By KIMBERLEY HAAS Leaders at Bank of America say home loan applications initiated through their Digital Mortgage Experience accounted for 81% of total mortgage applications in 2021. That is up from 45% in 2020. Last year, Bank of America funded $53.7 billion in first mortgage loans through the Digital Mortgage Experience, 2.5 times their 2020 volume. People can use the digital tool to prequalify for loans, apply for a new mortgage, and refinance their existing mortgage. “Clients expect fast, smart digital tools that help make their banking, investing, and lending experience easy and convenient,” Matt Vernon, Retail Lending Executive for Bank of America, said in a statement. Vernon said that the combination of digital capabilities and support from lending specialists…
Mortgage rates jumped to 3.92% from 3.69% this week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.96%. A year ago at this time, the 30-year FRM averaged 2.81%. “Mortgage rates jumped again due to high inflation and stronger than expected consumer spending,” said Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.” Demand remains high despite rising rates. Rate locks for purchase loans increased 19.9% month-over-month in January. “The…
Good Morning! Today is Wednesday, February 16. Republicans boycotted a Senate meeting on Biden’s five nominees to the Federal Reserve, delaying efforts to confirm them. A woman became the third person cured of H.I.V. after using a new treatment. The families of Sandy Hook victims reached a $73 million settlement with Remington. The Mortgage Note Reports UWM Embattled on Multiple Fronts: United Wholesale Mortgage is facing more public scrutiny as court battles — and backlash from brokers — mount. Million Or More: “Million-dollar cities” nearly tripled in 2021, with typical home values reaching at least $1 million in a record 146 new U.S. cities. Credit Availability Drops: Mortgage credit availability fell in January by 0.9% to its lowest level since…
Good Morning! Today is Friday, February 11. Biden is moving to split $7 billion in frozen Afghan funds between 9/11 victims’ families and humanitarian aid in Afghanistan. Congress passed a bipartisan bill giving survivors of sexual misconduct greater rights to sue. Super Bowl LVI is poised to be the most bet upon game in football history as the legalization of sports betting grows. The Mortgage Note Reports Which City Would Win In The Super Bowl Of Housing Markets?: It’s Super Bowl weekend and The Mortgage Note is taking a look at which city would win if Los Angeles and Cincinnati’s housing markets were pitted against each other. Black Knight: Forbearance plans fell by 4% last week, slowing as the number of active…
Good Morning! Today is Wednesday, February 9. New York State will drop its indoor mask mandate this week. Mitch McConnell denounced the RNC’s characterization of Jan. 6 as “legitimate political discourse.” The House passed a bipartisan bill to keep the Postal Service solvent and to reduce mail delays. The Mortgage Note Reports Gearing Up For The Big Game: Leaders at Rocket are inviting people to take a peek at the homes they could buy if they win the world’s largest official game of Super Bowl Squares and they have revealed which stars will appear in their ad. 2022 Expectations: Home price appreciation and stock shortages are likely to continue through the first few months of 2022, as December saw price growth pick back up…
Mortgage loan application volume fell 8.1% last week, down after jumping 12% the week prior, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 8.1%. The adjusted purchase index fell 10%, while the unadjusted purchase index fell 3% and was 12% lower YOY. The refinance index fell 7% and was down 52% YOY. Refinances made up 56.2% of total applications. “Purchase activity slowed after the previous week’s gain. Both conventional and FHA purchase applications saw proportional declines, resulting in purchase activity overall dropping 10 percent,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The average loan size again hit another record high at $446,000.…
Good Morning! Today is February 2, 2022. It’s official: Tom Brady is retiring. The U.S. national debt topped $30 trillion, a record. ABC suspended Whoopi Goldberg for two weeks after she said that the Holocaust was not about race. She later apologized. The Mortgage Note Reports Guaranteed Rate No. 8 To Debut In NASCAR Race:Race car driver Tyler Reddick will debut the new Guaranteed Rate No. 8 Chevrolet at the first-ever Busch Light Clash at the Coliseum this Sunday. Application Volume Back Up: Mortgage loan application volume rose 12% after falling 7.1% last week, MBA reports. CoreLogic HPI: Home prices rose by 18.5% across the nation in December 2021, but are expected to moderate in the next twelve months. Panorama CEO: Panorama Mortgage Group named…
Mortgage loan application volume continues its rollercoaster trend of rising one week and falling the next, up 12% after falling 7.1% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased 12%. The adjusted purchase index rose 4%, while the unadjusted purchase index rose 12% and was 7% lower YOY. The refinance index jumped 18% and was down 50% YOY. Refinances made up 57.3% of total applications. Mortgage rates continue to climb, with the 30-year fixed-rate reaching its highest level since March 2020 at 3.78%. “Despite the increase in rates, refinance applications were up 18%, driven mainly by a 22% jump in conventional applications. There has likely…
Good Morning! Today is Thursday, January 27. Supreme Court Justice Stephen Breyer is retiring. Neil Young is removing his music from Spotify, saying it has become “the home of life-threatening Covid misinformation.” The U.S. rejected Russia’s demands that NATO retreat from Eastern Europe and bar Ukraine from ever joining, but offered other areas of negotiation. The Mortgage Note Reports Rate Increases Into 2023: At least one economist says the Federal Reserve is already behind the inflation curve, and the mortgage industry should expect interest rate increases into 2023. Down, Up, Then Back Down: Mortgage loan application volume fell 7.1% from last week, with refis tumbling 13%, MBA reported. “Appropriate Pricing Policies”: CHLA sent a letter to FHFA Acting Director Sandra…
Mortgage loan application volume fell 7.1% from last week, the Mortgage Bankers Association’s (MBA) weekly survey reported. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased 7.1%. The adjusted purchase index fell 2%, while the unadjusted purchase index fell 5% and was 11% lower YOY. The refinance index fell 13% and was down 53% YOY. Refinances made up 55.8% of total applications. Mortgage rates continue to climb, with the 30-year fixed-rate reaching its highest level since March 2020 last week, 77 basis points above the same time last year. “Unsurprisingly, borrower demand for refinances subsided, with applications falling for the fourth straight week. After almost two years of lower rates, there are not many borrowers left…
