Mortgage lending declined in both Q2 and Q3 2021, the first consecutive decline in two years and the first time since 2000 that lending fell in Q2 and Q3, according to ATTOM’s Q3 2021 U.S. Residential Property Mortgage Origination Report. The report showed that 3.59 million mortgages secured by residential property originated in Q3, up 3% YOY but down 8% from Q2. It is the largest quarterly drop in more than a year, and a surprise considering the second and third quarters are usually peak buying season. Lenders overall issued $1.15 trillion in mortgages in Q3, up 11% YOY but down 6% from Q2, the first quarterly drop since early 2020. Both refinance and purchase lending fell, with refinancing taking…
Good Morning! Today is Wednesday, December 1. At least three students were killed in a high school shooting in Oxford, Michigan. The CDC is planning to require international travelers to show a negative test that is less than 24 hours old. The TV host Dr. Oz will run for Senate in Pennsylvania as a Republican. And in mortgage and housing news… A New Gold Rush For Lenders?: As the pandemic continues and workers reevaluate their commitment to metropolitan life, lenders in smaller cities stand to benefit from what is being termed the “Great Resignation.” Mortgage Applications Drop: Mortgage loan application volume fell 7.2% last week, with refis down 15% due to rising interest rates, according to the MBA. Insurance Hikes…
Mortgage loan application volume fell 7.2% last week, the Mortgage Bankers Association’s (MBA) weekly survey reports. The seasonally adjusted Market Composite Index, a measure of mortgage loan application volume, fell 7.2%. The seasonally adjusted purchase index rose 5%, while the unadjusted purchase index dropped 30% and was 8% lower YOY. The share of refinance applications dropped 15% and was 41% lower YOY. Refinances made up 59.4% of total applications, down from 63.1% the previous week. The report noted that mortgage rates– which rose to their highest point since April, hitting 3.31%– contributed to the significant decline in refinance applications. “Over the past three weeks, rates are up 15 basis points and refinance activity has declined over 18 percent,” said Joel…
Good Morning! Today is Monday, November 29. The new Covid-19 variant, Omicron, may be more contagious among vaccinated people but less deadly overall. Japan, Israel, and Morocco have closed their borders to foreign travelers. Mark Esper is suing the DOD for not clearing his book manuscript for publication due to sections detailing his time working under Donald Trump. And in mortgage and housing news… Build Back Better’s Implications On Housing Prices: The House version of President Biden’s “Build Back Better” plan includes about $170 billion for affordable housing and people are asking what that means. CRA Changes: As the Fed weighs making the Community Reinvestment Act race-specific, what do the data say about CRA loans? Not much. Forbearance Starts Jump: …
Mortgage loan application volume rose 1.8% last week, the Mortgage Bankers Association’s (MBA) weekly survey reports. The seasonally adjusted Market Composite Index, a measure of mortgage loan application volume, increased 1.8%. The seasonally adjusted purchase index rose 5%, while the unadjusted purchase index dropped 0.4% and was 4% lower YOY. The report noted that though rates were volatile last week, the net trend is upward, with the 30-year fixed rate rising to 3.24%. “Despite the increase in rates, refinance applications rose slightly, driven by a 2% gain in conventional refinances. Borrowers continue to lock in mortgages in anticipation of higher rates in the future. Refinance applications were still more than 30% below a year ago when the 30-year fixed rate…
Mortgage loan application volume fell 2.8% last week, driven again by low refinance applications, the Mortgage Bankers Association’s (MBA) weekly survey reported. The Market Composite Index, which measures application volume, fell 2.8% on an adjusted basis. The Refinance Index dropped 5% and was 31% lower than a year ago, rebounding from last week’s drop to its lowest level since July 2021. The seasonally adjusted Purchase Index rose 2%, while the unadjusted Purchase Index fell 2% compared to the week before, down 6% from the previous year. “Refinance applications decreased for the seventh time in eight weeks, as mortgage rates moved higher after two weeks of declines,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. But the…
Good Morning! Today is Tuesday, November 16. President Biden signed the $1 trillion infrastructure bill into law. Steve Bannon turned himself in after defying a subpoena from the congressional investigation into the Capitol riot. The jury in the Kyle Rittenhouse trial will begin deliberations today. And in mortgage and housing news… Why Wait Until Spring To Sell Your Home?: People are typically reluctant to put their homes on the market during the holiday season, but sellers can expect plenty of buyers this winter. Mortgage Applications Up: Mortgage applications for new home purchases fell 15.2% year-over-year in October but increased 6% month-over-month, setting their fastest pace since January 2021. Investors Break Records: Investors bought a record 90,000 homes in Q3 2021,…
Mortgage applications for new home purchases fell 15.2% year-over-year (YOY) in October but increased 6% month-over-month (MOM), according to the Mortgage Bankers Association’s (MBA) latest Builder Application Survey. The increase from September puts MBA’s estimate of new home sales at its strongest pace since January 2021. “Purchase activity continues to be dominated by higher loan balance transactions, which pushed the average new home loan size up to over $412,000, another new record in the survey,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Recent U.S. Census data show an increasing share of new sales are for homes yet to be built or still under construction, and a shrinking share of completed homes. Housing demand remains strong,…
Good Morning! Today is Wednesday, November 10. Moderna is locked in a patent dispute after excluding three government researchers who worked on the vaccine from its application. General Electric will split into three companies focused on aviation, energy, and healthcare. A federal court denied Donald Trump’s attempt to withhold records from the committee investigating the January 6 riot. And in mortgage and housing news… HUD Awards $36M For Affordable Housing: HUD announced $36 million in “capacity-building” grants to boost affordable housing programs across 250 communities. Mortgage Credit Up: Mortgage credit availability rose slightly in October but remains tight overall, posing “significant” problems for first-time buyers. Applications Rise Alongside Rate Drop: Mortgage loan application volume rose 5.5% last week, responding to…
Mortgage loan application volume rose 5.5% last week, responding to interest rate dips, the Mortgage Bankers Association’s (MBA) weekly survey reported. The Market Composite Index, which measures application volume, fell 5.5% on an adjusted basis. The Refinance Index jumped 7% and was 28% lower than a year ago, rebounding from last week’s drop to its lowest level since July 2021. The seasonally adjusted Purchase Index rose 3%, while the unadjusted Purchase Index rose .1% compared to the week before, down 4% from the previous year. Interest rates fell to 3.09% after several weeks on the rise, with the 30-year fixed rate falling 14 basis points over the last two weeks. Applications, especially for refinancing, dropped alongside them. “Although overall activity…
