The housing market is as hot as ever. The mortgage market, though, is losing steam.
A decline in demand is fueling price wars across the mortgage industry, pushing down profits.
The housing market is as hot as ever. The mortgage market, though, is losing steam.Homes are selling at a blistering pace unseen since before the financial crisis,pushing up home valuesin nearly every U.S. ZIP Code. Yet lenders are preparing for mortgage demand to cool in the coming months, the result of rising interest rates that make refinancing less attractive for a huge chunk of borrowers.
The anticipated decline in mortgage volume is setting off price wars across the industry. That is driving down profit margins and spooking the shareholders of mortgage firms that went public closer to the height of the lending boom.Rocket Cos., the parent of Quicken Loans, said last week that it expects its gain-on-sale margin, a measure of how much lenders earn when they sell loans, to decline in the second quarter. The profit margin would be the company’s narrowest since before the mortgage boom. The forecast drove shares of several nonbank lenders to double-digit losses last week, analysts said.
“The message from all the companies that have reported financials publicly is that competition has increased significantly,” said Guy Cecala, chief executive of Inside Mortgage Finance. Read more: The Wall Street Journal »
World Wide Web code that changed the world up for auction as NFT
The original source code for the World Wide Web that was written by its inventor Tim Berners-Lee is up for sale at Sotheby's as part of a non-fungible token, with bids starting at just $1,000.
HOPE NEVER HAPPENED DONT PUSH Israel A 1 megaton nuclear bomb creates a firestorm that can cover 100 square miles A 20 megaton blast's firestorm can cover nearly 2500 square miles Hiroshima & Nagasaki were small cities & were small bombs HamasTerrorists As usual, the world is silent while Palestinian women are beaten and abused by the Zionist occupation soldiers FreePalaestine GazaUnderAttak IsraelTerrorists IsraelUsesPhosphorusBombs
Thanks Obama!! ArnoWellens Quite a lot of movements due to COVID19... some moved closer to families... or needed bigger houses due to remote learning & work... glad, people almost settling down this year... hope things back to normal again... soon. The housing market is BS right now. Completely inflated from the pandemic.
for who, millionaires & billionaires? Nobody else has any dough
'SNL': Elon Musk Admits Dogecoin Is 'A Hustle' on Weekend UpdatePlaying a financial expert, SNL host and “Dogefather” explains the cryptocurrency boom and the meme token He said while playing a character, not as himself “Elon Musk jokes about Dogecoin being a hustle on SNL”. Fixed it for you.. or it was a joke in a comedy sketch
COVID-19 pet boom has veterinarians backlogged, burned outBurnout and fatigue are such a concern for vets dealing with a COVID-fueled pet boom, that some practices are hiring counselors to support their weary staff. GazaUnderAttack I’ll always testify good deeds of Mrs Sharon and that of the person who referred her to me ,”she is a honest woman who want the success of others...feel free to contact her sharon_cryptofx
U.S. Home Prices Surge, Scaring Off Some Potential BuyersHome prices rose in nearly every corner of the country in the first quarter, showing little sign of fading soon with limited housing inventory and robust buyer demand.
What is a mortgage and is now the right time to apply for one?I finally learned that, no, you don’t need to come armed with a briefcase of bills to buy a house. What is a mortgage?
Household debt climbs to $14.64 trillion, due to jump in mortgages and car loansTotal household debt balances rose by $85 billion in the first quarter, a 0.6% increase that brought the total level to $14.64 trillion. Capitalism = Usury, Slavery, Theft. What about margin calls? 🤣 That's only half of the Federal debt at $28T and rising rapidly.