Purchases Out Front of Jump in Mortgage Apps
With purchase-money applications leading the way, weekly applications for home loans made a healthy ascension. Refinance share, however, continued to weaken.
3-Year Low for Ginnie Mae MBS Issuance
Securitizations on behalf of the Government National Mortgage Association fell to the lowest level in more than three years. But securities outstanding kept growing. Jumbo issuance was the lowest it's been since 2014.
|Increase in Mortgage Business Led by Conventional
Conventional activity led a week-over-week increase in new mortgage business. Rate-term refinance share descended to a new record low, while purchase share was the highest it's been in six months. The jumbo-conforming spread thinned.
Weekly Mortgage Applications Decline
Originators of single-family loans were a little less busy this past week. Government share, meanwhile, was the greatest it's been in nearly three months. There was no change in the difference between jumbo rates and conforming rates.
Mortgage Credit Tightest in 13 MonthsThe availability of credit for people desiring to finance a residential property was the lowest it's been in more than a year. Leading the contraction were government programs.
|FHA Share Balloons, Record Low Rate-Term Refi Share|
The share of prospective borrowers seeking loans insured by the Federal Housing Administration was wider than during any week since Mortgage Daily began tracking it, while rate-term refinance share was a record low. Jumbo interest rates deteriorated compared to their conforming counterparts.
Post-Crisis Low for Mortgage Refinance Share
The last time that refinances accounted for this small of a share of mortgage applications, America was in the midst of a financial meltdown. Overall applications fell. The jumbo-conforming rate spread widened.
|Purchases Pull Down Weekly Mortgage Business|
Although rate-term share fell to a new low, weekly refinance business was slightly stronger. But slowing purchase-money activity was enough to pull down overall business. The jumbo-conforming rate spread thinned.
Mortgage Applications Up Led by Refinances
The weekly volume of people applying for a new home loan accelerated, and it was refinance activity that was out front of the week-over-week gain. The jumbo-conforming spread thinned.
|Surge in Purchase Financing Drives Up Mortgage Biz|
A sharp weekly increase in prospective loans to finance a home purchase to the highest level in six months drove new mortgage business to the highest level in more than four months. Conventional business was the best it's been in nine months.