Mortgage applications slipped slightly last week as rates rose again. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 0.8%, a much softer decline than the week prior’s 3.1% drop. MBA attributes recent declines to rising rates. The average interest rate…
By KIMBERLEY HAAS Fannie Mae and Freddie Mac were affected this week after Fitch Ratings downgraded the country’s credit rating. On Tuesday, leaders at Fitch issued a press release saying they had downgraded the United States of America’s Long-Term Foreign-Currency Issuer Default Rating from AAA to AA+. Fitch is one of three nationally recognized statistical…
Fitch Ratings’ Q2 RMBS Servicer Metric Report found late-stage non-prime delinquencies down year-over-year (YOY) for both bank and non-bank mortgage servicers. Bank servicers reported a drop in 90+ day delinquencies, from 13% to 10% YOY, down 12% last quarter. Non-bank servicers saw a drop from 8% to 4% YOY, with a 2% fall from Q1. The numbers…
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