Lenders report losses in Q3 earnings reports — RISMedia
Editor’s note: The Mortgage Mix is RISMedia’s weekly trailer for must-see mortgage industry events. Watch for him every Friday afternoon.
- Mortgage rates dipped below the all-time high from just over 7% last week to 6.95% this week, according to the latest Primary Mortgage Market Survey® of Freddie Mac. The 15-year fixed rate average of 6.29%, and the ARMS average of 5.95%.
- The Mortgage Bankers Association last Weekly Mortgage Application Survey found that mortgage applications fell 0.5% from a 1.7% decline a week earlier.
- In their Third Quarter 2022 Earnings Report, rocket mortgage saw $25.6 billion in loans, down from $34.5 billion last quarter and $88 billion last year. Net revenue was reported at $1.3 billion and net profit fell 93% to $96 million.
- LendingTree continue to suffer revenue losses in the third quarter of 2022, posting total revenue of $237.8 million, down 9% from last quarter and a significant decrease of 20% from last year. President and CEO Doug Lebda and Chief Financial Officer Trent Ziegler shared that “Despite the macroeconomic headwinds weighing on our near-term financial results, we are more encouraged than ever for the future. We know that managing this period and the relief will make our people better and our business more sustainable. »
- The Federal Reserve announced his fourth increase of 75 basis points this year. At a news conference following the Fed’s announcement, Fed Chairman Jerome Powell said, “My colleagues and I are firmly committed to bringing inflation back to our 2% target. We are deliberately moving our policy to a level that will be restrictive enough to bring inflation down to 2%”.
- rocket mortgage introduced a possibility of classic loan for those who want to buy or refinance a prefabricated house. Financing can be used to purchase a primary residence with as little as 5% down payment or a secondary residence with at least 10%.