MBS Highway's Barry Habib on why 2025 will be a unique year
National Mortgage News
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The mortgage business has been fighting an uphill battle, but Barry Habib, the founder and chief executive of MBS Highway, sees reasons for optimism. The industry could get some rate relief next year, according to Habib. His prognostications are worth noting because, while not infallible, Habib has received multiple awards for accurate forecasting over time. Those who know Habib say that accuracy and influence stems from an ability to apply an abundance of curiosity into learning about any specialized topic. It's something Habib enjoys doing so much that he has only partially scaled back his work as he balances his business life with a pressing personal crisis. In a wide-ranging, frank conversation earlier this month, Habib shared some of his insights into both topics and what he foresees them as meaning for him and the business.?
Mortgage rates rose 12 basis points this week, reflective of the environment even before the Federal Open Market Committee announced its latest reduction in short-term rates, Freddie Mac found. The 30-year fixed-rate mortgage averaged 6.72% as of Dec. 19, up from last week's 6.6%, the Freddie Mac Primary Mortgage Market Survey reported. Only the last day of data gathering for this report would have had any impact from the market reaction to the 25-basis point cut and Chairman Jay Powell's comments.
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An updated analysis from the Congressional Budget Office suggests that recapitalizing Fannie Mae and Freddie Mac is more financially feasible than it was four years. However, an analysis from Keefe Bruyette & Woods puts the dampers on that possibility occurring in the next three-to-five years for other factors. The investment banker agrees with the CBO's reassessment but it believes other factors, primarily the mortgage industry's concerns about potentially higher rates, are likely to be bigger impediments to privatizing the government-sponsored enterprises.
A group of senators is demanding answers from the former CEO of Easyknock regarding the fintech's unexpected shutdown and his relationship to the company now serving former clients.? ? In a letter addressed to founder and CEO Jarred Kessler, Sen. Elizabeth Warren, alongside six Congressional colleagues, asked for details behind the company's business practices and the current status of client accounts. The home equity investment platform informed customers earlier this month it was closing its doors in a brief message that also appeared on its website.?
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