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Mortgage Apps Drop Again, Jumbo-Conf Spread Doubles

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Last Updated October 25, 2018 2:51 PM Central



Mortgage Rates Up 92 BPS From Year Ago
Over the past year, weekly fixed interest rates on single-family loans have soared 92 basis points. But little change was reported from last week, and more of the same is expected.

Mortgage Delinquency Skyrockets
Thirty-day delinquency jumped last month more than it has in a decade. But the level of foreclosures is now lower than before the recession.

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.

FHA Endorsements Edge Higher, Book of Biz Grows
Monthly residential government-insured mortgage production was nudged up, though commercial real estate endorsements plunged. The book of business continued to grow.

Fannie Cuts 2018, 2019 Origination Forecast
The latest housing forecast from Fannie Mae has this year’s mortgage originations coming in $35 billion less than previously expected, while next year’s outlook was cut by $61 billion.

Mortgage Rate Forecasts Have Little Change Ahead
Thirty-year mortgage rates moved lower this past week and this past month. Short- and long-term forecasts have little movement ahead for mortgage rates.

GSE Mortgage Refinances Bounce Off 7-Yr Low
After plunging to the weakest level in at least seven years, government-sponsored enterprise refinance volume bounced up to the second-slowest month during the period. HARP production fell to a new low.

Mortgage Credit Conditions Tighten
Average credit scores increased on last month’s mortgage production, while averaged debt-to-income ratios declined. The tighter credit conditions came as refinances continued to make up a diminishing share of mortgage production.

Home-Equity Lending Set to Grow
A new report predicts that borrowing against home equity is poised for growth. Lenders can maximize this opportunity by personalizing marketing based on how individual consumers use these loans.

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.

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