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MPA Week in Review

A look back at the stories that shaped your week.

Video transcript below:

Ryan Smith:  Happy Friday everyone.  I’m Ryan Smith and this is MPA’s weekend review.

Janet Yellen was sworn in Monday as the new Chair of the Federal Reserve.  The first woman to lead the agency, Yellen replaces departing Fed Chairman, Ben Bernanke who’s already landed the job at the Brookings Institution.  Yellen’s appointment received wide support in the mortgage industry as she is expected to continue the easy money policies that led to historically low rates during Bernanke’s tenure.  

Well if you didn’t think the refi boom was over, it’s pretty hard to deny it now.  Refinancings currently accounts for about 62% of all mortgage activity, but Freddy Mac is projecting that the refinance share will be just 38% of all originations in 2014.  The good news, the emerging purchase market is expected to pick up a lot of that slack.  About that purchase market, Freddy Mac Chief Economist, Frank Nothaft predicted this week that purchase originations would be coming back in a big way this year.  Nothaft predicts that 2014 will be the first year since 2000 that purchase originations will dominate the market.  He also predicts mortgage rates will creep up to about 5% in 2014, but that most markets will remain affordable.  

In other news, CFPB Director Richard Cordray appeared on Jeopardy Wednesday.  Cordray finished second, with $5200 although he won’t be keeping that money due to his position with the government.  It wasn’t the Director’s first rodeo, Cordray won more than $45,000 on the game back in  1987.  CFPB didn’t even exist back then.  On the other hand mortgage rates were 11% and Police Academy 4 was one of the top movies of the year, so it wasn’t all  wine and roses.  

Mortgage rates were down again this week, the 30 year fixed rate mortgage averaged 4.23%, down from last week’s 4.32%.  The 5 year adjustable rate mortgage stands at 3.08% from last week’s average of 3.40, while the 1-year arm dropped to 2.51% from last week’s average of 2.55.  This has been your weekend review for MPA, I’m Ryan Smith.
  • Ray Bartreau on the state of the mortgage industry Ray Bartreau on the state of the mortgage industry

    The last few years have seen a lot of change in the mortgage industry. And now, continued home-price gains, regulatory uncertainty and a new administration mean even more change on the way. MPA recently chatted with Raymond Bartreau of Best Rate Referrals about the current state of the industry.

  • Busting the myths around VA loans Busting the myths around VA loans

    Many originators shy away from VA loans, thinking they'll be too complicated. Coming off of a record-breaking year for VA loans, the product can be more viable now than ever. MPA sits down with Carrington's Ray Brousseau to get his take

  • CFPB oversight bill passes House CFPB oversight bill passes House

    House Financial Services Oversight & Investigations Subcommittee Chairman Sean Duffy’s bill passed with an overwhelmingly bipartisan vote of 401 to 2 this week. The bill would bring greater transparency and accountability to the Consumer Financial Protection Bureau.

  • RealtyTrac: Zombie foreclosures are a consistent problem RealtyTrac: Zombie foreclosures are a consistent problem

    The share of zombie homes has increased, despite the decline in total foreclosures, according to the latest data from RealtyTrac.

  • NAMB: CFPB's rate checker tool problems NAMB: CFPB's rate checker tool problems

    The CFPB released its rate checker tool in an attempt to better prepare consumers for buying a home. While their intentions may have been good, the result was not, according to NAMB.

  • LendingTree translates real estate buzzwords LendingTree translates real estate buzzwords

    This video is worth a good laugh. LendingTree breaks down those tough real estate terms for your clients.

  • Buyer confidence keeps pending home sales growing Buyer confidence keeps pending home sales growing

    Pending home sales slightly improved in November and are above year-over-year levels for the third straight month, something Lawrence Yun, chief economist at the National Association of Realtors, says is due to buyers' confidence in the economy.

  • Obama talks housing, lower FHA rates Obama talks housing, lower FHA rates

    In his recent speech on housing in Arizona, the President addressed new housing initiatives, including lowering FHA rates, winding down Fannie and Freddie and continuing to crack down on shoddy lending practices.

  • AAG head Reza Jahangiri on the advantages of reverse mortgages AAG head Reza Jahangiri on the advantages of reverse mortgages

    MPA talks with Reza Jahangiri, CEO of American Advisors Group, about the advantages of reverse mortgages

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