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…
Mortgage loan application volume fell by 6.3% to its lowest level since the spring of 2019, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 6.3%. The adjusted purchase index fell by 3%, while the unadjusted purchase index fell by 3% and was 9% lower YOY. The refinance index fell 10% and was down 62% YOY. Refinances made up just 38.8% of total applications, down from 40.6%. Mortgage rates hit 4.90% in their fourth straight week of increases, putting further pressure on dwindling refinances. Rates are now up 1.5 percentage points from the same time last year. “The hot job market and rapid wage growth continue to…
Good Morning! Today is Thursday, March 31. The US is planning to lift an order that has restricted immigration for the past two years. Officials say Vladimir Putin’s subordinates have misled him about the Russian military’s struggles to avoid angering him. Google’s sister company Waymo is sending fully autonomous vehicles onto the streets of San Francisco. The Mortgage Note Reports Will The Housing Market Boom Or Bust? As the spring selling season begins, people in the mortgage and real estate industries are speculating on whether 2022 will be a year of growth or the start of the end for a red-hot market. Editor Kimberley Haas takes a deep dive into this topic. Flip Profits: Home flipping profits fell across the…
Mortgage loan application volume fell by 6.8% 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 6.8%. The adjusted purchase index rose by 1%, while the unadjusted purchase index rose 1% and was 10% lower YOY. The refinance index fell 15% and was down 60% YOY. Refinances made up just 40.6% of total applications, down from 44.8%. Mortgage rates hit a three-year high at 4.80%, putting further pressure on dwindling refinances. “Not surprisingly, refinance application volume declined further, as fewer borrowers have an incentive to apply at rates that are significantly higher than a year ago,” said Mike Fratantoni, MBA Senior Vice President and Chief…
Good Morning! Today is Wednesday, March 23. Russia extended a law banning criticism of the government, and a court sentenced the opposition leader Aleksei Navalny to nine more years in prison. At least one person died last night after a tornado in the New Orleans area damaged homes and knocked out power. The Mortgage Note Reports Digital Real Estate: What Is It And Who Is Interested? Millions of dollars are being spent on digital real estate as investors take their money to the land of the Metaverse and Tyrone Townsend is taking a look at this new virtual opportunity. Applications Down: Mortgage loan application volume plummeted by another 8.1% last week as interest rates rise. IMB Profits Down:IMBs and mortgage…
Mortgage loan application volume plummeted by 8.1% 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 8.1%%. The adjusted purchase index fell 2%, while the unadjusted purchase index fell 1% and was 12% lower YOY. The refinance index fell a whopping 14% and was down 54% YOY. Refinances made up 44.8% of total applications. Mortgage interest rates jumped by 23 basis points last week, their largest weekly increase since March 2020, due to the Fed’s interest rate hike and the expectation of fewer MBS purchases, Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, noted. “With mortgage rates now at 4.5%, compared to rates at…
Mortgage loan application volume fell 1.2% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 1.2%. The adjusted purchase index fell 1%, while the unadjusted purchase index fell 2% and was 8% lower YOY. The refinance index fell 3% and was down 49% YOY. Refinances made up 48.4% of total applications. Rising mortgage rates continue to impact application activity. Rates reached 4.27% last week, their highest since May 2019, and are adding to investor uncertainty. They’re also having an outsized impact on refis, which declined for both conventional and government loans. Refinances bounced up last week due to a brief drop in rates, though it was…
Mortgage loan application volume fell 0.7% last week, faring slightly better than the prior week’s 13.1% drop but continuing a trend down, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 0.7%. The adjusted purchase index fell 2%, while the unadjusted purchase index rose 1% and was 9% lower YOY. The refinance index rose 1% and was down 56% YOY. Refinances made up 49.9% of total applications. Rising mortgage rates continue to impact application activity. Mortgage rates reached 4.15% last week, their highest since 2019, and are driving refinance applications down. “Although there was an increase in government refinance applications, higher rates continue to push potential refinance borrowers…
