Mortgage rates lower, but still over 7% for third week

The Freddie Mac Primary Mortgage Market Survey found the average for the 30-year FRM was 7.18% for the week of Aug. 31, down from 7.23% seven days prior. A year ago, it was at 5.66%. Meanwhile the 15-year fixed remained unchanged at 6.55%. For the same week in 2022 , the average rate was 4.98%. "Despite continued high rates, low inventory is keeping house prices steady ," said Sam Khater, Freddie Mac's chief economist, in a press release. "Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes."

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Fathom adds to Texas business with Elite acquisition

Encompass Lending Group, a unit of Fathom Holdings, has acquired Elite Financing Group of Austin, Texas, the latest in a wave of activity. Terms of the deal were not disclosed. Elite Financing will operate under "the umbrella" of Encompass Lending. While Encompass Lending does not have any Austin area offices, both entities have offices in the Dallas-Fort Worth market. Encompass has three locations in that market, with one more opening soon. "We believe Encompass is a perfect fit for our team during this dynamic moment in the real estate industry," Joshua Bibler, principal of Elite Financing, said in Fathom's press release.?

Pimco taps battered mortgage bonds as credit gets expensive

Investors looking for extra yield are driving corporate bonds to some of their tightest valuations of the year, pushing money managers including Pacific Investment Management Co. toward mortgage debt that looks much cheaper. New mortgage bonds now offer yields that are about 1.66 percentage points higher than U.S. Treasuries, according to data compiled by Bloomberg. That's the most relative to corporate bonds in 17 years. Risk premiums in high-grade corporate bond markets have tightened as investors hunt for yield, hovering around 1.18 percentage points as of Wednesday. Meanwhile mortgage bonds look appealing.?

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Loandepot, Black Knight, New American make leadership moves

The Chicago-based Appraisal Institute also appointed a new CEO, while two lenders entering the reverse mortgage business tapped new leaders for their respective divisions. Read about the latest executive moves in National Mortgage News’ latest roundup.?

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