The average interest rate on a 30-year fixed-rate mortgage fell to 6.37% as of Thursday, down from 6.46% the week prior, according to Freddie Mac.

The promotion is available for borrowers with credit scores of 700 or above, for conventional mortgages and government-insured loans.

The new guidelines, which go into effect Aug. 6, require seller/servicers to have clear policies in place to mitigate the risks posed by this technology and to ensure it complies with existing laws and regulations.

loanDepot has already been originating both HELOCs and closed-end second liens.

Banks sold $125.65 billion of mortgages during the fourth quarter of 2025.

“There are hundreds of thousands more home sellers in the market than buyers because buyers have been spooked by high mortgage rates, high prices and economic uncertainty,” Redfin said.

An uptick in refinance activity wasn’t enough to offset the seasonal decline in purchase-mortgage volume.

“Independent mortgage banks have navigated the most volatile interest rate cycles in a generation without a taxpayer backstop,” according to Pennymac.

The lender originated $1.64 billion of loans in the first quarter, with plans to hit $1.0 billion in monthly volume by May.

Pennymac typically issues its own non-agency MBS.