Mortgage Refinance Forecast Raised Over $40 Bil
The latest real estate finance forecast has mortgage refinance production for this year and next year up by more than $40 billion from what was expected a month ago.
New Low for HARP Volume as GSE Refis Ascend
Monthly refinances of government-sponsored enterprise mortgages increased, though the government-supported refinance program is barely active.
VA Mortgage Share Up as Credit Conditions Ease
Veterans home loans guaranteed by the government have grabbed a bigger share of the mortgage market over the past year. Credit scores and income ratios have eased over the same period.
Construction Permits, Starts & Completions Down
Although single-family permits held up from the previous month, multifamily dragged down overall authorizations. Also slowing from the previous month was the volume of construction started and completed.
Drop in Purchase Mortgage Apps Offsets Refi Rise
Although the number of borrowers who applied to refinance their mortgages expanded, a week-over-week drop in applications to finance a home purchase offset the gain.
Mortgage Balances Up, Lates at Post-Recession Low
Average mortgage balances have risen despite falling loan amounts on new originations. Home loan performance, meanwhile, is the best it's been since the recession.
U.S. Mortgages Outstanding Grow, HELOCs Shrink
On a quarterly basis, the nation's book of mortgages expanded, though home-secured credit lines contracted. Mortgage delinquency improved.
FHA Endorsements Rise, Delinquency Down
Monthly new business at the Federal Housing Administration moved higher, while an improvement was recorded for delinquency. The agency grew its residential and commercial books of business.
Northeast Leads Rise in Home Builder Confidence
A month-over-month improvement in home builder confidence was led by the Northeast, though there are still more pessimistic builders in the region than optimistic.
Serious Mortgage Delinquency Ticks Higher
Home loans considered to be seriously delinquent accounted for a greater share of overall loans than in the preceding month. Dallas saw the biggest rise in consumer delinquency.