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Tag Archives: Refinance

Analyzing the Rise of Shorter-Term Refinances

According to CoreLogic's data, shorter-term refinances (those with lifespans of less than 30 years) accounted for nearly 40 percent of market share in 2013, a vast leap from less than 14 percent in 2006. Of that total, 15-year loan terms contributed 27.3 percentage points, more than tripling in market share since 2007. However, with rates slowly but steadily climbing, the popularity of shorter-term refinances may be short-lived.

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Weak Application Volumes Get Weaker

The Mortgage Bankers Association reported a 1.6 percent decline in its Weekly Mortgage Applications Survey for the week ending April 4. Week-over-week, MBA’s Refinance Index fell 5 percent, declining to its lowest level since the end of last year. Purchase home mortgage activity was healthier last week compared to the week prior, coming up 3 percent.

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Purchase Volumes Fail to Lift March Mortgage Applications

Compiling weekly survey results from the Mortgage Bankers Association (MBA), macroeconomic research firm Capital Economics calculated a 2.9 percent drop in total application volume in March following a meek 0.1 percent increase in February. On the home purchase side, applications came up an estimated 2.7 percent over March (1 percent in the final week) but remained down 16.8 percent year-over-year.

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New Business Keeps Shrinking at Freddie Mac

Freddie Mac’s book of business declined during both of the first two months of this year with an annualized growth rate of -2.2 percent during the month of February, according to the GSE’s monthly volume summary. Year-to-date, the annualized growth rate for Freddie Mac’s portfolio is -2.0 percent, on par with the growth rate of -2.1 percent reported for the year in 2013.

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Mortgage Apps Down 3.5% on Soft Refinance Activity

A sharp drop in refinance application volume last week more than offset a pickup in purchase applications, resulting in a net loss, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey. MBA’s Market Composite Index, a measure of mortgage application volume, dropped 3.5 percent on a seasonally adjusted basis for the week ending March 21. The decline followed a revised 0.2 percent increase the week prior.

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Sunny Days Ahead for Growth?

Following a slowdown in activity over the previous two quarters, Fannie Mae’s Economic & Strategic Research Group expects economic activity to pick up in the second quarter of this year, bolstered by increases in the housing sector, consumer spending, and business investment. The housing market is expected to show a relatively strong performance, with housing starts increasing almost 20 percent to 1.1 million over the year.

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Loan Closings Up in February; Credit Standards Unchanged

Using a sample of loan applications initiated in November 2013, Ellie Mae calculated a closing rate of 55.3 percent in its February Origination Insight Report—a small bump from 54.9 percent in January. Meanwhile, credit standards on closed loans remained unchanged, averaging a FICO score of 724 and a loan-to-value ratio (LTV) of 82 percent. Compared to February 2013, though, standards were much more relaxed.

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Mortgage App Volumes Down Another 1.2%

Last week saw another tumble in mortgage applications despite a slight fallback in interest rates, according to weekly data from the Mortgage Bankers Association (MBA). MBA’s Market Composite Index, a measure of loan application volume, fell 1.2 percent on a seasonally adjusted basis for the week ending March 14. On an unadjusted basis, the index dropped 1 percent compared to the previous week.

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Finding Opportunities in Home Equity

In a blog post, CoreLogic's Mark Fleming notes that as of the most recent numbers, mortgage applications are down 54 percent compared to a year ago, with much of that decline stemming from a plunge in refinances (down 65 percent year-on-year). However, while rising interest rates have removed some of the incentive homeowners had to move or refinance, improving home prices have created a greater space for home equity loans. "This is good news for the home improvement industry and mortgage lenders who focus on home equity lending, as both will benefit from the resurgent consumer demand," he said.

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Rate Rise Brings Mortgage Apps Down

An uptick in interest rates brought early March mortgage applications down, the Mortgage Bankers Association (MBA) reported. MBA's Market Composite Index, a weekly released measure of mortgage loan application volume, fell 2.1 percent on a seasonally adjusted basis for the week ending March 7. On an unadjusted basis, the index dropped 1 percent.

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