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.
Mortgage Delinquency Plunges
Delinquency on residential loans turned sharply lower last month as the impact from last year's hurricanes shifted to new foreclosure filings.
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.
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.
Serious Mortgage Delinquency Down from Year Ago
While there was no month-over-month change in serious mortgage delinquency, there was a year-over-year improvement. Miami saw a significant increase.
Multifamily Const Starts, Permits Up as SF Falls
Despite a surge in new apartment construction and permits, single-family activity weakened. The South led a decline in completed construction.
West Leads Builder Confidence to Lowest Since 2017
With the West leading the way, builder confidence dropped to the lowest level since last year. Much of the weakening was due to current sales conditions.
Chase's Mortgage Earnings Jump on Servicing
Company-wide quarterly earnings soared at JPMorgan Chase & Co., while mortgage income jumped on soaring servicing revenue. Loan originations sank, and servicing dropped.
|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.
Mortgage Rates Rise, Could Climb Further
Interest rates on residential loans inched higher this past week, and the outlook -- both short-term and long-term -- is for further ascension thanks to inflation.