Mortgage Rates Fall To Near Record Lows

Mortgage rates dropped again this week, nearing the all-time record set earlier in August, Freddie Mac announced Thursday in its Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.91 percent with an average 0.8 point for the week ending August 27, down from last week’s 2.99 percent and 3.58 percent a year ago.The 15-year fixed-rate mortgage averaged 2.46 percent with an average 0.7 point, down from last week’s 2.54 percent and last year’s 3.06 percent.  The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.91 percent with an average 0.2 point, unchanged from last week and down from last year’s 3.31 percent. The lowest 30-year rate on record is 2.88 percent. “This year has been anything but normal and…

Mortgage Applications 33% Higher Than Last Year

Mortgage applications were up 33 percent from a year ago, according to a report released Wednesday by the Mortgage Bankers Association. Purchase applications were down 2 percent from the previous week while remaining significantly higher than a year ago. The Refinance Index was down 10 percent from the previous week but was 34 percent higher than 2019 levels. Overall, mortgage applications were down 6.5 percent for the week ending Aug. 21. “The home purchase market remains a bright spot for the overall economy,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Purchase applications were essentially unchanged but were 33 percent higher than a year ago – the 14th straight week of year-over-year gains. Mortgage rates at…

U.S. House Prices Jump In Q2

House prices in the United States jumped by 5.4 percent over the year before in the second quarter – the 36th straight quarter home prices have risen, according to a Federal Housing Finance Agency report released Tuesday. For the month of June, house prices were up 0.9 percent over May. “Home prices grew by 5.4 percent in the second quarter of 2020 compared to a year ago, despite the impacts of COVID-19.” said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. “Although house prices fell slightly in May relative to April, in June prices rebounded by 0.9 percent over the month as local economies re-opened and transactions picked up again.” The FHFA report found: House prices rose in…

US Mortgages In Forbearance Hold Steady

The share of US households whose mortgages are in forbearance barely dropped this week, with 3.6 million loans still on hold amid the coronavirus pandemic, the Mortgage Bankers Association announced Monday. MBA’s weekly survey found that 7.20 percent of mortgages were in forbearance as of Aug. 16 – just a touch below the 7.21 percent the week before. The survey found: The share of Fannie Mae and Freddie Mac loans in forbearance also dropped by only 1 basis point to 4.93 percent.Ginnie Mae loans in forbearance were flat at 9.54 percent.The percentage of loans in forbearance for banks dropped from 7.49 percent to 7.48 percent.The share of loans in forbearance for independent mortgage banks increased from 7.42 percent to 7.43…

Existing-Home Sales Jump Nearly 25% In July

Existing home sales in the United States surged 24.7 percent in July, the second straight month of record-setting gains. The increase in July was the most in history – breaking June’s record of 20.7 percent. Overall, sales were up 8.7 percent from July 2019, according to a report released Friday by the National Association of Realtors. “The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said Lawrence Yun, NAR’s chief economist. “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.” Total housing inventory at the end of July totaled…

Mortgage Rates Sit Below 3% For Another Week

Still under 3. The 30-year fixed-rate mortgage averaged 2.99 percent this week, up just slightly from last week, Freddie Mac announced Thursday in its Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.99 percent with an average 0.8 point for the week ending August 20, up from last week’s 2.96 percent and well below last year’s 3.55 percent.  The 15-year fixed-rate mortgage averaged 2.54 percent with an average 0.7 point, up from last week’s 2.46 percent and last year’s 3.03 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.91 percent with an average 0.3 point, up from last week’s 2.90 percent and last year’s 3.32 percent. “Purchase housing demand continues to accelerate, ultimately providing support to an economy…

Mortgage Applications Decrease

Mortgage applications dropped 3.3 percent last week, the Mortgage Bankers Association announced Wednesday. For the week ending Aug. 14, purchase applications were down 1 percent from the week before – but were 27 percent higher than the same week last year. The Refinance Index dropped 5 percent from the previous week but was 38 percent higher than last year. “The housing market remains a bright spot in the current economic recovery and these results, combined with July data on housing starts and homebuilder optimism, suggest that housing supply could be increasing to better meet the strong demand for buying a home,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. The refinance share of mortgage activity decreased to…

US Forbearance Count Drops Again

The number of US mortgages in forbearance dropped for the ninth straight week – with 3.6 million homeowners still pausing their loan payments during the coronavirus pandemic, the Mortgage Bankers Association announced Monday. The MBA’s weekly survey found that 7.21 percent of mortgages were in forebearance as of August 9, down from 7.44 percent a week earlier. The survey found: The share of Ginnie Mae loans in forbearance decreased from 10.06 percent to 9.54 percent.The share of Fannie Mae and Freddie Mac loans in forbearance dropped from 5.19 percent to 4.94 percent.7.42 percent of loans managed by independent mortgage banks were in forbearance, down from 7.71 percent the week before.7.49 percent of bank-managed mortgages were in forbearance, down from 7.63…

Mortgage Delinquencies Jump In Q2

By Jim Perskie The delinquency rate for home mortgages increased by nearly 4 percentage points during the second quarter as the Covid-19 pandemic fully took hold in the United States, the Mortgage Bankers Association announced Monday. The rate climbed to 8.22 percent of all mortgage loans at the end of June – up 386 basis points from the end of the first quarter and 369 basis points from a year ago. New Jersey (up 628 basis points) and Nevada (up 600 basis points) led the way with the biggest increases. “The COVID-19 pandemic’s effects on some homeowners’ ability to make their mortgage payments could not be more apparent. The nearly 4 percentage point jump in the delinquency rate was the biggest…

Mortgage Rates Inch Up But Remain Under 3%

No new record this week. The 30-year fixed-rate mortgage averaged 2.96 percent for the week – up slightly from last week’s record 2.88 percent, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.96 percent with an average 0.8 point, up from last week’s 2.88 percent and 3.60 percent a year ago at this time.The 15-year fixed-rate mortgage averaged 2.46 percent with an average 0.8 point, up from last week’s 2.44 percent and last year’s 3.07 percent.  The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90 percent with an average 0.4 point, unchanged from last week and down from last year’s 3.35 percent. “Homebuyer demand remains strong, especially for those in search of…