4-Year High for 30-Year Fixed Mortgage Rates
It's been more than four years since long-term mortgage rates have been as high as they were this week. In the upcoming week, fixed rates are likely to deteriorate even more. Rates last month averaged the least on loans guaranteed by the Department of Veterans Affairs.
Mortgage Originations Shift from FHA to Conv
Compared to a year ago, conventional share has increased at the expense of government-insured share. Rising rates are impacting refinance share and, in turn, closing times.
Purchases Out Front of Jump in Mortgage Apps
With purchase-money applications leading the way, weekly applications for home loans made a healthy ascension. Refinance share, however, continued to weaken.
FHA Business Sinks to 3-Year Low
Residential production at the Federal Housing Administration was the lowest it's been in three years. An improvement was reported for single-family delinquency.
3-Year Low for Ginnie Mae MBS Issuance
Securitizations on behalf of the Government National Mortgage Association fell to the lowest level in more than three years. But securities outstanding kept growing.
|Increase in Mortgage Business Led by Conventional
Conventional activity led a week-over-week increase in new mortgage business. Rate-term refinance share descended to a new record low, while purchase share was the highest it's been in six months. Government business slowed.
Weekly Mortgage Applications Decline
Originators of single-family loans were a little less busy this past week. Government share, meanwhile, was the greatest it's been in nearly three months.
Huge Agency MSR Portfolio On the Market
A huge offering that just hit the market includes mortgage-servicing rights on more than $6 billion in agency-backed loans. There is a modest Illinois concentration.
VA Clarifies Construction Lending Guidance
In an effort to overcome lenders' reluctance to construction lending, the Department of Veterans Affairs has clarified its requirements on loans to finance home construction.
|FHA Share Balloons, Record Low Rate-Term Refi Share|
The share of prospective borrowers seeking loans insured by the Federal Housing Administration was wider than during any week since Mortgage Daily began tracking it, while rate-term refinance share was a record low. Jumbo interest rates deteriorated compared to their conforming counterparts.