Acceleration in Weekly Mortgage Applications
A nice improvement in the volume of mortgage applications was recorded for last week. Even more impressive was the rise in applications for loans to refinance.
Ginnie Issuance Up But Jumbo Down, HMBS Plunges
While overall securitizations on behalf of the Government National Mortgage Association, made a monthly move up, jumbo issuance declined and reverse mortgage issuance sank.
|Weekly Mortgage Business Increases|
A week-over-week decline in new mortgage activity was spearheaded by new conventional lending. The overall decline was contrasted by jumbo business, which recorded a gain. The rate spread between jumbo and conforming loans widened.
Mortgage Applications Fall as Gov Share Widens
A weekly reduction was recorded for the volume of mortgage applications. Jumbo rates grew more attractive, and government share widened.
Mortgage Credit Eases 1st Time in 4 Months
For the first time in four months, home lenders eased up on credit conditions. Leading the loosening were jumbo mortgage lenders.
FHA Share of Mortgage Apps Falls to 8-Month Low
Although weekly mortgage application volume was solidly higher, the share of activity for loans insured by the government declined to the lowest level in 8 months. The jumbo-conforming spread thinned.
|Mortgage Business Down in Holiday Week|
An expected slowdown in new mortgage business during the holiday week impacted purchase financing and refinancing equally. The biggest week-over-week drop was with adjustable-rate mortgages.
Gov Share of Mortgage Apps Thinnest in 7 Months
As mortgage loan originators completed fewer applications last week, the share of activity that was for a government mortgage fell to the lowest level in seven months.Jumbo loan rates were improved compared to their conforming counterparts.
Refi App Volume Near Lowest of Millennium
As mortgage applications retreated this past week, refinance business slowed to the lowest level since nearly the turn of the century. Veterans share was the thinnest since at least last year.