2018 Mortgage Origination Forecast Increased
The forecast for mortgage originations for next year has been modestly raised. Meanwhile, this year's refinance outlook grew at the expense of projected home purchase financing.
Permits, Completed Construction Up on Multifamily
|Purchases Pull Down Weekly Mortgage Business
Home purchase financing activity tumbled during the week that included Veterans Day, dragging down overall business. But cashout refinance activity was the strongest it's been in over four years.
A month-over-month rise in permit activity and a burst in completed construction was driven by increased apartment activity. Home builders broke ground on more homes.
Mortgage Delinquency Soars, Hurricanes Blamed
The quarterly non-current mortgage rate surged 58 basis points, with government-insured performance taking the biggest beating. Much of the blame was ascribed to the effects from the recent hurricanes.
Mortgage Rates Worsen, Further Rise Forecasted
While interest rates on residential loans improved last month, more recently they have ascended to the highest level in four months. The forecast is for further escalation.
2017 US Origination Forecast Raised, 2018 Trimmed
The economic outlook for this year's single-family loan originations has grown more optimistic. But next year's forecast is slightly more pessimistic.
GSE Refinances Rise to 6-Month High
Refinances of loans backed or owned by the government-sponsored enterprises climbed to a six-month high as Making Home Affordable refinance volume fell to an all-time low.
Builder Confidence 2nd Best Since 2005, NE Leads
For the second month in a row, confidence among American home builders was stronger -- rising to the second-highest level in more than a decade. The Northeast drove the improvement.
Mortgage Lenders Looser Than Year Ago
Home loans closed last month had lower credit scores, higher loan-to-value ratios and higher debt-to-income ratios than a year earlier. While turn times have improved over that same period, closing rates have not.
U.S. Mortgage Originations, Outstandings Increase
The latest gauge of residential loan production indicates strong quarterly activity. Mortgages outstanding continued to grow as delinquency has moved lower.