Mortgage rates decline for first time in 9 weeks

🌆 Happy Monday dear reader! Today's newsletter is 668 words, a 2.5-minute read.

1. Mortgage rates decline for first time in 9 weeks

Mortgage rates fell for the first time in nine weeks, providing little comfort to sellers facing the slowest US housing market in at least 25 years.

• The average for a 30-year fixed loan declined from 7.4 to 7.32 per cent, Freddie Mac said on Thursday (Oct 22).

• The rate remains close to the highest level since November 2023. A year ago, it was 6.19 per cent.

Borrowing costs that have surged over the past two months have strained housing affordability, a key issue for voters with the midterm elections less than two weeks away. More sellers are being forced to cut prices, offering some relief to the buyers who remain.

2. FICO locks in $10 mortgage score price

FICO is offering lenders and brokers a price hold on its wholesale mortgage score through its Preferred Program, bundling Classic FICO and FICO 10T at the same price as a year ago.

The catch: eligibility is tied to purchase commitments through participating tri-merge resellers. For lenders already buying FICO throughout the process, it helps with budgeting. For lenders trying to reduce early-stage score purchases, the commitment requirement may offset the savings.

The announcement lands as credit bureaus are giving lenders more flexibility to separate and delay score purchases.

Join us for a Webinar on VA Lending

Veterans and military families represent one of the most resilient and qualified buyer segments in today’s housing market, yet misperceptions surrounding VA financing continue to create friction and leave deals on the table.

On November 18 at 11 a.m. PT, join Cotality and a panel of VA lending experts for a tactical panel discussion exploring how leading lenders win more VA volume by navigating guidelines, eliminating overlays, busting listing agent myths and helping servicemembers build wealth through homeownership.

Our panel of experts:

• Robin Clayton, Head of Product Strategy, Mortgage Data Solutions at Cotality

• Brittani Ivey, Executive Vice President, Real Estate Lending at Navy Federal Credit Union

• Major Singleton, U.S. Navy (Ret.), Mortgage Broker & Owner at Major Money Matters (powered by Edge Home Finance)

• Major Ed Pulido, U.S. Army (Ret.), Customer Relations Training Officer at First American Title & Founder of Major Ed: Empower the Veterans Foundation

Register here

3. More Nuggets

🏘️ KW, AGNT, HomeServices of America, Real REMAX fight private listings with new collaboration. (Inman)

📊 Newrez Q3 originations drop 19%, but servicing and tech investments lift profits. (HousingWire)

🏁 Michael Burry of ‘The Big Short’ was asked to give advice to Gen Z: ‘Buy half the house you can afford,’ and ‘If it flies or floats, rent it’ (Fortune)

4. New York 'Zombie' mortgage buyers pay $482,000 after suing 140 homeowners

A group of investment companies that bought up old, dormant New York mortgage debt has agreed to pay $482,000 in penalties and restitution after suing roughly 140 homeowners over loans taken out in the years before the 2008 financial crisis.

The settlement, reached with the state, also bars the companies from ever trying to collect on that expired debt again.

Attorney General Letitia James announced the deal last Friday, resolving a case built around what the industry calls zombie mortgages.

Under the agreement, the companies are now barred from seeking payment on debt for which the statute of limitations has run, and they must modify any pending foreclosure lawsuits to strip out the time-barred portions of the claims.

☀️ You’re all caught up. See you on Wednesday!

🚀 Wanna help our newsletter grow? Forward it to a friend or colleague.

Would you like to receive a ready-to-send weekly marketing email for your realtors and/or clients? Start your 30-day free trial here.

Was this email forwarded to you? Subscribe here.