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Tag Archives: Refinance

Fannie Mae: Housing Recovery to Withstand Economic Headwinds

In its October Economic Outlook report, Fannie Mae's Economic & Strategic Research Group pointed to financial and policy issues in the U.S. and abroad as looming challenges that could restrain meaningful economic growth in 2012. While the outlook on the economy was uncertain, the assessment for the housing market was more stable. Chief economist Doug Duncan said various indicators show "continued momentum toward a sustainable, long-term recovery," particularly the upward trend in home prices.

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Analysts: Record-Low Rates Give Weak Boost to Refinances

Even with the record-low mortgage rates seen today, refinancing numbers are still not as high as expected. In CoreLogic's most recent MarketPulse report, Sam Khater and Molly Boesel noted, "the overall level of refinancing is still low given current mortgage rates, and there are still many homeowners nationwide with above market rates." Despite the new expansions from HARP 2.0, including the removal of its 125 percent LTV ceiling, other restrictions are still preventing homeowners from refinancing.

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Rising Home Values Bring Equity to Highest Level Since 2008

Rising home values in September brought homeowner equity to its highest level since the third quarter of 2008, according to the Obama administration's latest Housing Scorecard. According to the report, homeowner equity increased $406 billion, or 5.9 percent, to $7.3 trillion in the second quarter of 2012. After experiencing a turnaround into growth in the year's first quarter, total equity has grown $863 billion, or 13.5 percent, since the end of 2011.

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Refinance Activity Brings Prepayments to Seven-Year High

Mortgage delinquency rates fell in August as prepayment rates shot up, Lender Processing Services (LPS) revealed. LPS' August Mortgage Monitor report showed a national delinquency rate of 6.9 percent, consistent with the company's earlier first-look data. Delinquencies were down 2.3 percent from July and 10.6 percent from their January 2010 peak. The drop in delinquency was accompanied by a significant boost in prepayment rates, hitting an annualized rate of nearly 25 percent--a level not seen since 2005.

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