Mortgage loan application volume ticked up 0.2% last week, the Mortgage Bankers Association’s (MBA) weekly survey reported. The Market Composite Index, which measures application volume, rose 0.2% on an adjusted basis. On an unadjusted basis, they rose 0.4% from the week before. The Refinance Index fell 1% and was 16% lower than a year ago. The seasonally adjusted Purchase Index rose 2%, while the unadjusted Purchase Index rose 2% compared to the week before, down 10% from the previous year. “Mortgage rates reached their highest level since June 2021, but application activity changed little this week. An increase in home purchase applications offset a slight decline in refinances,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The increase…
Good Morning! Today is Friday, October 8. Senate Republicans and Democrats reached a deal to temporarily extend the debt ceiling through December. Tokyo was hit by a 6.1 magnitude earthquake. Ireland signed onto a global agreement to set a minimum 15% corporate tax rate. And in mortgage and housing news… Black Knight: The number of plans in active forbearance fell by 11% since last Tuesday, the largest weekly decline in twelve months. HPSI Drops: Fannie Mae’s HPSI fell 1.2 points to 74.5 in September, as consumers continued to report that housing prices make it a bad time to buy a home. Housing Affordability Concerns Nationwide…: The latest Market Pulse report shows troubling trends in housing affordability. …And in California: A …
Good Morning! Today is Wednesday, October 6. Some Democrats propose changing the filibuster to bypass fighting about the debt limit. Johnson & Johnson asked the FDA to approve its Covid-19 booster shot. The Justice Department is reviewing its decision not to prosecute the FBI agents who disregarded allegations about Larry Nassar and later lied about their actions.And in mortgage and housing news… Loan Applications Plummet: Mortgage loan application volume fell 6.9% last week to a three-month low, according to the MBA’s most recent survey. Black Knight: Huge equity increases for homeowners might not be enough to prevent foreclosures, according to Black Knight’s latest Mortgage Monitor Report. Price Growth Breaks Record: Annual home price growth hit its highest point in the…
Mortgage loan application volume fell 6.9% last week, the Mortgage Bankers Association’s (MBA) weekly survey reports. The Market Composite Index, which measures application volume, fell 6.9% on an adjusted basis. On an unadjusted basis, they fell 7% from the week before, which is 13% lower year over year. The share of refinancing applications fell 10% and was 16% lower than a year ago. The seasonally adjusted Purchase Index fell 2%, while the unadjusted Purchase Index fell 2% compared to the week before, down 13% from the previous year. “Mortgage applications to refinance dropped almost 10 percent last week to the lowest level in three months, as the 30-year fixed-rate increased to 3.14 percent – the highest since July. Higher rates…
Good Morning! Today is Thursday, September 30. The House plans to vote today on a $1 trillion infrastructure plan. A new AP poll finds President Biden’s vaccine mandate splits Americans down party lines. The NCAA will allow women’s basketball to use the phrase “March Madness,” which used to be restricted to the men’s tournament. And in mortgage and housing news… Freddie Mac: Interest rates rose to 3.01% this week, Freddie Mac’s PMMS reported. Investor Confidence Falls: Nearly half of real-estate investors believe the investment market is worse than a year ago, and 36% expect it to stay bad over the next six months. AIME Conference: 3,000 mortgage professionals attended AIME’s 4th Annual Fuse conference. Pending Home Sales Rebound: Pending home…
Mortgage loan application volume fell 1.1% last week, the Mortgage Bankers Association’s (MBA) weekly survey reports. Interest rate spikes stopped the upward momentum of applications seen in last week’s survey. The Market Composite Index, which measures application volume, fell 1.1% on an adjusted basis. On the same basis, they fell 1% from the week before, which is 13% lower year over year. The share of refinancing applications fell 1% and was 0.4% higher compared to a year ago. The seasonally adjusted Purchase Index fell 1%, while the unadjusted Purchase Index fell 2% compared to the week before, down 12% from the previous year. “Increased optimism about the strength of the economy pushed Treasury yields higher following last week’s FOMC meeting.…
Good Morning! Today is Tuesday, September 28. Rocket Mortgage will continue to sponsor the PGA’s Rocket Mortgage Classic through 2027. The presidents of Boston and Dallas’s Federal Reserve banks are resigning following reports of investment trading. Federal Reserve Chairman Jerome Powell will tell Congress today that inflation will stay high for a few months before moderating. Senate Republicans blocked a bill that would prevent a government shutdown. And in mortgage and housing news… Forbearances Keep Falling: The share of loans in forbearance fell yet again, dropping to 2.96%. It’s the first time they’ve dipped below 3% since March 2020. Natural Disasters Cause Concern: More than half of respondents to a Realtor.com survey said they considered natural disasters when choosing where…
Good Morning! Today is Monday, September 27. Government funding is set to expire this week as Democrats push two sweeping legislative packages. States are beginning to roll out booster shots to at-risk Americans. China traded two detained Canadian citizens to bring home a Huawei executive accused of stealing trade secrets. And in mortgage and housing news… What Does Debt-Limit Mean For Mortgage Rates?: Mortgage rates could be impacted by Washington D.C.’s debate over raising the debt ceiling. “LIFT”: Legislation aimed at first-time homebuyers proposes creating a 20-year-fixed-rate mortgage program through Ginnie Mae. FHFA Loan Mods:Fannie Mae and Freddie Mac completed 217,020 foreclosure prevention actions in the second quarter, with 47% of loan modifications lowering monthly payments by more than 20%.…
Freddie Mac and Fannie Mae completed 217,020 foreclosure prevention actions in Q2, bringing the number of homeowners the GSEs have helped during conservatorship to 6.030 million, according to the Federal Housing Finance Authority’s Foreclosure Prevention and Refinance Report. 57% of loan modifications reduced monthly payments by more than 20%, though the number of refinances began to fall in Q2. Forbearance starts dropped 32% to 6,233 in the second quarter, while third-party and foreclosure sales fell 9% to 2,281. The GSEs’ serious delinquency rate dropped from 2.48% to 1.99% by the end of Q2. The total number of loans in forbearance continues to drop from its latest peak in May 2021, though new forbearance plans fell but stayed high through Q2…
Good Morning! Today is Friday, September 24. The Congressional Committee investigating the January 6 riot issued four subpoenas, all for former advisers to Donald Trump. China is cracking down on cryptocurrencies, saying it will root out “illegal” activity and ban crypto mining. The House approved $1 billion for an Israeli missile defense system. And in mortgage and housing news… Fed Correction: FHFA and HUD released a joint statement clarifying Freddie Mac’s policy on buying mortgages secured by group homes. Homeowner Equity Up In Q2: Homeowners with mortgages gained $2.9 trillion in equity in the second quarter of 2021, up 29.3% year-over-year, according to a CoreLogic report. Housing Boom May Not Be Over: Early homebuyer demand reached its highest point in at…
