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.…

Mortgage Rates Drop Below 3% Again

Mortgage rates fell below 3 percent again this week for the first time since April, Freddie Mac reported Thursday in its weekly Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.97 percent with an average 0.7 point for the week, down from last week’s 3.04 percent and last year’s 3.33 percent.The 15-year fixed-rate mortgage averaged 2.29 percent with an average 0.6 point, down from last week’s 2.35 percent and last year’s 2.86 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.83 percent with an average 0.3 point, up from last week’s 2.80 percent and down from last year’s 3.28 percent. “The drop in mortgage rates is good news for homeowners who are still looking to take advantage…

Mortgage Applications Up 8.6% For Week

Mortgage applications climbed 8.6 percent for the week ending April 16, according to the latest Weekly Mortgage Applications Survey released Wednesday by the Mortgage Bankers Association. MBA said the Refinance Index increased 10 percent from the previous week and was 23 percent lower than the same week one year ago. The unadjusted Purchase Index increased 7 percent compared with the previous week and was 57 percent higher than the same week one year ago.   The refinance share of mortgage activity increased to 60 percent of total applications from 59.2 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged at 3.6 percent of total applications.   “Mortgage rates dropped to their lowest levels in around two months,…

Housing Starts Jump In March

Housing starts increased 19.4 percent in March amid strong buyer demand, according to a new report released by the US Department of Housing and Urban Development and the US Census Bureau. Overall housing starts totaled 1.74 million units – the fastest pace for combined single-family and multifamily construction since June 2006. “Builder confidence remains strong, pointing to gains for single-family construction in 2021,” said Chuck Fowke, chairman of the National Association of Home Builders. “However, rising costs for most kinds of building materials continue to impede positive additional momentum in the market.” On a regional basis compared to the previous month, combined single-family and multifamily starts are 64 percent higher in the Northeast, 122.8 percent higher in the Midwest, 13.5…