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- Mortgage rates rise on jobs report
Mortgage rates rise on jobs report
Plus: Bayview reaches $20 million settlement with 53 state regulators over cyberattack
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Disclaimer: Average mortgage rates as of Jan 10, 2025. © MND Daily Rate Index.
1. Bayview reaches $20 million settlement with 53 state regulators over cyberattack
Bayview Asset Management and three subsidiaries have agreed to pay a $20 million fine and implement a corrective plan following a 2021 data breach that affected 5.8 million customers.
The settlement, announced last week by the Conference of State Bank Supervisors, involves 53 state financial regulatory agencies. It includes Bayview and three of its affiliates, Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings.
“State regulators have coordinated to hold companies accountable and demonstrate that protecting sensitive consumer data is non-negotiable. Actions like this also underscore the importance of cybersecurity compliance as a responsibility that must not be taken lightly,” the statement read.
2. Mortgage rates rise on jobs report
December’s jobs report delivered good news for American workers and the overall economy but could spell trouble for lower mortgage rates.
The U.S. added 256,000 nonfarm jobs in December—far surpassing the forecast of 153,000—while the unemployment rate dipped to 4.1%, according to the Bureau of Labor Statistics.
Markets reacted swiftly: By midday Friday, the stock market had posted a 600-point drop, and the average 30-year fixed mortgage rate jumped to 7.24%—its highest level in over a year, per Mortgage News Daily.
“While the Fed may have downplayed the role of the labor market in guiding the rate outlook at the last meeting, the jobs report will ALWAYS matter to the bond market,” said Matthew Graham, COO of Mortgage News Daily in an online post.
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3. More Nuggets
🔥 Zillow predicts 2025's hottest real estate markets. (Axios)
📣 Senate to hold Scott Turner’s HUD nomination hearing Jan. 16. (Politico)
🏘️ Their wealth is in their homes. Their homes are now ash. (WSJ)
4. Mortgage credit availability increased in December
Mortgage credit availability increased in December, indicating that homebuyer activity could pick up this month. The MBA’s Mortgage Credit Availability Index (MCAI) rose by 0.7% to 96.6% in December.
The conventional MCAI rose from November by 1.3%. This is due to the jumbo component increasing by 2.3%. But the conforming MCAI, the other part of the conventional, was down by 0.7%. The index for government-backed loans remained unchanged.
“Credit availability increased slightly in December, driven by more offerings for ARMs and cash out refinances that are primarily for borrowers with better credit,” said Joel Kan, MBA’s Vice President.
5. Best markets for first-time homebuyers in 2025
Realtor’com just published a study highlighting the best markets for first-time homebuyers in 2025, based on factors such as local prices, incomes, amenities, and more.
The report analyzed 3,579 Census-Designated Places within the nation’s 100 largest metropolitan areas and identified the top 10 markets. To qualify, these locations needed a population of at least 5,000 and a minimum of 500 active for-sale listings over the past 12 months.
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