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.
Slight Escalation in Serious Mortgage Delinquency
Serious delinquency on first-lien residential loans turned modestly higher last month. Among large metropolitan areas, Chicago had the worst deterioration.
1st Mortgages Outstanding Nearing All-Time High
The balance of first-lien home loans outstanding is nearing the all-time high established at the start of the crisis. The trend is down, however, for home-equity products.
As HARP Wanes, 3.5 Million Benefited
Just one month after sinking to the lowest level on recent record, the number of government-sponsored enterprise loans that were refinanced fell further. An Obama-era program enabled 3.5 million refinances during stressful times.