, even a 5.875%, that\u2019s where we\u2019re really going to see activity,\u201d Sheinin said.\u00a0<\/p>\n

\u201cYou\u2019re going to unlock a whole set of sellers when rates get down into the 5s, because as rates get closer to what their current rate is, it\u2019s not hard to stomach going from 4.25% to 5.25%,\u201d Evenson added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The recent declines in mortgage rates have been good news for mortgage professionals and consumers alike. But the industry is not yet out of the woods, said Todd Sheinin, the Maryland-based vice president of strategy and development at Primary Residential Mortgage Inc. \u201cAs you talk to more people across all aspects of our business, from […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58434","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nMortgage rates are still a concern, but LOs gear up for busy days ahead - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/mortgage-rates-are-still-a-concern-but-los-gear-up-for-busy-days-ahead\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage rates are still a concern, but LOs gear up for busy days ahead - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"The recent declines in mortgage rates have been good news for mortgage professionals and consumers alike. 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