Tag Archive for mortgages

Mortgage Rates Fall To 6-Month Low

May 15, 2014 Housing Market Comments Off on Mortgage Rates Fall To 6-Month Low

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to its lowest level since November 2013 last week. Interest rates were down for FHA-backed loans and 15-year fixed-rate mortgages as well, while rates for jumbo loans remained unchanged from the week before. Falling mortgage rates led to an increase in refinance activity, with the Refinance Index increasing 7 percent from the previous week. The surge in refinance demand also brought the refinance share of total mortgage activity back up to 50 percent. The seasonally adjusted Purchase Index, on the other hand, fell 1 percent from the week before. The drop in mortgage rates marks the third consecutive week rates have fallen. The MBA’s survey has been conducted weekly since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Size Of Average Home Loan Breaks Record

April 24, 2014 Housing Market Comments Off on Size Of Average Home Loan Breaks Record

According to new data from the Mortgage Bankers Association’s Weekly Applications Survey, the size of the average loan to purchase a home has reached the highest level in the history of the survey. The average loan is now $280,500. This is due, in part, to the fact that interest rates on mortgages with jumbo balances are low by historical standards. In fact, they are even lower than rates on loans with conforming balances, which is not typically the case. But it is also consistent with a trend toward rising purchase activity for larger loan amounts, the release said. Also, the MBA’s survey found that overall demand for mortgage applications fell 3.3 percent last week. The Refinance Index was down 4 percent from the previous week and purchase activity dropped 3 percent. The decline follows a 4.3 percent increase in demand the week before. The MBA’s survey has been conducted weekly since 1990 and covers 75 percent of all U.S. retail residential mortgage applications. More here.

The Benefits Of A Bigger Down Payment

April 15, 2014 Housing Market Comments Off on The Benefits Of A Bigger Down Payment

Data from the National Association of Realtors’ Confidence Index Survey finds fewer first-time home buyers obtaining mortgages with a down payment of 6 percent or less. In fact, the number of first-time buyers who put down 6 percent or less had dropped to 61 percent by February, down from 74 percent in 2009. Though there are a number of factors causing buyers to put down more money when buying their home, the benefits of a higher down payment remain the same. The more money you put down when purchasing a house, the lower your monthly mortgage payment will be. According to the NAR, saving for a higher down payment also betters the odds that a prospective buyer can obtain a loan from their bank, in addition to increasing the likelihood of winning a bid for a particular property should there be multiple offers on a home. In short, the more money you’re able to put forth as a down payment, the more attractive you’ll be to mortgage lenders and home sellers. In a competitive market, where demand is still higher than supply, a higher down payment can help provide an edge over other potential buyers in your area. More here.

Mortgage Rates Rise Again In Latest Survey

February 28, 2014 Housing Market Comments Off on Mortgage Rates Rise Again In Latest Survey

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages climbed slightly last week from the week before. It was the second consecutive week of mortgage rate increases, with the average rate up for conforming loan balances, jumbo loans, and mortgages backed by the FHA. The rise in rates coincided with an 8.5 percent decline in the Market Composite Index, which measures total mortgage loan application volume. The Refinance Index fell 11 percent, while the unadjusted Purchase Index was virtually unchanged from the previous week. Michael Fratantoni, MBA’s chief economist, said though demand for purchase applications was little changed, this is the time of year when a significant pickup in purchase activity would typically begin. The MBA’s survey has been conducted weekly since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Mortgage Rates Rise For First Time In Weeks

February 20, 2014 Housing Market Comments Off on Mortgage Rates Rise For First Time In Weeks

After five consecutive weeks of declines, the average contract interest rate for 30-year fixed-rate mortgages moved up last week from the week before. According to the Mortgage Bankers Association’s Weekly Application Survey – which covers 75 percent of all U.S. retail residential mortgage applications – rates rose on conforming loan balances, jumbo loans, and mortgages backed by the FHA. The rate increase coincided with a 4.1 percent drop in total mortgage application volume, due in part to a 6 percent decrease in the Purchase Index, which hit its lowest level in three years. The Refinance Index also fell, dropping 3 percent from the previous week and bringing the refinance share of total mortgage activity down to 61 percent from 62 percent the week before. The Mortgage Bankers Association’s survey has been conducted weekly since 1990. More here.

Average Mortgage Rate Continues To Fall

February 6, 2014 Housing Market Comments Off on Average Mortgage Rate Continues To Fall

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate declined last week for all loan products in the survey, including 30-year fixed-rate mortgages with both jumbo and conforming balances, 15-year mortgages, and those backed by the FHA. That marks the fourth consecutive week average mortgage rates have fallen. Despite the rate drops, however, overall demand for mortgage-loan applications was relatively flat, increasing just 0.4 percent. The Refinance Index was up 3 percent over the previous week while the seasonally adjusted Purchase Index – a leading indicator of home sales – fell 4 percent. The MBA’s survey covers more than 75 percent of U.S. retail residential mortgage applications and has been conducted weekly since 1990. More here.

Mortgage Rates Fall For 3rd Straight Week

January 30, 2014 Housing Market Comments Off on Mortgage Rates Fall For 3rd Straight Week

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages dropped again last week, falling to the lowest level since November. Rates decreased for loans with conforming and jumbo balances, as well as mortgages backed by the FHA. Despite the declines, demand for mortgage loan applications was virtually unchanged from the previous week. The Market Composite Index, which measures total mortgage loan application volume, decreased just 0.2 percent. The Refinance Index fell 2 percent from the week before, while the seasonally adjusted Purchase Index gained 2 percent. The results include an adjustment for the Martin Luther King, Jr. holiday. The MBA’s survey, which has been conducted weekly since 1990, covers more than 75 percent of all U.S. retail residential mortgage applications. More here.

« Older Entries