|Purchases Lead Weekly Mortgage Business Up|
New mortgage activity picked up from the holiday week, with home-purchase financing leading the way. But the cashout share of business diminished to the most narrow level since last year.
Escalation Reported for Mortgage Rates
The short-term report is that interest rates on residential loans turned higher this past week. The medium-term outlook is for more of the same.
Purchase Surge Overcomes Mortgage Refi App Decline
Even though refinance business slowed to the lowest level since the turn of the century, a surge in loan applications for purchase financing drove overall activity up.
|Mortgage Biz in July 4 Week Lowest Since Holidays|
As Americans celebrated the 242nd birthday of the United States, new mortgage business sank to the lowest level since the holidays. Adjustable-rate volume took the biggest hit. But jumbo activity accelerated.
Mortgage Rates Lowest Since April
Home-lending interest rates retreated again and now stand at their lowest level since April. Average rates on hybrid adjustable-rate mortgages plummeted.
Mortgage Refi App Slump Overcomes Purchase Bump
A few more applications that were completed for house-purchase loans were more than offset by a decline in the volume of refinance applications. Government share was unchanged, and jumbo rates lost some luster.
|Record Low Rate-Term Refi Business|
Prospective rate-term refinance business descended to the lowest level in at least six years. Still, overall refinance activity moved higher even as purchase-money activity was lighter.
Former Bankrate CFO Pleads Guilty
The former chief financial officer of a major financial news publication that provides consumers with mortgage data has admitted to accounting fraud.
30-Yr Mortgage Rates Down 4 Out of Last 5 Weeks
For four out of the last five weeks, 30-year fixed rates have retreated. Meanwhile, an index used on pre-crisis adjustable-rate mortgages is in danger of extinction.
10-Week High for Refi Share As Mortgage Apps Fall
Even as overall weekly mortgage applications decelerated, refinance share reached a 10-week high. The spread between conforming and jumbo interest rates was at its widest in 15 weeks.