Hurricanes Push Up Mortgage Delinquency
Mortgage Staffing Drops Despite Strong Jobs Report
Despite hurricane-related deterioration in the rate of mortgage delinquency, the rate of serious delinquency and foreclosures stand at the lowest level in decades.
Although U.S. employers in all industries saw robust hiring last month, the latest statistics for the mortgage industry indicate that staffing contracted again.
15-Year Mortgages Lead Rates Higher
Weekly interest rates on single-family loans moved higher, with 15-year rates taking the biggest hit. The spread between adjustable and fixed rates has recently thinned, pushing more borrowers into fixed rates.
New Post-Crisis High for Mortgage Credit Conditions
Home lenders were more flexible with loan approvals last month than at any time since the financial crisis. Jumbo conditions eased most as investor offerings expanded.
FHA Endorsements Down, Delinquency Up
New monthly business at the Federal Housing Administration turned lower and is likely to recede even further. Reverse mortgage applications exploded ahead of premium changes. FHA delinquency deteriorated.
Mortgage Apps Accelerate, Refi Share at 3-Mth High
Mortgage applications took off this past week, with refinances leading the way. As refinance share widened to a nearly three-month high, adjustable-rate share was at an almost 11-month low.
Office Loans Lead Drop In CMBS Delinquency
Loan performance on securitized commercial real estate loans improved for the fifth consecutive month, with office loans faring best. But the holiday season isn't being kind to retail.
Consumer Bankruptcies Rise From Year Earlier
While the number of consumers who sought relief from their liabilities improved on a month-over-month basis, consumer bankruptcies turned higher from a year ago.
Monthly HECM Endorsements Increase
Federally insured reverse mortgage production moved higher both on a month-over-month basis and on a year-over-year basis.