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.
Read More »Mortgage Applications Continue to Fall in October
Mortgage applications continued to fall last as long-term fixed mortgage rates rose, the Mortgage Bankers Association reported.
Read More »FHFA: HARP Volume for 2012 to Total 1M
According to the FHFA, the government's Home Affordable Refinance Program is on target to reach a million borrowers this year.
Read More »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.
Read More »MBA: Mortgage Applications Slide Down to Start October
After having a banner week at the end of September, mortgage applications decreased to start October, the Mortgage Bankers Association reported.
Read More »Report: Low Rates Fail to Boost New Mortgage Activity
Homeowners and potential first-time buyers couldn't be tempted by record-low mortgage rates last week, according to the Mortech Inc. and Mortgage Daily's U.S. Mortgage Market Index.
Read More »Residential Finance: Rates Likely to Rise, but Not for Long
Those who thought they missed their opportunity to take advantage of record-low mortgage rates may not want to let go of hope just yet.
Read More »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.
Read More »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.
Read More »Low Mortgage Rates Fuel Rise in Applications
Mortgage applications saw increased activity in the last week of September, the Mortgage Bankers Association (MBA) reported.
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