Rocket Fuel Newsletter – 01/22/22

This week’s edition has a VA pricing special, tips to beat rate hikes (or competitors) and playoff football. 

Fuel Up! 🚀 

Caffeinated Trends With Ryan Schoen, Senior Analyst, Rocket Mortgage ^SM

1. Mortgage Rates Have Come Full Circle  
 
With the recent jump, VA 30-year rates are back to where they were prior to the pandemic, with FHA and conventional just below those levels while jumbo rates remain 50 bps better.  
 
Luckily, we are running a promotion on Full-Doc VA through the end of January. Lock before it ends! 

2. Pro Tip – Boost Credit To Cut Rates  
 
As the Fed raises rates, you have the option to cut them for your borrowers – without cutting profits! 
 
Fresh Start® credit boosting enables you to reduce the loan-level charges from Fannie Mae and Freddie Mac to your client.  
 
On an average loan with 20% down, a 5-point credit boost from 675 to 680 will put $5,000 back in your client’s pocket. 💰 

3. Location? Location? Location?  

Here’s a look at what the December median list price of $375K will buy you across the country.

Grab Bag

• 400 LOs caught skipping class 
   
• Redfin buys Bay Equity Home Loans for their LOS, product offerings and geo footprint 
   
• All Better Now? – Vishal Garg back at the helm at Better.com 

Speaking of dolphins ... 
 
After the Detroit Lions, the Miami Dolphins hold the longest streak without a playoff win with their last one coming in 2000. 

Don Chiesa’s Raiders haven’t won one since ‘03, but they were graceful enough to let Burrow’s Bengals end their 30-year drought.  

Former Lions QB Matt Stafford broke his playoff curse last week, but now must face Tom Brady who’s running out of fingers for rings! (Unless you count thumbs, this could be his last ring finger at SoFi Bank stadium.)

In the Weeds, Reads

1. The Economy and Housing to Turn Toward 'New Normal' in 2022 
    
2. Big Drop in Home Sales, Surging Mortgage Rates, Tight Supply: The New Dynamics Shaping Up 
    
3. Forbearances Decrease Significantly: MBA | Black Knight 
    
4. U.S. Foreclosure Activity Drops To An All-Time Low In 2021 
    
5. Delinquencies Down YoY, Still Up Compared to Pre-Pandemic 

Rates

What to Watch For

• Home Price Data Next Tuesday – FHFA & Case-Shiller 
   
• Fed Meeting Next Week – Wednesday Press Conference 
   
• Inflation Metrics Next Friday – “Personal Consumption Expenditures”