Purchases Pull Down Mortgage Applications
Loan originators were less busy last week completing mortgage applications on behalf of prospective borrowers thanks to slowing purchase financing. Government share was unchanged, and the jumbo-conforming spread thinned.
Ginnie's HMBS Issuance Falls to Nearly 4-Year Low
Reverse mortgage securitizations on behalf of the Government National Mortgage Association fell to an almost four-year low. Overall issuance was little changed.
|Govt Leads Weekly Mortgage Business Up|
After retreating for three consecutive weeks, new mortgage business turned higher. Government business surged, and government share widened. The jumbo-conforming spread was trimmed.
Refis Hurt Most from Mortgage Application Downturn
A drop in new mortgage applications was most pronounced with refinances. A week-over-week and year-over-year thinning was recorded for adjustable-rate share.
Banks Maintain Mortgage Credit Standards
For most single-family lending programs, credit standards at banks were little changed during the second quarter. While demand for residential loans was up at a good share of banks, it was also down at a good share.
Post-Crisis High For Mortgage Credit Availability
Credit conditions in home lending were more relaxed last month than at any time since the financial crisis. Out front of the loosening were jumbo mortgages. But government conditions tightened.
|FHA Share Sinks as New Mortgage Biz Down|
As new mortgage business fell last week -- government-insured share sank to the most narrow level since last year, the jumbo-conforming spread thinned, and demand for adjustable-rate mortgages tumbled most.
Mortgage Applications Fall, Purchases Most
Weekly purchase-money loan applications were affected more than refinances from a week-over-week drop in mortgage applications. Government share widened, as did the jumbo-conforming spread.
|Rate-Term Refinances Lowest in Nearly Decade|
The mild wave of recent rate-term refinances has retreated to the lowest level in at least nearly a decade -- leading overall new mortgage business lower. Loan share for veterans was the thinnest it's been in 12 months.
Bump in Refinance Apps Offset By Dip in Purchases
A modest weekly up tick in applications for loans to refinance an existing mortgage was more than offset by a dip in applications for purchase financing.