Mortgage Delinquency Falls to 13-Year Low
The percentage of the nation's mortgages that were either past due at least a month or in the foreclosure process fell to the lowest level in 12 years. But the outlook is less than stellar.
Refi Share Stays at Record Low, Closing Rate Up
As refinances continue to make up the smallest monthly share of mortgage originations during recent years, the closing rate has strengthened, and conventional share has widened.
Bids Sought for MSRs on Over $3 Bil in Agency Loans
Servicing rights on more than $3 billion in agency loans are being auctioned off. A majority of the portfolio is government mortgages, and there is a Southeast concentration.
Purchases Pull Down Mortgage Applications
Loan originators were less busy last week completing mortgage applications on behalf of prospective borrowers thanks to slowing purchase financing. Government share was unchanged, and the jumbo-conforming spread thinned.
Ginnie's HMBS Issuance Falls to Nearly 4-Year Low
Reverse mortgage securitizations on behalf of the Government National Mortgage Association fell to an almost four-year low. Overall issuance was little changed.
|Govt Leads Weekly Mortgage Business Up|
After retreating for three consecutive weeks, new mortgage business turned higher. Government business surged, and government share widened. The jumbo-conforming spread was trimmed.
FHA Endorsements Inch Up, Might Rise More
Monthly Federal Housing Administration business inched higher and might accelerate further. Delinquency turned sharply higher, and reverse mortgage production was the slowest it's been in four years. But commercial mortgage endorsements doubled.
Refis Hurt Most from Mortgage Application Downturn
A drop in new mortgage applications was most pronounced with refinances. A week-over-week and year-over-year thinning was recorded for adjustable-rate share.
Post-Crisis High For Mortgage Credit Availability
Credit conditions in home lending were more relaxed last month than at any time since the financial crisis. Out front of the loosening were jumbo mortgages. But government conditions tightened.
|FHA Share Sinks as New Mortgage Biz Down|
As new mortgage business fell last week -- government-insured share sank to the most narrow level since last year, the jumbo-conforming spread thinned, and demand for adjustable-rate mortgages tumbled most.