Mortgage Lates Down After Dropping to 12-Yr Low
After falling to the lowest level in a dozen years, 30-day delinquency moved down by another 9 basis points. Also improving was the foreclosure inventory rate.
2018 Mortgage Origination Outlook Cut Due to Refis
An improved outlook for home purchase financing this year was was wiped out by a big drop in expected refinancings. But next year's forecast was cut thanks to lowered purchase-money expectations.
|Weekly Mortgage Business Up as VA Activity Soars
An improvement in weekly mortgage business was driven by a surge in prospective loans to veterans. Despite deterioration of 3 basis points in fixed rates, the share of people seeking a rate-term refinance grew to the widest level in six months.
Refi Declines Wipe Out Purchase Gains
Even though purchase-money production is expected to increase by nearly $50 billion between this year and next year, refinances are expected to decline by more than $60 billion.
Mortgage Rates Increase, Further Escalation Ahead
On a month-over-month basis, mortgage rates were slightly worse. But the deterioration deepened on a week-over-week basis. Further increases are likely.
FHA Delinquency Tumbles, Endorsements Edge Up
There was a monthly up tick reported in new business at the Federal Housing Administration, though a dip will likely follow. Single-family delinquency tumbled 48 basis points.
SF Drives Up Completed Constr, MF Leads Starts Up
Multifamily led a surge in new construction last month, while single-family activity drove up completed construction. But activity is likely to slow based on new permits.
Refinance Share of Mortgage Originations Widens
A bigger share of borrowers who closed on their home loans last month were refinancing an existing mortgage than the preceding month. Closing rates climbed to a 12-month high.
Mortgage Applications Rise 1st Time in 4 Weeks
Mortgage applications improved for the first time in four weeks. As rates ascended to the highest level in seven years, more prospective borrowers opted for an adjustable-rate.
Builders Say New Tariffs Are Devastating
Optimism within the home-building industry remained at its lowest level in 12 months, and pessimism is setting in as a result of a new round of tariffs.