Best Mortgage Lenders By Category
A report based on a recent survey of consumers who were shopping for a residential loan has identified the best home lenders in a variety of categories -- including government programs, jumbo loans and online services.
Rise in Mortgage Applications Driven by Refinances
Mortgage application volume moved higher last week, and it was refinances that drove the increase. Jumbo rates remained lower than conforming rates -- which rose to a seven-year high.
|Refinances Wipe Out Weekly Purchase Gains
A nice up tick in purchase financing activity was wiped out by a weekly decrease in refinance business. Similarly, an increase in government volume was more than offset by a drop in conventional activity. The jumbo conformig spread flip flopped.
Mortgage Apps Drop Again, Jumbo-Conf Spread Doubles
For the second consecutive week, fewer applications were completed for home loans. As long-term mortgage rates climbed to a seven-year high, the jumbo-conforming spread doubled.
3-Yr Low Ginnie Issuance as Book Surpasses $2 Tril
Annual securitizations were the lowest they've been in three years at Ginnie Mae. Jumbo issuance plunged by a third, but reverse mortgage activity was higher. The government-owned corporation's book of business broke $2 trillion.
|Purchases Lead Mortgage Biz Lower in Holiday Week
Weekly mortgage business slowed during the holiday week and was also down from last year. Home purchase financing business took the biggest weekly hit, while refinances suffered least. The jumbo-conforming rate spread flip flopped.
Rising Rates Drive ARM Share to 16-Month High
As interest rates on home loans climbed to the highest levels in seven years, refinances led weekly mortgage applications lower, and adjustable-rate mortgage share jumped to a 16-month high. The spread between jumbo and conforming rates widened.
|Mortgage Biz Surges as Gov Activity at 4-Mth High
New mortgage business surged this past week as a four-month high was reached for government activity. Cashout share was the most narrow it's been in a year, while rate-term share was it's widest in seven months. The jumbo-conforming spread widened.
Government Loans Drive Mortgage Credit Tightening
Changes to government mortgage programs last month drove down overall mortgage credit availability. Jumbo credit conditions, however, were looser.
ARM Share of Mortgage Apps Widest in 4 Mths
A weekly bump in purchase-money applications was offset by a dip in refinances. The share of loan applications for adjustable-rate mortgages was the most broad it's been in four months. The jumbo-conforming spread was the thinnest it's been in more than seven months.