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Tag Archives: Refinance

Mortgage Refinance Rate Rises 8 Percent in February

Mortgage refinance rates climbed another 8 percent in February to 59 percent, making it the highest it has been since May 2013. According to Ellie Mae’s Origination Report released Wednesday that number is almost doubled the rate seen six months ago in August 2014 and 16 percentage points higher than the year-over-year figure of 38.

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Refinance Rates Soar in Los Angeles County

According to the study conducted by SmartAssett, a New York based personal finance technology firm, a total of 164,539 Los Angeles loans were refinanced in 2013 and the average refinance amount was $366,635. That equated to an average annual savings of nearly $7,000. Homeowners collectively saved more than $1.16 billion that year.

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20 Percent of Optimal Households Failing to Refinance

Houses lose out on big money when they fail to take advantage of low interests and refinance. For example, a household with a 30-year, fixed-rate mortgage of $200,000 at an interest rate of 6.5 percent that refinances when rates fall to 4.5 percent will save over $80,000 in interest payments over the life of the loan, even after including all the typical refinancing costs. Mortgage rates were around 4.7 percent in December 2010, higher than the current rate of 3.5 percent. Still, many homes fail to refinance.

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Refinances Gain Market Share in November

Out of a sample of closed loans drawn from Ellie Mae's origination platform last month, 45 percent were refinances, the company reported Wednesday. November's refinance share marked a 5 percentage point increase from October and was the same as a year ago. "Winter is normally a slow time for housing sales, yet the increase in refinancing volume is protecting many lenders from the cold," said Jonathan Corr, president and COO of Ellie Mae.

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Mortgage Apps Fall Despite Declining Rates

The Mortgage Bankers Association's (MBA) survey of mortgage activity shows application volumes fell 3.3 percent for the week ending December 12. Taking out adjustments for seasonal influences, application numbers were down 4 percent week-over-week.

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Mortgage Applications Jump on Refinance Surge

MBA's Weekly Mortgage Applications Survey shows mortgage application volumes jumped 11.6 percent for the week ending October 17. The surge in the headline index stemmed from a substantial jump in the refinance application component, which was up 23 percent week-over-week to hit its highest level since November 2013.

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Mortgage Apps Jump Following Topple in Interest Rates

The Mortgage Bankers Association (MBA) reported a 5.6 percent increase in its mortgage applications index for the week ending October 10. The headline index got a boost from refinancing applications, which surged 11 percent over the week as the average 30-year fixed mortgage rate dropped to 4.20 percent, its lowest in more than a year.

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Mortgage Applications Up 3.8% in Weekly Survey

Mortgage application volumes kicked off the month with a small increase as interest rates tumbled a few points, according to industry data. The Mortgage Bankers Association's (MBA) weekly measure of mortgage applications rose 3.8 percent for the week ending October 3, the group reported Wednesday.

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Freddie Mac’s Portfolio Resumes Decline in August

After posting a slight increase in July, Freddie Mac's mortgage portfolio declined at an annualized rate of 0.4 percent over the month of August, according to the GSE's latest monthly volume summary. Year-to-date, the portfolio's annualized growth rate has averaged -1.6 percent, bolstered by declines near or higher than 2 percent in each of the first five months of the year.

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HELOC Lending Volumes Bound 27% in Q2

Experian estimates new mortgage origination volumes totaled $292 billion for the months of April through June, reflecting a 15 percent increase from a slow first quarter. Home equity lines of credit (HELOCs) led in gains for the quarter, totaling $35 billion—up 25 percent over the same period last year. Over the last 12 months, HELOC originations totaled $120 billion, marking a 27 percent increase from the prior period.

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