Good Morning! Today is Thursday, May 5. New England’s three Republican governors said they would protect abortion rights in their states regardless of the Supreme Court’s decision. The Russian bombing of a Mariupol theater in March killed about 600 people. A growing number of people have tested positive for Covid after the White House Correspondents Dinner. The Mortgage Note Reports Applications Tick Up: Mortgage loan application volume rose by 2.5% last week, good news at the start of a so-far slow spring buying season. Spring Selling: Selling a home in May, June, or July brings premiums of 10% or more above market value, as colder months see significantly lower profits for sellers. And in other mortgage and housing news… 50 Point Hike: The Fed raised its benchmark interest rate…
Mortgage loan application volume rose by 2.5% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, rose by 2.5%. The adjusted purchase index increased by 4%, while the unadjusted purchase index was up by 5% and was 11% lower YOY. The refinance index increased 0.2% and was down 71% YOY. Refinances made up 33.9% of total applications, down from 37.1%. ARM activity accounted for 9.3% of total applications. “The 30-year fixed rate was 5.36%, up over two percentage points from a year ago. The 127-basis-point jump in rates over the past two months has triggered a 49% drop in refinance activity,” said Joel Kan, MBA’s Associate Vice…
Mortgage rates declined for the first time after a weeks-long upward streak, averaging 5% last week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5%, down from 5.11% last week. A year ago at this time, the 30-year FRM averaged 2.98%. “The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth…
Good Morning! Today is Thursday, April 28. New York State’s highest court threw out Democratic-drawn legislative maps as partisan gerrymanders. American and European officials say they are worried the war could escalate beyond Ukraine. The Mortgage Note Reports Applications Drop: Mortgage loan application volume plummeted by 8.3% last week, with overall application activity dropping to its lowest level since 2018. St. Mary’s Board: St. Mary’s Bank has elected Stephen Grzywacz as chairman and Elizabeth Hitchcock as vice-chairman. Do You Like Our Newsletter? Then share this email with a friend so they can go to our website and sign up to receive it every weekday, too! And in other mortgage and housing news… NAHB Asks For Action: Members of NAHB sent a letter calling on the White House to take action on the…
Mortgage loan application volume plummeted by 8.3% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 8.3%. The adjusted purchase index fell by 8%, while the unadjusted purchase index fell by 7% and was 17% lower YOY. The refinance index fell 9% and was down 71% YOY. Refinances made up 35% of total applications, down from 35.7%. Mortgage rates reached their highest level since 2009 last week, and overall application activity dropped to its lowest level since 2018. “The drop in purchase applications was evident across all loan types. Prospective homebuyers have pulled back this spring, as they continue to face limited options of homes…
Good Morning! Today is Wednesday, April 20. Wimbledon is planning to bar tennis players from Russia and Belarus from this year’s tournament. President Biden said Americans should decide for themselves whether to wear masks on public transportation. Netflix lost subscribers for the first time in more than a decade, and its stock fell. The Mortgage Note Reports A Customer For Life: Editor Kimberley Haas reports that Guild Mortgage’s success is the result of their long-term dedication to customers. Application Freefall: Mortgage loan application volume plummeted by 5% last week as rates reached 5.20%, their highest level since 2010. Rent Record: Rent prices continued their double-digit gains in February, rising 13.1% YOY to hit another new record as the highest in the history of CoreLogic’s index. And…
Mortgage loan application volume plummeted by 5% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 5%. The adjusted purchase index fell by 3%, while the unadjusted purchase index fell by 2% and was 14% lower YOY. The refinance index fell 8% and was down 68% YOY. Refinances made up 35.7% of total applications, down from 37.1%. Mortgage rates reached 5.20%, the highest level since 2010. “Ongoing concerns about rapid inflation and tighter US monetary policy continued to push Treasury yields higher, driving mortgage rates to their highest level in over a decade,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. …
Good Morning! Today is Thursday, April 14. The U.S. will send another $800 million in military aid to Ukraine, and it will share intelligence on Russian troop positions. Two Omicron subvariants may be driving rising cases in New York State. The Centers for Disease Control and Prevention extended the federal mask mandate on planes and other forms of transit for two weeks. The Mortgage Note Reports Loan Apps Fall: Mortgage loan application volume fell another 1.3% last week as rates hit 5.13%, their highest level since November 2018. PCR Model: Commercial price growth may continue rising as property values may not yet have reached their cyclical peak, according to First American’s PCR Model. Opinion: Kevin B. Kimble, founder and CEO…
Mortgage loan application volume fell another 1.3% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 1.3%. The adjusted purchase index rose by 1%, while the unadjusted purchase index rose by 2% and was 6% lower YOY. The refinance index fell 5% and was down 62% YOY. Refinances made up 37.1% of total applications, down from 38.8%. The 30-year fixed-rate hit 5.13%, the highest since November 2018, resulting in refis falling to their slowest weekly pace since 2019. “Higher rates are increasing borrower interest in ARMs. Their share of applications last week was at 7.4%, which was the highest share since June 2019,” said Joel…
By KIMBERLEY HAAS Rocket Pro TPO is promising to clear eligible loans in no more than 15 business days and leaders there say they are able to guarantee these closing times because of the company’s investment in technology. Kevin Randolph, Senior Vice President of Operations at Rocket Pro TPO, said they have spent billions of dollars to accelerate their creation of propriety technology. They have rolled out new programs such as PathFinder, a proprietary mortgage guideline search engine. Rocket Connect provides brokers with communication with underwriters and operational leaders directly in the broker portal. Rocket Pro TPO’s new pricing calculator can deliver brokers a pricing estimate quickly and easily, according to the company. Randolph said in an interview with The…
