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Rising Home Prices Partially Negate Low Mortgage Rates

May 2nd, 2016 Comments off

mortgage app   texaslendingtoday creditJacksonville, Fla.-based Black Knight Financial Services tells MHProNews rising home prices across the country are offsetting the advantage of low mortgage rates.

The fall of interest rates 35 basis points since Jan. 1, 2016 would translate to a savings of approximately $44 dollars a month. “While borrowers might expect that $44 per month savings home price appreciation, which Black Knight calculated at an annual rate of 5.3% in February, it would shrink that savings to just $18 per month nationwide,” reports nationalmortgagenews.

Higher home prices have totally negated savings from low interest rates in Washington, Colorado and Oregon.

Ben Graboske of Black Knight said despite rising prices, the mortgage on a median-priced home is still better than it was in Dec. “If rates hadn’t dropped over the past four months, it would cost an additional $28 to buy the median-priced home today as compared to December 2015,” he noted.

The drop in mortgage rates has added 2.3 million borrowers to the refinanceable population year to date, totaling 7.5 million across the nation.

Additionally, Black Knight reports the delinquency rate fell 8.37 percent from the previous month to 4.08 percent, placing the figure squarely below the rate from 2000 to 2005. The report noted the serious delinquency and the 90-day delinquency rates are still high.

Mississippi had the highest percentage of noncurrent loans while Arkansas had the lowest. ##

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matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Mortgage Delinquencies Fall to Lowest Rate in Nine Years

March 25th, 2016 Comments off

home buying   firstbanktrust  creditAccording to information received by MHProNews from nationalmortgagenews, mortgage loan delinquencies fell to their lowest level in Feb. since 2007, dropping 13 percent month-over-month, and 16 percent from last year to 4.45 percent in Feb. 2016.

Black Knight Financial Services states that for the first time in nearly eight years the noncurrent inventory fell under the three million mark, dropping by 327,000 units from Jan. to 2.9 million in Feb.

However, mostly due to repeat foreclosures in Massachusetts, New York and New Jersey, foreclosure starts spiked 17.25 percent to 84,300.

Noncurrent rates rose in only two states the past six months, North Dakota and California—1.9% and 2.6 percent, respectively–although Mississippi led the country with the highest noncurrent rate of 11.43%.

Additionally, Knight reported February’s monthly prepayment rate rose ten percent month-over-month to 0.89%, but 22 percent less than last year. ##

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matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Foreclosure Inventory and Delinquency Rate Fall from Year Ago

July 24th, 2014 Comments off

Jacksonville, Fla.-based analytics firm Black Knight Financial Services reports foreclosure inventory fell to its lowest level in six years in June, dropping 36 percent from a year earlier to 951,000 properties, according to nationalmortgagenews.com. Marking its 26th consecutive month of declines, foreclosure starts numbered 88,300 in June, a drop of 19 percent year-over-year. Although the loan delinquency rate rose 1.6 percent June over May, 2014, the rate for June was 5.7 percent, a decline of 15 percent from a year ago. MHProNews has learned over 2.8 million properties are considered to be delinquent, although not in foreclosure. The five states with the most foreclosures and delinquencies as a percent of active loans are Mississippi, New Jersey, Florida, New York and Louisiana. Black Knight’s data represents about two-thirds of fo the overall mortgage market. ##

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