Tag Archives: Mortgage Rates

LendingTree released on Tuesday its rankings for the top 10 customer-rated lenders in its network for Q3, showing a number of new names and a shift among those who appeared in the second quarter's rankings. The rankings are based on a weighted average of the ratings and volume of reviews, with customers judging the companies on mortgage rates, fees and closing costs, responsiveness, customer service, and their overall experience. California's Pacific Beneficial Mortgage Company took the No. 1 spot.

Softening trends in the housing market brought fixed mortgage rates to their lowest level since June last week, according to data from Freddie Mac.

Analysts holding out for a sign that the Federal Reserve may soon taper its asset purchasing program will have to continue waiting. The Fed released on Wednesday the latest Federal Open Market Committee (FOMC) statement, revealing a generally cautious attitude as the economy struggles against headwinds. On the subject of housing, the FOMC noted growth has slowed in recent months; however, unlike the September statement, October's release does not cite rising mortgage rates as a concern.

After staying mostly flat through mid-October, mortgage application volume jumped for the week ending October 25, the Mortgage Bankers Association (MBA) found in its Weekly Mortgage Applications Survey. MBA's Market Composite Index, a measure of loan application volume, increased 6.4 percent on a seasonally adjusted basis from the prior week. Having experienced a shaky summer, the Refinance Index bumped up 9 percent week-over-week.

Investors remain a crucial factor in the U.S. housing market. As mortgage rates rise along with home prices, it decreases affordability and edges owner-occupier buyers out of the market.

Next year's mortgage numbers are on track to fall off by nearly a third as the decline in refinances outpaces the slow growth of purchase originations, according to an MBA forecast.

Freddie Mac released Thursday its Primary Mortgage Market Survey, which shows the 30-year fixed-rate mortgage (FRM) falling to an average rate of 4.13 percent (0.8 point) for the week ending October 24, down from 4.28 percent and the lowest level in about four months. "Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year," explained Frank Nothaft, VP and chief economist for Freddie Mac.

The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey shows loan application volume fell a seasonally adjusted 0.6 percent for the week ending October 18.

Capital Economics is ready to acknowledge that rising mortgage rates may provide more drag than the firm's analysts first thought.

Now that most of the nation's biggest mortgage players have put out their earnings numbers for the third quarter, investment bank FBR Capital Markets says its mortgage banking forecasts--$1.6 billion for 2013 originations followed by $1.4 billion in 2014--are still well within reach. Examining the reports, FBR says the third quarter was a case of "more of the same, with anemic loan growth ... weak mortgage banking, and lack of top-line expansion as the more notable items."