Mortgage and total jobs rise amid a mixed read for rates
National Mortgage News
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Estimates for nonbank hiring had gotten a little more optimistic this spring but broader employment jumped slightly more than anticipated in the past month, raising questions for mortgage origination prospects. Hiring by independent mortgage bankers and brokers combined in May rose to 271,500 from a downwardly revised 268,600 the previous month, according to the Bureau of Labor Statistics.The June gain for total jobs, which are reported with less of a lag, was 206,000.The overall employment number, taken in isolation, could be viewed as exerting upward pressure on interest rates that could challenge the ability to sell mortgages. However, when combined with other indicators, the outlook for mortgage rates is less clear. "Beyond this headline, other aspects of the data indicate a slowing job market," said Mike Fratantoni, chief economist at the Mortgage Bankers Association, in a press statement.
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Before loan officer James Dinh began making industry-related content on TikTok, he dreaded the process of finding clients. The LoanLock LO said most of his Realtor partners came from cold-calling or attending open houses, feeling like he was "fishing for business all the time." He created his platform to spread education using his colorful personality, and months later, business began flowing in. After learning how to film and edit himself, he now has over 38,000 followers on TikTok. He's part of a community of loan officers where some creators have audiences of over one million viewers. National Mortgage News sat down with Dinh and some of the other loan officers in this community to discuss their strategies for developing an audience and translating online engagement into loan closings.?
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Purchasing a home has become so expensive that potential buyers of all ages, but especially younger folks, are looking into pooling their assets with unrelated parties (such as friends) to get over the hump. Among recent Gen Z homebuyers, 22% combined their money with friends' to buy a home together, the 2024 State of Homebuying Report from ServiceLink found. That is a new trend compared with previous versions of the survey.? Consumers are doing more creative things to get into a home like putting money together for a down payment, being co-borrowers and being on the note together, said Matt Dunbar, senior vice president of the Southeast region at Churchill Mortgage. "As the lender we look at is repayment ability and default, we looked at the collateral," along with what is the acceptable use for the property, he said.
Mortgage lock volumes pulled back in June, as pervasive market sluggishness kept a grip on the housing market, according to a new report. Rate locks finished 7.84% lower compared to May, Mortgage Capital Trading said in its latest report. On a year-over-year basis, though, volumes increased by 6.11%. Among loan categories, purchase locks fell 8.99%. On the other hand, the refinance market saw an 11.56% jump in rate-and-term transactions, but cash-outs inched down 0.36% between May and June. The latest reading comes after lock volume rose by 6.78% the previous month, with every loan type posting increases, after interest rates hit a 2024 high in early May, then slid downward.?
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