Mortgage Applications Jump in Latest Week

An uptick in the spring home buying market resulted in a surge of mortgage applications during the past week, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted mortgage application index rose 4.6 percent during the week ended March 27, 2015, with the home purchase applications index jumping 6 percent from the previous week. Home purchase requests were also 8 percent higher than the year before. "This week's mortgage application survey falls right into line with Read more [...]

Low Rates Haven’t Bolstered Mortgage Applications

Even as long-term mortgage interest rates rested near their lowest levels in over a year, it wasn’t enough to bring more borrowers to the mortgage table during the Thanksgiving week, according to the latest data from the Mortgage Bankers Association. Perhaps all the tryptophan from holiday turkeys kept potential borrowers too sleepy to take action. Whatever the cause, the MBA Market Composite Index, a measure of all mortgage loan application volume took a serious hit in the week ended November Read more [...]

Mortgage Rates Under 4 Percent for Second Straight Week

Long-term mortgage interest rates remained extremely affordable this week, according to mortgage giant Freddie Mac, slipping slightly from the previous week and staying under the 4 percent mark for two weeks in a row. The average interest rate on a 30-year fixed rate mortgage fell to 3.97 percent, excluding points, during the week ended November 26, 2014, down from 3.99 percent the week before and down from 4.29 percent a year ago. "Mortgage rates were little changed on the week with the 30-year Read more [...]

Mortgage Origination Volume Inches Up in Latest Week

The number of mortgage applications filed this past week was little changed from the week before, according to the Mortgage Bankers Association, as a rise in refinance requests tempered a decline in home purchase applications. The MBA’s measure of all mortgage application volume - the Market Composite Index – eked out a 0.2 percent increase during the week ended August 29, 2014. That was a result of the Refinance Index growing by one percent, but the Purchase Index falling by 2 percent. Refinance Read more [...]

Mortgage Rates Fall Back to Yearly Low

Long-term mortgage interest rates slid back down in the latest week, according to mortgage giant Freddie Mac, matching their lowest level year-to-date. The Freddie Mac Primary Mortgage Market Survey found that the average rate on a 30-year fixed rate mortgage (FRM) slipped to 4.12 percent, excluding points during the week ended July 3, 2014, down from 4.14 percent. That ties with the lowest rate this year from just over a month ago during the week of May 29. Last year at this time, the average Read more [...]

Fed Official: Watch Out for the New Housing Bubble

With home prices posting record growth over the past year but incomes remaining essentially flat, one Federal Reserve official is warning that a new housing bubble is brewing, threatening to pop in the near future. "I'm beginning to see signs not just in my district but across the country that we are entering, once again, a housing bubble," Dallas Fed President Richard Fisher told reporters. "So that leads me ... to be very cautious about our mortgage-backed securities purchase program." The Read more [...]

Mortgage Applications Jump to New Heights on Record Low Rates

In the wake of all-time record low mortgage interest rates, the number of mortgage applications rose to the highest level in over tthree years, according to data from the Mortgage Bankers Association. During the week ended June 8, the MBA's home loan application index, a measure of total application volume, jumped up 18 percent on a seasonally adjusted basis from the previous week. That's the highest point since May 2009. The Association's refinance index grew 19 percent to another high not Read more [...]

Mortgage Rates Move Back to Record Low Territory

Interest rates on long-term mortgage loans fell back to record lows in the latest week, according to mortgage finance company Freddie Mac. During the week ended January 5, the average rate on a 30-year fixed rate mortgage (FRM) dropped back down to 3.91 percent, excluding points, tying the previous all-time low from two weeks ago. This is the fifth straight week of 30-year FRM rates below 4 percent. Mortgage loans with a term of 15years carried an average rate of 3.24 percent, only slightly Read more [...]

Mortgage Applications Plummet

Mortgage applications took a steep downward turn over the last week, falling 10.9 percent. While both new home applications and refinancing applications were down, the quick fall can be attributed to the sharp decrease in refinancing applications. Last week refinancing applications made up only 67.6 percent of total applications, which was down from 71.7 percent from the week prior. In a statement by the MBA's vice president of research and economics, Michael Fretantoni said, "refinance activity Read more [...]

The Mortgage Week in Review

The average rate on a 30-year fixed rate loan dipped to a six-week low of 5.20 percent, down from 5.32 percent the previous week. Freddie Mac  chief economist Frank Nothaft: "Interest rates for 30-year fixed-rate mortgages fell for the second week in a row to the lowest level in six weeks amid market concerns over a weakening labor market.” More people are applying for government-insured mortgage loans now than they have for almost the past 20 years. In June, the government loans like FHA Read more [...]