Luxury mortgage ceo quoted in national mortgage news article

David Adamo was interviewed for a recent article published by National Mortgage News. He and other industry leaders discuss the current climate of mortgage rates and how it compares to historical data.

Here’s a preview of the article…

Mortgage rates increased more than 20 basis points this week, but remained below the 7% mark, according to Freddie Mac.

The gain matches that in the latest Mortgage Bankers Association’s Weekly Application Survey, but other rate trackers, which posted gains last week, moved in the other direction.

The 30-year fixed-rate mortgage averaged 6.83% on April 17, the Freddie Mac Primary Mortgage Market Survey reported. This was up from last week when it averaged 6.62%, but below one year ago, when it averaged 7.1%.

A similar gain was seen in the 15-year FRM, which was 6.03%, for the week, up from 5.82% in the prior period. A year ago, it averaged 6.39%. It is the first time since the end of February that this product is over 6%.

“The 30-year fixed-rate mortgage ticked up but remains below the 7% threshold for the 13th consecutive week,” said Sam Khater, Freddie Mac’s chief economist in a press release. “At this time last year…purchase application demand was 13% lower than it is today, a clear sign that this year’s spring home buying season is off to a stronger start.”

The rate snapshot does not tell the story, however, of what mortgage bankers have been dealing with.

“Since the ‘Tariff Tantrum,’ we have seen an extremely volatile rate environment which has not only been impacted by rising Treasury yields but also by credit spreads that have been widening to compensate investors for the additional risk in the marketplace due to this volatility,” said David Adamo, CEO of Luxury Mortgage.

Click here to read the full article at NationalMortgageNews.com.