Mortgage Applications Plummet Following Fed Rate Hike

The Federal Reserve’s December interest rate increase had a dramatic effect on mortgage applications, according to new data from the Mortgage Bankers Association, with refinance requests falling significantly. "Refinance application volume increased for three weeks in a row in early December ahead of the Fed's announcement that it was raising the federal funds rate," said Lynn Fisher, the association's vice president of research and economics. "During the two weeks following their announcement, Read more [...]

Mortgage Delinquencies Plummet in First Quarter

Homeowners have done a remarkable job of getting and staying current on their mortgage loans in the past year, according to a new report from the Office of the Comptroller of the Currency (OCC), an indication of the improving health of the U.S. economy. The OCC Mortgage Metrics Report  found that in the 2015 first quarter, only 1.9 percent of all mortgages were 30 to 59 days late, 7.0 percent drop from the previous year. And seriously delinquent loans made an even dramatic fall, decreasing to Read more [...]

Rising Home Prices Means Fewer Mortgage Modifications

A few years ago ‘mortgage modification’ was a word on the minds of millions of homeowners. Today in an improving housing market, the need for such modifications to save borrowers in danger of foreclosure is shrinking. But according to the Federal Housing Finance Agency  , those who do still need help are finding fewer options available. There were 13,200 permanent loan modifications made through Fannie Mae and Freddie Mac in February of this year, down 3 percent from the month before. Of Read more [...]

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 [...]

Mortgage Rates Reach Highest Level of 2015

Long-term mortgage interest rates climbed to a seven-week high, according to mortgage-backing firm Freddie Mac, rising for the second straight week to a new peak for 2015. And the Mortgage Bankers Association reported that those higher rates reigned in mortgage applications during the same week. During the week ended February 19, the average rate on a 30-year fixed rate mortgage jumped up to 3.76 percent, excluding fees, up from 3.69 percent the week before. Compared with last year at this time 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 [...]

Lower Rates Unable to Boost Home Buying

Even after long-term mortgage interest rates plunged to an almost 18-month low last week, there was no positive effect on the number of home purchase applications, according to the Mortgage Bankers Assocation. The rock-bottom rates did however push refinance applications higher. Rates fell as worried investors turned to bonds, said MBA chief economist Mike Frantantoni in a statement. "Continuing concerns about weak economic growth in Europe and a few U.S. economic indicators that came in below Read more [...]

Mortgage Rates Fall Back Near 2014 Lows

As markets reacted to the dismal minutes from the last Federal Reserve meeting released Wednesday, rates on long-term mortgage interest rates fell back down near their yearly lows, according to data from Freddie Mac. The average rate on a 30-year conventional fixed rate mortgage sank to 4.12 percent, excluding fees, during the week ended October 9, 2014, down from 4.19 percent the previous week. Rates are lower than they were last year at the same time when they averaged 4.23 percent. Other 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 [...]