Stabilization in Mortgage Rates Could Continue
Mortgage rates were little changed this past week, and one short-term outlook has them staying put for the next week. Another forecast has quarterly rates not changing at all next year.
Mortgage Applications Pulled Down by Purchases
A week-over-week drop in new mortgage applications was fueled by a decline in purchase-money applications as refinance activity ascended. The jumbo-conforming spread widened, and government share thinned.
|Purchases Lead Weekly Mortgage Business Up|
New mortgage activity picked up from the holiday week, with home-purchase financing leading the way. But the cashout share of business diminished to the most narrow level since last year.
Escalation Reported for Mortgage Rates
The short-term report is that interest rates on residential loans turned higher this past week. The medium-term outlook is for more of the same.
Purchase Surge Overcomes Mortgage Refi App Decline
Even though refinance business slowed to the lowest level since the turn of the century, a surge in loan applications for purchase financing drove overall activity up.
|Mortgage Biz in July 4 Week Lowest Since Holidays|
As Americans celebrated the 242nd birthday of the United States, new mortgage business sank to the lowest level since the holidays. Adjustable-rate volume took the biggest hit. But jumbo activity accelerated.
Mortgage Rates Lowest Since April
Home-lending interest rates retreated again and now stand at their lowest level since April. Average rates on hybrid adjustable-rate mortgages plummeted.
Mortgage Refi App Slump Overcomes Purchase Bump
A few more applications that were completed for house-purchase loans were more than offset by a decline in the volume of refinance applications. Government share was unchanged, and jumbo rates lost some luster.
|Record Low Rate-Term Refi Business|
Prospective rate-term refinance business descended to the lowest level in at least six years. Still, overall refinance activity moved higher even as purchase-money activity was lighter.
Former Bankrate CFO Pleads Guilty
The former chief financial officer of a major financial news publication that provides consumers with mortgage data has admitted to accounting fraud.