Mortgage rates have been climbing in recent weeks following a spate of encouraging reports on the U.S. economy, including a hotter-than-expected September jobs report and a snapshot of consumer prices.
If the past is prologue, millions of homeowners with high-rate mortgages won’t refinance their loans, even as mortgage rates tumble.
Nonetheless, mortgage applications actually increased slightly from the prior week, driven by a rise in FHA and VA purchase applications.
After industry opposition to a fee that would have levied an upfront fee on borrowers with debt-to-income ratios greater than 40 percent, the Federal Housing Finance Agency announced it’s dropping the plan.
Even though the Community Reinvestment Act does not apply to independent mortgage banks, these nonbank lenders provide a higher share of their mortgages in minority and low- and moderate-income neighborhoods than banks do, according to a new report from the Urban Institute.
Purchase mortgage applications for the second straight week reached the lowest level since 1995 amid rising interest rates, according to the Mortgage Bankers Association.
As the mortgage industry moves closer to the end of new COVID-related forbearances, the number of homeowners in forbearance decreased last month, according to the Mortgage Bankers Association.
Nationwide commercial and multifamily mortgage lending is expected to fall this year by 15 percent, according to an updated forecast from the Mortgage Bankers Association.
The U.S. economy put in a surprisingly strong showing in in January, adding 517,000 new jobs despite layoffs in tech firms, on Wall Street and in the mortgage industry. And while experts say it’s a sign the country is on a path to a “soft landing” from 2022’s tumultuous inflation, it could push mortgage rates up.
Falling mortgage rates appear to have brought more buyers out in December than in November, according to a new report from brokerage and listings portal Redfin.
Amid current economic conditions and the typically low demand for mortgages at year-end, mortgage applications at the end of December reached the lowest level since 1996, according to the Mortgage Bankers Association.
If the normal spread between the interest rates on 10-year Treasury notes and mortgage bonds existed today, the average 30-year mortgage rate could be as low as 5.7 percent.
While the number of homeowners in forbearance remained unchanged last month, the Mortgage Bankers Association said it saw signs of weakness in November’s data.
While November saw a nearly 1 percent drop in mortgage rates, the past four weeks have seen applications decrease overall more than 10 percent, according to the Mortgage Bankers Association.
The number of homeowners in forbearance increased last month for the first time in more than two years, partly thanks to Hurricane Ian’s hit to Florida homebuyers.
October saw homebuyers’ ability to afford a home tumble yet again according to separate data reports yesterday.
Mortgage application activity last week slowed to a pace not seen in 25 years as mortgage rates continued to rise, according to the Mortgage Bankers Association.
While the number of homeowners in forbearance continued to decline last month, the forbearance rate for Ginnie Mae loans increased for the first time since 2020, according to the Mortgage Bankers Association.
The number of homeowners in forbearance continued to decline last month, and most of the forbearance exits came from portfolio loans and private-label securities, according to the Mortgage Bankers Association.
Mortgage applications were down for the fourth week in a row nationwide, according to the Mortgage Bankers Association, as interest rates and rising home prices continued to push many out of the market.
