Conventional Share Widens w/Refis, Though Off YoY
As refinance share widened last month, so did conventional share -- though it has diminished over the past year. Turnaround and closing rates both deteriorated.
Multifamily Hurts Housing Permits, Completions
Although there was a month-over-month improvement in the pace of single-family housing permits and completions, apartment activity declined.
Weekly Mortgage Application Volume Increases
Prospective borrowers were busier during the holiday week completing applications for a new mortgage. Both refinancing and purchase financing activity accelerated.
5-Month High for GSE Refinances
The volume of government-sponsored enterprise loans that were refinanced ascended to the highest level in five months -- though government supported refinances remain weak.
Mortgage Origination Outlook Boosted By $249 Bil
The latest forecast for overall residential loan production this year and next year has been beefed up by nearly $250 billion. But last year's estimate of purchase financing was cut.
Serious Mortgage Delinquency Inches Up, Could Worsen
There was an up tick last month in the rate of serious mortgage delinquency. Recent natural disasters could push the rate ever higher over the next few months.
Builder Confidence Recovers
After plunging last month, the level of confidence among the country's residential home builders this month more than made up the ground it lost.
Fixed Interest Rates on Home Loans Jump
|Purchase Activity Falls to 9-Month Low|
As new mortgage activity softened during the holiday week, weekly purchase-money business sank to the lowest level since January. Government share has significantly widened over the past year.
Interest rates on residential loans turned higher this past week. The escalation came despite severe deterioration in monthly employment statistics.
Ginnie's FY 2017 MBS Issuance Up, Book Expands
Annual fiscal securitizations conducted on behalf of the Government National Mortgage Association increased, while the book of business continued to grow.