The MBA reports that overall mortgage application volume fell for the second straight week, with limited housing inventory and rates nearing the 7% mark hampering affordability for many potential buyers.
Read More »Average Purchase Loan Size Hits Highest Level Since May
The MBA reports that week-over-week, mortgage application volume fell 1.8%, partly driven by a 10% decrease in FHA applications as the overall average purchase loan size hit $432,700,
Read More »Fed Resumes Rate Increases with a 25 BPS Hike
At the conclusion of Fed’s two-day July meeting, the Federal Open Market Committee moved to raise the base interest rate by 25 basis points, with all members voting in favor of the action.
Read More »Demand for Renovations Drove Home Equity Lending Increases in 2022
“Home renovations and remodeling drove demand for home equity products in 2022, with roughly two-thirds of borrowers citing it as a reason for applying for a home equity loan. Other borrower reasons were for debt consolidation (25%) and emergency cash management or other (10%),” said Marina Walsh, CMB, MBA’s VP of Industry Analysis.
Read More »Mortgage Rates Scale Back From 7%-Range
A slowdown in inflation caused the 30-year, fixed-rate mortgage to take an 18-basis point week-over-week plunge after nearly crossing the 7%-mark the week prior.
Read More »More Prospective Buyers Turn to Newly Built Homes in June
The MBA reports that new home purchase mortgage applications in June rose 26.1% year-over-year, despite mortgage rates nearing the 7% mark.
Read More »Cooling Inflation Boosts Rise in Mortgage Apps
As markets responded positively to data showing that U.S. inflation continues to cool, the MBA reports that mortgage application volume rose week-over-week, with refi apps increasing more than 7%.
Read More »Keeping Afloat
MortgagePoint speaks with mortgage servicing execs from BOK Financial, Carrington, the NMSA, PHH Mortgage Corporation, and Servbank about the unusual times and unusual opportunities the industry faces midway through 2023.
Read More »Mortgage Rates Close in on the 7% Mark
Nearing levels last recorded in November 2022, Freddie Mac reports the fixed-rate mortgage rose 15 basis points week-over-week and edged closer to the 7%-mark.
Read More »FHA and VA Purchase Apps on the Rise
Despite mortgage rates reaching their highest levels since November 2022, overall app volume rose week-over-week, led by an increase in both FHA and VA purchase applications.
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