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Tag Archives: Lenders & Servicers

MBA Revises Economic Forecast Down, Originations Up

The Mortgage Bankers Association (MBA) revised its economic forecast down and its mortgage originations and mortgage rate forecasts up in its most recent outlook released Thursday. Having previously announced a 2.4 percent economic growth forecast for the second half of this year, MBA now believes economic growth will be closer to 2.2 percent. At the same time, the association's forecast for originations has risen to about $606 billion, an improvement over the original prediction of $527 billion.

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First-Time Unemployment Claims Creep Up

Unemployment

The Department of Labor reported Thursday that advance initial unemployment figures for the week ending July 20 totaled 343,000, an increase of 7,000 over the previous week's revised tally. The four-week moving average for first-time claims was 345,250, a decline of 1,250 from the prior week.

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Mortgage Rates Fall for Second Straight Week

Mortgage rates backed down for the second consecutive week, according to reports from Freddie Mac and Bankrate.com. Freddie Mac's Primary Mortgage Market Survey put the 30-year fixed-rate average at 4.31 percent (0.8 point) for the week ending July 25, down from last week's 4.37 percent. Meanwhile, Bankrate's weekly national survey showed the 30-year fixed falling to 4.54 percent and the 15-year fixed dropping to 3.61 percent. The downward trend may not last, however.

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More Older Americans Submitting Online Mortgage Applications

A growing number of older Americans are applying for mortgage loans online, according to a recent survey from Mortgage Marvel. Thirty-five percent of mortgage applicants are past the age of 50, according to the survey of more than 650,000 applications submitted to more than 1,100 lenders in 2012. "[P]lenty of older Americans are computer savvy and very willing to pursue major transactions, such as mortgage applications, on the Internet," said Mortgage Marvel COO Rick Allen.

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