Compass' COO Maëlle Gavet set to leave company

A source tells Inman the departure is unrelated to reports of a working rift between COO Maëlle Gavet and CEO Robert Reffkin

Compass Chief Operating Officer Maëlle Gavet is leaving the well-funded, growing brokerage to take a new, undisclosed opportunity, a Compass source told Inman on Wednesday.

The source said the departure was not related to any reports of a working rift between Gavet and Compass CEO Robert Reffkin, which Gavet addressed in an exclusive interview with Inman earlier this year.

The Compass source tells Inman that the company won’t be looking for a replacement for the role, as Rob Lehman, chief business officer, has been leading operations across all regions. The company also has a set of regional presidents.

Freddie Mac: Mortgage rates retreat after highest one-week increase in nearly a year

This week, the 30-year fixed-rate mortgage averaged 3.64%

This week, the average U.S. fixed rate for a 30-year mortgage fell to 3.64%. That’s nine basis points below last week’s 3.73% and more than a percentage point lower than the 4.72% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey.

According to the GSE, in terms of the 30-year fixed-rate mortgage, September has been the most volatile month since March. During the month, it has averaged a weekly movement of 11 basis points.

“With both the unemployment rate and mortgage rate below 4% and near historic lows, it is no surprise that the housing market regained momentum with home sales and construction at or near decade highs,” said Sam Khater, Freddie Mac’s chief economist. “The fall housing market is poised to continue with steady gains in prices and solid sales activity.”

The 15-year FRM averaged 3.16% this week, falling from last week’s 3.21%. This time last year, the 15-year FRM came in at 4.16%.

Willie Miranda, the owner of the Miranda Real Estate Group, announced Wednesday he is merging his company with eXp Realty, a national brokerage.

The Miranda group had previously been an independent company for 17 years and has 81 agents. Miranda made the announcement via Facebook Live.

38. UNIVERSAL BASIC SERVICES: Shaping the 21st century welfare state