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This week, mortgage applications decreased 3.7%; new listings increased 8% year over year during the four weeks ending December 29; credit availability increased slightly in December; the Freddie Mac rate for a 30-year mortgage climbed to 6.93%; and home price growth continued to slow in October, growing at a rate of 3.60% year-over-year. Mortgage Applications […]

Overview Due to wildfires and straight-line winds in California, FEMA has declared the following county a disaster. Incident Period: January 7, 2025 and continuing State FEMA Disaster Declaration Counties California 01/08/2025 Los Angeles Re-Inspection by Product Type If your loan is … A re-inspection is required … Under these circumstances … FHA Full Doc Yes […]

Overview The offices of Carrington Mortgage Services, LLC (CMS) including the Lock Desk will be closed on Monday, January 20, 2025 for Martin Luther King Jr. Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, January 21, 2025. Rate Locks that expire on the holiday will automatically roll to the next […]

Overview Please be advised the Carrington Mortgage Services, LLC (CMS) Lock Desk will be closing at 2:00 PM Eastern Time (11:00 AM Pacific Time) on Thursday, January 9, 2025 due to the early close of the financial markets to observe the funeral services for President Carter. Normal lock hours will resume on Friday, January 10, […]

Pending home sales increased for a fourth month in November to the highest level since early 2023; new home sales also jumped 5.9% in November; the Freddie Mac rate for a 30-year mortgage increased again this week, rising 6 basis points to 6.91%.; mortgage applications decreased 21.9% from two weeks earlier; and the number of […]

The Federal Reserve cut interest rates by a quarter point on Wednesday; contract closings increased 4.8% to an annualized rate of 4.15 million in November; November mortgage applications to purchase a new home increased 7.2%; mortgage rates decreased for the third straight week; and the past two weeks have brought the highest combined two-week increase […]

Overview The purpose of this communication is to announce, effective December 31, 2024, Carrington Mortgage Services, LLC (CMS) will no longer offer the Closed-End Second Lien Loan Program for the Correspondent channel. Please Note: Any Correspondent Closed-End Second Lien Loans in the active pipeline that have not been locked by the December 31, 2024 effective […]

Mortgage applications increased 5.4% from one week earlier; alternative mortgages, such as non-QM, have seen double-digit growth recently; refinance surged in September and October, as more than 300,000 mortgage refinances closed – the most in 2.5 years; credit availability tightened considerably in November; and the median listing price fell by 1.2% year over year, while […]

Overview During the 2024 holiday season, the offices of Carrington Mortgage Services, LLC (CMS), including the Lock Desk, will observe the following schedule: Tuesday, December 24, 2024 – closed for CMS Company holiday Wednesday, December 25, 2024 – closed for Christmas Day holiday Wednesday, January 1, 2025 – closed for New Year’s Day holiday Normal […]

Overview Due to Tropical Storm Helene in West Virginia, FEMA has declared the following county a disaster. Incident Period: September 25, 2024 – September 28, 2024 State FEMA Disaster Declaration Counties West Virginia 12/09/2024 Mercer Re-Inspection by Product Type If your loan is … A re-inspection is required … Under these circumstances … FHA Full […]