Mortgage Applications Decline For Week

Mortgage applications dropped 2.2 percent for the week, according to the Mortgage Bankers Association’s weekly mortgage applications survey released Wednesday. For the week ending March 26, the Refinance Index decreased 3 percent from the previous week and was 32 percent lower than the same week in 2020. The Purchase Index dropped 1 percent for the week and was 39 percent higher than a year ago. The refinance share of mortgage activity decreased to 60.6 percent of total applications from 60.9 percent the previous week. The adjustable-rate mortgage share of activity increased to 3.4 percent of total applications.   “Many prospective homebuyers this spring are feeling the effects of higher rates and rapidly accelerating home prices,” said Joel Kan, MBA’s Associate Vice…

Pending Home Sales Tumble In February

Pending home sales dropped by 10.6 percent in February, with every region of the nation showing significant declines due largely to low inventory, according to a National Association of Realtors report released Wednesday. Not only did sales drop month over month for the second straight month, they dropped 0.5 percent from a year ago as well – breaking a streak of eight months with year-over-year gains. The Northeast Pending Home Sales Index fell 9.2 percent to 92.3 in February, a 3.9 percent drop from a year ago. The Midwest index dropped 9.5 percent to 102.4 last month, down 6.1 percent from February 2020. Pending home sales in the South dropped 13 percent to 133.2 in February, up 2.9 percent from…

Mortgage Rates Increase For 6th Straight Week

Mortgage rates continued their steady climb north of 3 percent this week, with the 30-year fixed-rate mortgage reaching its highest level since last June, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 3.17 percent with an average 0.7 point, up from last week’s 3.09 percent and down from the 3.50 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.45 percent with an average 0.6 point, up from last week’s 2.40 percent and down from last year’s 2.92 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.84 percent with an average 0.2 point, up from last week’s 2.79 percent and last year’s 3.34 percent. “During the course of the…

Mortgage Applications Down For Week

Mortgage applications slid 2.5 percent in the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey released Wednesday. The survey found that the Refinance Index decreased 5 percent for the week ending March 19 from the previous week and was 13 percent lower than the same week one year ago. The unadjusted Purchase Index increased 3 percent compared with the previous week and was 26 percent higher than the same week one year ago.   The refinance share of mortgage activity decreased to 60.9 percent of total applications from 62.9 percent the previous week. The adjustable-rate mortgage share of activity increased to 3.2 percent of total applications. “The 30-year fixed mortgage rate increased to 3.36 percent last week and has now risen…

IMBs Post Another Strong Quarter

Independent mortgage banks and mortgage subsidiaries of charter banks again saw strong business in the fourth quarter of 2020 – but smaller revenues on each loan they handled, according to a new Mortgage Bankers Association released Tuesday. IMBs reported a net gain of $3,737 on each loan they originated in the quarter – down from a $5,535 in the third quarter, the Quarterly Mortgage Bankers Performance Report showed. The report also found: The average pre-tax production profit was 137 basis points in the quarter, down from an average net production profit of 203 bps in the third quarter, but up on a year-over-year basis from 46 basis points in the fourth quarter of 2019.Average production volume was $1.47 billion per…

2.5 Million Homeowners In Forbearance

The number of US mortgages in forbearance dipped to 2.5 million in the latest survey released Monday by the Mortgage Bankers Association. MBA’s weekly survey found: Total loans in forbearance decreased from 5.14 percent to 5.05 percent for the week ending March 14.The share of Ginnie Mae loans in forbearance decreased from 7.16 percent to 7.03 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.88 percent to 2.83 percent. “New forbearance requests decreased to their lowest level since last March. Combined with a steady pace of exits, this drop in new requests resulted in a larger decline in the share of loans in forbearance across all investor categories,” said Mike Fratantoni, MBA’s Senior Vice President…

Mortgage Rates Up For 5th Straight Week

Another week, another increase in mortgage rates. For the fifth week in a row, the 30-year fixed-rate mortgage saw an increase in Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 3.09 percent with an average 0.7 point for the week, up from last week’s 3.05 percent and down from last year’s 3.65 percent.The 15-year fixed-rate mortgage averaged 2.40 percent with an average 0.7 point, up from last week’s 2.38 percent and down from last year’s 3.06 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79 percent with an average 0.3 point, up from last week’s 2.77 percent and down from last year’s 3.11 percent. “As expected, mortgage rates continued to inch up…

Mortgage Applications Dip Among Higher Rates

Mortgage applications dropped 2.2 percent last week as mortgage rates continued to climb, according to a new report released Wednesday by the Mortgage Bankers Association. MBA’s weekly survey found that the Refinance Index decreased 4 percent for the week ending March 12 – and was 39 percent lower than the same week a year ago. The Purchase Index was up 3 percent for the week and was 5 percent higher than a year ago. The refinance share of mortgage activity decreased to 62.9 percent of total applications from 64.5 percent the previous week. The adjustable-rate mortgage share of activity decreased to 2.7 percent of total applications. “Mortgage application activity was mixed last week, as the run-up in rates continues to…

Mortgage Applications Up 9% Over Last February

Mortgage applications for new home purchases for February fell by 9 percent for the month – but were 9.2 percent higher than a year earlier, according to a new survey released Tuesday by the Mortgage Bankers Association. “The economy and job market continue to improve, but new home sales activity slowed in February. Builders continue to be confronted with rising input costs and a lack of available lots, causing them to slow production,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.  MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 748,000 units in February 2021. The seasonally adjusted estimate for February is a decrease of 17.3 percent from the January…

Forbearance Levels Decline Again

The share of mortgages in forbearance in the United States declined slightly again the first week in March, according to the latest report released Monday by the Mortgage Bankers Association. MBA’s weekly survey found that 2.6 million homeowners were in forbearance plans as of March 7. The survey also showed: Total loans in forbearance decreased from 5.20 percent to 5.14 percent.The share of Ginnie Mae loans in forbearance decreased from 7.28 percent to 7.16 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.94 percent to 2.88 percent. “One year after the onset of the pandemic, many homeowners are approaching 12 months in their forbearance plan. That is likely why call volume to servicers picked up…