A monthly briefing for Michigan real estate agents, loan officers, and closing professionals.
Residential Market and Closing Pulse
Fannie Mae Raises Its Rate Outlook to 7.4% This Quarter and 7.5% Through 2027
Fannie Mae's economists now project the average 30-year fixed at 7.4% for the fourth quarter and 7.5% across 2027 - a sharp upward revision. Whatever you think of forecasts, it is a useful number to have in your pocket when a seller asks whether to wait for rates or a buyer asks whether to float.
Source: ALTA.org, Oct. 16, 2026
Purchase Applications Are Running 16% Below Last Year
For the week ending Oct. 9, the Mortgage Bankers Association's composite index fell 2.7%, with purchase applications 16% lower than a year ago and refinance activity down 56%. Fewer applications now means fewer closings into the winter, so the files you do have are worth protecting - which is what this month's insight is about.
Source: Scotsman Guide, Oct. 14, 2026
An Executive Order Pushes the Federal Refinance Title Waiver Toward a Permanent Program
An Oct. 22 executive order directs FHFA to turn its title acceptance pilot for eligible refinances into an ongoing program, with broader eligibility and no geographic limits. ALTA's response was that cost savings cannot come by shifting risk onto homeowners. If a refinance client is offered a waiver instead of a policy, it is worth them understanding what the policy would have covered before they decline it.
Source: ALTA.org, Oct. 22, 2026
Residential Title Insight
Wire-Fraud Hygiene: What to Tell Buyers and Sellers Before Closing Day
The pattern almost never changes. Someone watches the transaction from a compromised email account, waits until the week of closing, and sends new wire instructions that look exactly like the real ones. What has changed is that a phone callback is no longer proof. Voice cloning is cheap now, so a voice that sounds like your client, your loan officer, or someone at our office is not verification on its own. That is why the conversation has to happen at the beginning of the file rather than at the end. Tell every buyer and seller the same three things when you take the listing or the application: wire instructions will never arrive by email or change at the last minute, the only number they should use to verify is one they already had in hand - from our website or from a piece of paper we gave them, never a number inside an email - and any message creating urgency about money is a reason to stop and call, not hurry.
On the file itself, a few habits do most of the work. Don't forward wire instructions, even as a courtesy; if a client asks you to confirm them, point them back to our verified number instead of confirming yourself, because a forwarded instruction carries your credibility and you cannot see where it originated. Let sellers know in advance that we will verify their proceeds instructions by calling them on a number we establish independently, and that it is procedure rather than distrust - sellers who expect the call stop treating it as an obstacle. Watch for the small tells: an email domain that shifts by one character mid-transaction, a party who suddenly will only communicate in writing, a change of instructions that arrives alongside a reason you can't verify. And if a client tells you they already sent funds somewhere that now seems wrong, call us the same hour. The first few hours are when a wire can sometimes still be recalled; by the next day it usually cannot.
From Ken's Desk
Sometimes, it's the smallest details that can hold up a closing. Recently, we stepped in to help resolve a vesting issue caused by a typo in a property owner's first name. Our team quickly coordinated a quitclaim deed to correct the issue, keeping the transaction on track to close that same day. It's a great example of how we approach every transaction at Midwest Title. When challenges come up, we don't just identify the problem. We work to find a solution and do what it takes to get our clients to the closing table.
-- Ken
Work With Us
When you need title and closing services for a Michigan home purchase, sale, or refinance, our team keeps the file moving and your client informed from commitment through closing. Reach out for a quote, a question on a commitment you've received, or a second set of eyes on a tricky file.
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About Midwest Title and Ken Appelt
Midwest Title is a Michigan title insurance agency handling residential purchases, sales, and refinances alongside its commercial practice. Founded by Ken Appelt, an experienced professional in the lending sector with three decades of experience in the residential space, Midwest Title gives agents, loan officers, and attorneys a Michigan closing partner who reads commitments carefully and keeps clients informed from open order to recording.
Contact: Sales@mwtmi.com | Midwest Title | Michigan-Licensed Title Insurance Agent
This newsletter is for informational purposes only and does not constitute legal advice.
