The number of mortgages in forbearance remained at 2.6 million for the week ending February 21, according to a new report from the Mortgage Bankers Association. The report found: The total share of mortgages in forbearance in the United States increased from 5.22 percent to 5.23 percent.Ginnie Mae loans in forbearance increased from 7.32 percent to 7.35 percent.Fannie Mae and Freddie Mac loans in forbearance held steady at 2.97 percent. “A small increase in new forbearance requests, coupled with exits decreasing to match a survey low, led to the overall share of loans in forbearance increasing for the first time in five weeks,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The largest rise in the forbearance share…
Mortgage rates climbed again this week, inching ever closer to 3 percent as confidence in the economy begins to climb, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.97 percent with an average 0.6 point for the week ending February 25, 2021, up from last week’s 2.81 percent and down from 3.45 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.6 point, up from last week’s 2.21 percent and down from last year’s 2.95 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.99 percent with an average 0.1 point, up from last week’s 2.77 percent and down from last year’s 3.20 percent. “Optimism…
Mortgage applications tumbled more than 11 percent last week amid higher interest rates and severe winter weather in parts of the country, according to a report released Wednesday by the Mortgage Bankers Association. The weekly survey found overall applications were down 11.4 percent for the week ending February 19, while refinances were down 11 percent for the week and up 50 percent over a year ago. Purchase applications were down 8 percent and up 7 percent from last year. The refinance share of mortgage activity decreased to 68.5 percent of total applications from 69.3 percent the previous week. The adjustable-rate mortgage share of activity increased to 2.7 percent of total applications. “Mortgage rates have increased in six of the last…
Home prices in the United States surged 10.8 percent in 2020 – the largest annual increase on record, according to a report released Tuesday by the Federal Housing Finance Agency. FHFA’s House Price index found: Prices were up 3.8 percent from the third quarter to fourth quarter of 2020.Prices increased 1.1 percent from November to December.Home prices have risen for 38 consecutive quarters – or since September 2011.Home prices increased in all 50 states and the District of Columbia in 2020. “House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA HPI,” said Dr. Lynn Fisher, Deputy Director of FHFA’s Division of Research and Statistics. “Low mortgage rates, pent up demand from homebuyers, and…
By Damian Bell Late last year, Congress passed a $1.4 trillion continuing resolution to fund the federal government. Just a few months later, a newly inaugurated president is pushing a newly inaugurated Congress to pass a Covid-19 relief bill that dwarfs that government funding package by $500 billion—for a total price tag of $1.9 trillion. For a housing market that has stood out as a rare bright spot in an otherwise faltering economy, the mammoth undertaking raises the question: What’s in the offing? If it becomes law, the unprecedented liquidity in the stimulus bill seems poised to support continued gains in house prices, which have boomed in recent months thanks to low interest rates. In short, the plan signals smooth sailing ahead—at least for…
The share of US mortgages in forbearance declined for the third week in a row, according to a weekly survey released Monday by the Mortgage Bankers Association. The survey, which reported 2.6 million US homeowners remain in forbearance plans, also found: Total loans in forbearance decreased from 5.29 percent to 5.22 percent.The share of Ginnie Mae loans in forbearance decreased from 7.34 percent to 7.32 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.01 percent to 2.97 percent. “The housing market is quite strong, with home sales, home construction, and home price data all testifying to this strength,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Policymakers and the mortgage industry have helped…
Mortgage rates climbed for the first time in weeks but remain near historically low levels, according to the weekly Primary Mortgage Market Survey released Thursday by Freddie Mac. The survey found: The 30-year fixed-rate mortgage averaged 2.81 percent with an average 0.7 point for the week, up from last week’s 2.73 percent and 3.49 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.21 percent with an average 0.7 point, up from last week’s 2.19 percent and last year’s 2.99 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.77 percent with an average 0.2 point, down from last week’s 2.79 percent and last year’s 3.25 percent. The 30-year fixed-rate mortgage is at its highest point since mid-November. “Economic spending has…
Mortgage applications declined 5.1 percent for the week ending February 12, according to the weekly report released Wednesday by the Mortgage Bankers Association. The survey found the Refinance Index dropped 5 percent from the previous week while remaining 51 percent higher than the same week a year ago. The Purchase Index decreased 1 percent and was 15 percent higher than the same week last year. The refinance share of mortgage activity decreased to 69.3 percent of total applications from 70.2 percent the previous week. The adjustable-rate mortgage share of activity increased to 2.4 percent of total applications. “Expectations of faster economic growth and inflation continue to push Treasury yields and mortgage rates higher. Since hitting a survey low in December,…
The number of US mortgages in forbearance dropped to 2.6 million last week after holding steady for several weeks, according to the weekly report released Tuesday by the Mortgage Bankers Association. The weekly survey found: The percentgage of loans in forbearance decreased from 5.35 percent to 5.29 percent as of February 7.The share of Ginnie Mae loans in forbearance decreased from 7.46 percent to 7.34 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.07 percent to 3.01 percent. “The share of loans in forbearance declined to the lowest level since April 5th of last year, due to decreases in both the GSE and Ginnie Mae portfolios,” said Mike Fratantoni, MBA’s Senior Vice President and Chief…
Mortgage rates aren’t budging. For the second week in a row, the 30-year fixed-rate mortgage average didn’t move at all, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.73 percent with an average 0.7 point, unchanged from last week and well below last year’s 3.47 percent.The 15-year fixed-rate mortgage averaged 2.19 percent with an average 0.6 point, down from last week’s 2.21 percent and last year’s 2.97 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79 percent with an average 0.2 point, up slightly from last week’s 2.78 percent and down from last year’s 3.28 percent. “It’s a tale of two economies. The services economy remains in the doldrums, but…
