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.…

2.23 Million Mortgages In Forbearance

The number of US mortgages in forbearance sits at 2.23 million borrowers, according to the Mortgage Bankers Association’s weekly survey. The survey found: Total loans in forbearance dropped from 4.49 percent to 4.47 percent.The share of Ginnie Mae loans in forbearance decreased rfrom 6.09 percent to 6.02 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.44 percent to 2.42 percent. “The rate of exits has slowed the past two weeks, with this week’s exit rate reaching the lowest since February,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The increase in the forbearance share for portfolio and PLS loans highlights both the ongoing buyouts of delinquent loans from Ginnie Mae pools as well…

Guest Voices: Veterans Eligible For VA Construction Loans

By Bruce Reichstein Demand for custom built homes is on the rise and many Veterans who are in the market to build a new home are finding out about the VA guaranteed construction loan program that has been around for years. If you are an eligible Veteran and qualify for a $0 Down VA Home Loan, then you qualify for a $0 Down VA construction loan as well. Not only can these Veteran borrowers select and purchase their desired lot/land, they can also have a say in the design plans with a home builder of their choice for stick built, modular or manufactured homes. And they will be able to finance both the lot and the entire construction portion of…

Commercial, Multifamily Delinquencies Drop

In a sign of a strengthening economy, delinquency rates for mortgages backed by commercial and multifamily properties decreased again in April, according to the Mortgage Bankers Association’s (MBA) latest monthly CREF Loan Performance Survey released Monday. Commercial and multifamily delinquency rates reached their lowest level since the start of the Covid-19 pandemic more than a year ago. The survey found: 95.1 percent of outstanding loan balances were current, up from 95 percent in March.3.2 percent were 90+ days delinquent or in REO, unchanged from a month earlier.0.3 percent were 60-90 days delinquent, unchanged from a month earlier.0.4 percent were 30-60 days delinquent, down from 0.5 percent a month earlier.1.1 percent were less than 30 days delinquent, up from 0.9 percent.…

Mortgage Rates Remain Below 3%

Still below 3 percent. Mortgage rates inched up ever so slightly this week to 2.98 percent, Freddie Mac reported Thursday in its weekly Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.98 percent with an average 0.7 point for the week, up from last week’s 2.97 percent and down from last year’s 3.23 percent.The 15-year fixed-rate mortgage averaged 2.31 percent with an average 0.7 point, up from last week’s 2.29 percent and down from last year’s 2.77 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.64 percent with an average 0.3 point, down from last week’s 2.83 percent and last year’s 3.14 percent. “In light of the rising COVID caseloads globally, U.S. Treasury yields stopped moving up…

Mortgage Applications Down For Week

Mortgage applications declined slightly for the week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey released Wednesday. The survey found that overall applications were down 2.5 percent, while the Refinance Index dropped 1 percent for the week and was 18 percent lower than the same week a year ago. The Purchase Index decreased 4 percent for the week and was 34 percent higher than last year. The refinance share of mortgage activity increased to 60.6 percent of total applications from 60.0 percent the previous week. The adjustable-rate mortgage share of activity decreased to 3.5 percent of total applications. “Even with a few weeks of lower rates, most borrowers have likely already refinanced, which is why activity has decreased…

US House Prices Increase 12.2% Year Over Year

House prices continued their climb in February across the nation and in every region, according to the latest House Price Index released Tuesday by the Federal Housing Finance Agency. The Index found: House prices rose 0.9 percent for the month.From February 2020 to February 2021, prices skyrocketed 12.2 percent.For the nine census divisions, seasonally adjusted monthly house price changes for the month ranged from a 0.3 percent increase in the Middle Atlantic division to a 1.6 percent increase in the Mountain division.  The 12-month changes ranged from 10.5 percent increase in the West North Central division to 15.4 percent increase in the Mountain division. “Annual house price growth acheived a new record high in February,” said Dr. Lynn Fisher, FHFA’s Deputy…

2.25M US Mortgages Still In Forbearance

The share of US mortgages in forbearance edged down ever so slightly last week, with 2.25 million American homeowners still in forbearance plans, according to the Mortgage Bankers Association’s latest report. The weekly report found: Total loans in forbearance decreased from 4.50 percent to 4.49 percent.The share of Ginnie Mae loans in forbearance decreased from 6.16 percent to 6.09 percent.The share of Fannie Mae and Freddie Mac loans in forbearance remained the same at 2.44 percent. “After two weeks of large declines, the share of loans in forbearance decreased for the eighth straight week, but by only 1 basis point. New forbearance requests increased, and the rate of exits declined,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist.…