House Prices Up 12.6% For Year

US house prices continued to shoot up in the first quarter of the year, the Federal Housing Finance Agency reported Tuesday. Prices increased 12.6 percent from the first quarter of last year – and were 3.5 percent higher than the fourth quarter, FHFA announced in its House Price Index. The index also increased 1.4 percent in March. The index found: House prices have risen for 39 consecutive quarters, or since September 2011.House prices rose in all 50 states and the District of Columbia between the first quarters of 2020 and 2021.The top five states with the highest annual appreciation were Idaho (23.7 percent), Utah (19.2 percent), Arizona (17.4 percent), New Hampshire (16.2 percent), and Connecticut (15.9 percent).The states showing the…

2.1 Million US Mortgages In Forbearance

Forbearance levels in the United States continued their decline in the latest report released Monday by the Mortgage Bankers Association. The weekly MBA survey found: Total loans in forbearance decreased from 4.22 percent to 4.19 percent (or about 2.1 million mortgages).The share of Ginnie Mae loans in forbearance decreased from 5.61 percent to 5.59 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.24 percent to 2.21 percent. “The share of loans in forbearance declined for the 12th straight week, dropping by 3 basis points. The decline was smaller than the prior week due to a slower pace of forbearance exits,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Although the overall share is…

Mortgage Roundup (5/24/21) – Sales, Bids & Rates

Good morning! Today is Monday, May 24. The Army is expanding its allowed hairstyles for women. Phil Mickelson makes history as the oldest major championship winner in golf history. Billions of cicadas are appearing in the biggest emergence event since 2004. And in mortgage and housing news … EXISTING HOME SALES: Existing-home sales declined yet again, a result of the low inventory of properties for sale and rising prices keeping buyers at bay. PURCHASING POWER: Why LGBTQ+ Americans are less likely to own homes.  BIDDING WAR: How to win a bidding war in a hot housing market.  DEFAULT RATES: First mortgage default rates slip in April.   WEALTH GAP: A new report says $1.5 trillion could be added to the economy if the racial wealth gap in housing was fixed.  FORBEARANCE END: Mortgage distress…

Mortgage Rates At Exactly 3%

Average 30-year mortgage rates edged up to 3.00 percent this week, Freddie Mac announced Thursday in its weekly Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 3.00 percent with an average 0.6 point for the week, up from last week’s 2.94 percent and down from 3.24 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.29 percent with an average 0.7 point, up from last week’s 2.26 percent and down from last year’s 2.70 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.59 percent with an average 0.3 point, unchanged from last week and down from last year’s 3.17 percent. “After a run up over the first few months of the year, rates have paused and…

Mortgage Applications Down 9% For Month

The mortgage market was considerably stronger in April than last year at the height of the pandemic, according to the latest monthly report from the Mortgage Bankers Association. Mortgage applications for new home purchases surged 30.8 percent in April from a year ago, while decreasing 9 percent from a month earlier. MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 770,000 units in April 2021. The seasonally adjusted estimate for April is an increase of 7.8 percent from the March pace of 714,000 units. On an unadjusted basis, MBA estimates that there were 72,000 new home sales in April 2021, unchanged from March.  By product type, conventional loans composed 72.9 percent of loan applications, FHA…

Forbearance Levels Down To 4.22%

Forbearance levels continue to decrease in the United States, the Mortgage Bankers Association said in its latest weekly report released Monday. The MBA survey found: Total loans in forbearance decreased from 4.36 percent to 4.22 percent.The share of Ginnie Mae loans in forbearance decreased from 5.82 percent to 5.61 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.32 percent to 2.24 percent. “The opening of the economy, as the successful vaccination effort continues, should lead to further reductions in the forbearance share,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “However, many homeowners continue to struggle. Borrowers who are reaching the end of their forbearance term should reach out to their servicer to…

Mortgage Rates Parked Below 3%

Mortgage rates are holding steady below 3 percent in Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.94 percent with an average 0.7 point, down from last week’s 2.96 percent and last year’s 3.28 percent.The 15-year fixed-rate mortgage averaged 2.26 percent with an average 0.6 point, down from last week’s 2.30 percent and last year’s 2.72 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.59 percent with an average 0.3 point, down from last week’s 2.70 percent and last year’s 3.18 percent. “Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under three percent for the past month,” said Sam Khater,…

Mortgage Credit Loosens In April

The mortgage credit market got a little looser in April, according to a new report released Tuesday by the Mortgage Bankers Association. The Mortgage Credit Availability Index climbed 2.2 percent to 128.1 last month, MBA said. The Conventional MCAI increased 4.8 percent, while the Government MCAI increased by 0.1 percent. Of the component indices of the Conventional MCAI, the Jumbo MCAI increased by 6.9 percent, and the Conforming MCAI rose by 12.6 percent.  “Credit availability rose in April, fueled by a 5 percent increase in conventional mortgage credit, as well as an expansion in agency programs for ARMs and high-balance loans. The conforming and jumbo loan indices jumped 7 percent and 13 percent, respectively. The uptick in credit supply comes…

Share Of US Mortgages In Forbearance Falls Again

The share of mortgages in the United States still in forbearance plans dropped again in the latest weekly report released Monday by the Mortgage Bankers Association. The survey found: Total loans in forbearance decreased from 4.47 percent to 4.36 percent.The share of Ginnie Mae loans in forbearance decreased from 6.02 percent to 5.82 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.42 percent to 2.32 percent. “The pace in the declining share of loans in forbearance quickened in the last week of April. This 10th week of decreases reflected a faster rate of exits and a steady, low level of new requests,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Homeowners who have…

Mortgage Rates Slide To 2.96%

Mortgage rates dropped slightly again, remaining under 3 percent for the week, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.96 percent with an average 0.6 point for the week, down from last week’s 2.98 percent and last year’s 3.26 percent.The 15-year fixed-rate mortgage averaged 2.30 percent with an average 0.6 point, down from last week’s when it averaged 2.31 percent and last year’s 2.73 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.70 percent with an average 0.3 point, up from last week’s 2.64 percent and below last year’s 3.14 percent. “Mortgage rates have remained under three percent for three consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist.…