Mortgage Credit Tightens as Closing Rate Rises
As the monthly closing rate of new mortgage applications improved, lenders were more restrictive about who was approved for a loan.
Mortgage Application Activity Diminishes
After adjusting for the prior week's holiday, the volume of new applications from prospective home-loan borrowers declined from one week earlier.
Projected Q3 Mortgage Lending Most in Nearly 4 Yrs
Driven by purchase financing, residential loan originations during the current quarter are forecasted to be the most of any quarter in nearly four years.
Retail HECM Endorsements Down More Than Wholesale
Although monthly originations of government-insured reverse mortgages were off less than 5 percent at wholesalers, retailers experienced a more than 7 percent drop.
MBS Issuance at All-Time High at Ginnie Mae
The Government National Mortgage Association saw its monthly securitizations of real estate loans reach the highest level in its history.
FHA Endorsements Maintain, Delinquency Up Again
Outlook for Purchase Mortgage Demand Tumbles
Monthly production of mortgages that are insured by the government mostly held up but is likely to move lower. Residential delinquency worsened for the fourth consecutive month.
Senior mortgage executives expect demand for purchase-money mortgages to diminish over the next three months, with government programs taking the biggest hit.
Purchases Out Front of Mortgage Application Rise
Purchase financing led an increase in overall new applications for home loans during the holiday week. A modest rise was recorded for refinances.