Activity Eases as Fixed Rates Fall
More downward movement in mortgage rates -- which were already at record lows -- wasn't enough to lift the Mortech-Mortgage Daily Mortgage Market Index higher.
For the week ended Wednesday, the index was 348, easing from 355 last week. The index reflects the inquiries per user of Mortech Inc.'s pricing system.
The decline in activity came despite that the conventional 30-year rate edged down to 4.317 percent from 4.320 percent last week and the conventional 15-year moved 6 basis points lower to 3.79 percent.
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Agency Issuance Rises 5th Straight Month
A jump in securitization activity at the Federal National Mortgage Association was enough to offset a decline at the Government National Mortgage Association. It was the fifth consecutive month that agency issuance was higher.
M.I. Volume Falls, Default Rise
After five months of rising volume, mortgage insurers wrote 7 percent fewer policies last month. But when compared to the frenetic pace set earlier in the decade -- monthly M.I. business is down by more than 90 percent. Defaults rose for the second consecutive month.
Purchase Activity Drags Down FHA Volume
Origination of federally insured mortgages was lower in July. An increase in refinance and reverse mortgage production was not enough to offset a drop in purchase endorsements. But a surge in refinance applications is likely to boost overall business this month.
Mixed Results at Fannie
The good news is that residential defaults were lower for the fourth consecutive month at Fannie Mae. The bad news is that secondary purchases declined and commercial mortgage delinquency deteriorated.
Delinquency, Portfolio & Secondary Volume fall at Freddie
Home loan delinquency has declined four out of the last five months at Freddie Mac. Also lower were secondary marketing activity and the balance of its massive mortgage portfolio.
4 Weeks of Rising Mortgage Activity
It was a small increase but an increase all the same. It was also the fourth consecutive week that the Mortech-MortgageDaily.com Mortgage Market Index was higher. Purchase activity was up and rates were down.
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Favorable Delinquency Trend Developing
Consumers continue to resist the most affordable home-buying conditions in a half century. But the good news is that quarterly delinquency declined again and is expected to continue improving -- though not in Florida.
Fannie Increases Outlook
Last month, Fannie Mae predicted that the current quarter's originations by U.S. residential lenders would fall from the prior period. This month the secondary lender sees an increase in third-quarter production, while it raised its annual estimate and predicted adjustable-rate share will more than double over the next two years. The refinance outlook also perked up.
