Mortgage Rates Down But Poised to Jump
Interest rates on residential loans improved nicely over the past week. But recent market activity suggests fixed rates could be higher in the next report.
Pending Home Sales Rise, West Up Most
The nation's monthly pending home sales accelerated from a month earlier and year earlier. The biggest gain on a month-over-month basis was made in the West.
CMBS Defaults Decline, Retail Leads Drop
The performance of securitized commercial real estate loans improved last month, with mortgages secured by retail properties leading the way.
Freddie's Business Slips, Delinquency at 8-Yr Low
Secondary mortgage activity dipped last month at Freddie Mac. Meanwhile, a new eight-year low was established for serious residential loan delinquency.
New Home Sales Up, Northeast Up Most
After leading the rate of new home sales lower in August, the Northeast was out front of a month-over-month and year-over-year gain last month. Home prices climbed.
Mortgage Bankers Raise Refi Outlook Over $250 Bil
Mortgage bankers have lifted their estimate of overall originations from last year through 2018 by more than $300 billion -- including an over $250 billion boost to refinances.
Mortgage Lates Inch Up, Foreclosures at 9-Yr Low
Despite a modest up tick in the mortgage delinquency rate, the rate of properties in the foreclosure process descended to the lowest level in nine years.
Record Multifamily Mortgage Originations
|Refinances Lead Mortgage Activity Up
Refinancing activity led the way as new mortgage business bounced back from the holiday week. Year-over-year activity, especially refinance business, was solidly higher.
Commercial real estate lenders funded more loans to finance apartment buildings last year than during any previous year on record.
Mortgage Rates Expected to Stay Put for Months
Fixed mortgage rates moved higher this past week. But multiple short-term and long-term forecasts have fixed rates remaining where they are now for months.