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.
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.
Ginnie's Jumbo Issuance Sinks to 4-Year Low
As monthly issuance ascended to the highest level in nine months at the Government National Mortgage Association, jumbo securitizations retreated to a low not seen in nearly four years.
MSRs Sought on Ginnie Mae Loans
A home lender is looking to beef up its servicing portfolio and is actively seeking the rights to service Ginnie Mae mortgages.
|ARMs Lead Weekly Mortgage Biz Up, Record ARM Share
New mortgage business really picked up from the holiday week. The strongest showing was with adjustable-rate mortgages -- with ARM share coming in wider than any prior week in at least nearly a decade. Government share thinned.
AZ Branch Mgr Gets Vet Approved After 2 Denials
An active-duty soldier who was being transferred from Kentucky to Florida and was twice denied for a loan guaranteed by the Department of Veterans Affairs was saved by a veteran who is a mortgage branch manager.
Mortgage Apps Down as Refis Plunge to 17-Year Low
Applications for purchase-money mortgages accelerated during the holiday week. But a plunge in refinance applications to the lowest level in more than 17 years dragged down overall activity.
Jumbo Drives Down Mortgage Credit Availability
Credit conditions in the home financing market were tighter last month. Behind the contraction was a drop in the number of available jumbo mortgage programs. Partially offsetting jumbo deterioration was an increase in programs with low down payments and government credit.