Posts Tagged ‘mortgage applications’

Mortgage Applications Rise

September 24th, 2015 Comments off

mortgage app  housingwire creditAccording to the Mortgage Bankers Association (MBA), mortgage applications rose 14 percent on a seasonally adjusted basis for the week ending Sept. 18. MBA Chief Economist Mike Fratantoni noted the rate declined towards the end of the week which “likely drove applications from both prospective homebuyers and borrowers looking to refinance.” He suggested the increase was due to a Federal Open Market Committee (FOMC) meeting.

As nationalmortgagenews tells MHProNews, the MBA’s Market Composite Index (MCI), which measures mortgage loan application volume, rose 26% on an unadjusted basis for the same week. Refinance application volume rose sharply 58.4% from the previous week, and applications for purchase increased 9% on a seasonally adjusted basis, and 20% on an unadjusted basis. They were 27% higher than the comparable week a year ago.

The average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan balance ($417,000 or less) remained steady at 4.09%. ##

(Image credit: housingwire)

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

New Home Mortgage Applications Fall in August

September 11th, 2014 Comments off

mortgage  moneycontrol credit glasses calc paperData from the Mortgage Bankers Association (MBA) reveals mortgage applications to buy a new home fell nine percent in August, according to New single-family home sales fell 2.1 percent from the July rate of 433,000 units, on a seasonally adjusted annual rate (SAAR), to 424,000 in August, while the average loan size for a new home increased one percent July to August, to $300,453. Conventional loans comprised the lion’s share of the mortgage apps at 68.9 percent, while Federal Housing Administration (FHA) accounted for 15.7 percent, and Veterans Affairs loans made up 14.3 percent. As MHProNews reported Aug. 21, 2014, existing home sales rose in July 2.4 percent over the previous month to a SAAR of 5.15 million. New home sales estimates are extracted from a survey that tracks application volume from a nationwide builders network. ##

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Mortgage Apps Fall in Early August

August 15th, 2014 Comments off

mortgage appl hansafx  creditThe Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey reports mortgage apps fell 2.7 percent on a seasonally adjusted basis for the week ending Aug. 8, 2014. The index fell three percent on an unadjusted basis, according to The Refinance Index fell four percent from the previous week, while the seasonally adjusted Purchase Index fell one percent from the week before. The unadjusted Purchase Index fell two percent versus the previous week, and was ten percent lower than the same week one year earlier, as MHProNews has learned. The refinance share of mortgage activity dropped one percent to 54, while the adjustable-rate mortgage (ARM) share of activity was unchanged at eight percent of activity. ##

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Potential Home Buyers Shift Attention to Holiday Shopping

December 6th, 2013 Comments off

The number of people looking to buy a home in November dropped seven percent from October, but it was less than the 11 percent drop for the same period last year, according to what Redfin tells nationalmortgagenews. Meanwhile, eleven percent fewer people signed offers in Nov. over Oct., but an improvement over the 14 percent decline for the same month-to-month in 2012. But as MHProNews has learned, tours were down 28 percent the week of Thanksgiving from the previous week, and offers fell 23 percent. Additionally, mortgage applications declined 13 percent that same week, seasonally adjusted, with a four percent drop in purchase applications, according to the Mortgage Bankers Association (MBA).

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Rising Mortgage Rates=an Improved Economy?

September 12th, 2013 Comments off

Mortgage applications fell 13.5 percent from last week, and the 30-year fixed-rate mortgage rate rose from 4.51 percent to 4.57 percent this week, according to HousingWire. Mortgage Bankers Association (MBA) reports the Refinance Index fell 20 percent from the previous week, and 71 percent from the week of May 3. Noting refinance applications are the first to drop when mortgage rates rise, Trulia‘s Chief Economist Jed Kolko says, “Recent history shows that spiking mortgage rates take a big chomp out of refinancing immediately and smaller nibbles out of sales three months later. Longer term, the impact of rising rates is typically offset by stronger economic growth.” The National Association of Realtors (NAR) says pending home sales fell 1.3 percent in July, and that is partly seasonal, but levels are still high. As MHProNews has learned, this is the bottom line: Over the last 15 years, a rise in mortgage rates correlated with an improved economy.

(Image credit: HousingWire)

Wells Fargo: Interest Rates Rise may Spur Home Sales

July 8th, 2013 Comments off

Providing mortgage rates rise in sync with underlying economic conditions, “Home sales and housing starts should continue to steadily improve even as interest rates edge higher,” according to a Wells Fargo Securities (WFS) Economics Group study. The report says 19 months of below four percent interest rates did not spur a concerted rise in mortgage applications, although it did affect house values. “Prices of new and existing homes have surged as buyers bought larger and more expensive homes and investors, attracted by relatively higher rental yields, rushed into the market to buy up lower-priced homes and convert them into rentals,” states WFS. MHProNews has learned from nationalmortgagenews the uptick in employment has spurred interest rates to rise. “With employment conditions improving, consumer confidence has increased and more families are looking to buy a home. Buying plans and prospective buyer traffic are both trending up and should continue to do so,” the June WFS report says.

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Mortgage Applications and Rates on the Rise

June 13th, 2013 Comments off

Mortgage applications rose five percent for the week ending June 7, a turnaround from the 11.5 percent drop the previous week, according to what the Mortgage Bankers Association (MBA) tells HousingWire. Although 11 percent lower than the two weeks prior, and 36 percent below the high point at the beginning of May, the refinance rate rose five percent for the week ending June 7. MHProNews has learned the refinance portion of mortgage activity inched up one point to 69 percent from a week earlier. In addition, the average 30-year fixed rate mortgage (FRM) backed by the Federal Housing Authority (FHA) rose to 3.81 percent, the highest rate since April 2012.

(Image credit: HousingWire)

Mortgage Apps Fall

May 15th, 2013 Comments off

MHProNews has learned from HousingWire mortgage applications dropped 7.3 percent from the previous week, according to the Mortgage Bankers Association (MBA), and the refinance index fell eight percent from the previous week. Although the seasonally adjusted purchase index dropped four percent from the prior week, it was ten percent above the same week last year. Refinance mortgage activity held steady at 73 percent of all mortgage activity, and the adjustable rate mortgage (ARM) share of activity remained at four percent of all applications.

(Image credit: HousingWire)

Hitch in the Housing Market Recovery?

April 11th, 2013 Comments off

BusinessInsider tells MHProNews the chief economist at Gluskin Sheff, David Rosenberg, citing the drop in mortgage applications from a year-over-year rate of 16% in Jan. 2013 to only three percent today—they fell 1.3 percent the week ending April 5– says U. S. housing demand is beginning to slow. He says real estate loans which rose last year following the housing bubble have turned down again. He adds that rising foreclosure starts combined with an apparent slowdown in job growth does not bode well for the housing market.

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Mortgage Apps Rise

December 5th, 2012 Comments off

According to Mortgage Bankers Association’s (MBA) data, refinancings accounted for 83 percent of new mortgage business, up from 81 percent the week before, as mortgage applications rose five percent, apparently with little concern for the fiscal cliff issue. Tying the all-time low, the average contract rate for a 30-year FHA-insured loan fell two basis points to 3.34 percent. Nationalmortgagenews tells MHProNews 30-year fixed rate mortgages (FRMs) with jumbo loan balances rose four points to 3.79 percent. Tracking the market since 1990, MBA’s survey covers 75 percent of the retail residential mortgage market.

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