Banner
Menu

Tag: Lynn Fisher

Mortgage Rate Drop Is 1st In Three Weeks

The Mortgage Bankers Association’s Weekly Applications Survey has been conducted every week since 1990 and covers 75 percent of all retail residential mortgages. In other words, it’s a pretty reliable gauge of where mortgage rates and application demand are headed. According to their most recent release, mortgage rates fell last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. The decline brought rates to their lowest level in three weeks. Lynn Fisher, MBA’s vice president of research and economics, told CNBC markets were adjusting last week. “Markets adjusted expectations last week as attempts to repeal and replace the Affordable Care Act stalled and bond yields declined,” Fisher said. “This pushed mortgage rates down for the first time in three weeks.” But though average rates were down, demand for mortgage applications was relatively flat from the week before. In fact, overall mortgage application activity was down less than 1 percent from the week before. Still, demand for loans to buy homes – which is a good indicator of future sales – was up 4.8 percent over last year at the same time. More here.

Arrow-Down

Home Buyers Return After Holiday Weekend

The number of home buyers requesting mortgage loan applications rose 9 percent last week, according to the Mortgage Bankers Association’s Weekly Applications Survey. The rebound, which follows the Labor Day holiday, reverses several weeks of slow demand. Lynn Fisher, MBA’s vice president of research and economics, told CNBC Americans are seeing their incomes rise and it’s helping home sales. “The purchase market remains supported by an improving U.S. labor market,” Fisher said. “Newly released data from the U.S. Census this week indicates that the median income increased by 5.2 percent last year, the highest rate of increase since 2007. Other recent but less comprehensive measures show wage growth continuing to strengthen in 2016.” Along with higher incomes, low mortgage rates are also drawing potential buyers to the market. Last week, average rates were down across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances. Mortgages backed by the Federal Housing Administration also saw a rate decline from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all U.S. retail residential mortgage applications. More here.

for-sale-3

 

Survey Finds Average Mortgage Rates Down

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week, including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But despite lower rates, demand for mortgage applications actually fell from the week before. In fact, the Market Composite Index – which measures both refinance and purchase application demand – was down 3.5 percent from the week before. Lynn Fisher, MBA’s vice president of research and economics, told CNBC that the number of Americans requesting loan applications is still higher than last year, though things are slowing. “Purchase application volume continues to run ahead of last year’s pace, but after growing quite strongly in the first half of the year, the rate of improvement has decelerated this summer,” Fisher said. Still, mortgage applications to buy a house are up 6 percent from one year ago. Refinance demand, on the other hand, is 56 percent higher than last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Mortage Rate 1

Mortgage Rates At Lowest Level In 3 Years

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell to their lowest level in three years last week. In fact, rates for 30-year fixed-rate mortgages with conforming loan balances dropped to levels last seen in May 2013. Rates for jumbo loan balances were also down, falling lower than they’ve been since January 2011. Lynn Fisher, MBA’s vice president of research, says mortgage rates declined due to concerns about events in Europe. “Rates fell on concerns that Britain may vote to leave the European Union later this week. Although beliefs about the likelihood of an exit have since moderated, the ‘Brexit’ vote promises to bring continued volatility to markets,” Fisher told CNBC. Because of the rate drop, refinance activity – which is more sensitive to rate fluctuations – rose 7 percent from the previous week. Purchase demand, on the other hand, slipped 2 percent from one week earlier. Still, overall demand for mortgage applications is now 35 percent higher than it was at the same time last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Arrow Down 6

Demand For Home Purchase Loans Rises

According to the Mortgage Bankers Association’s Weekly Applications Survey, the number of Americans who requested applications for loans to buy homes rose 5 percent last week. The improvement puts demand for home purchase loans 17 percent higher than it was at the same time one year ago. Lynn Fisher, MBA’s vice president of research and economics, told CNBC purchase application demand rebounded last week after a slight lull. “Purchase applications got back on track last week, resuming the level of activity observed throughout most of April and May,” Fisher said. On the other hand, refinance demand was relatively flat – mostly due to a slight rise in average mortgage rates. In fact, rates were up across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Also in the report, the average home purchase loan hit an all-time survey high of $307,700. This reflects a lack of homes available for sale at the lower end of the market. Since there are more high-end homes for sale this spring, the average loan size has climbed. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Arrow Up 5

Mortgage Rates Hover Near Three-Year Lows

According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage rates fell across all loan categories last week, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. Rates were down from the week before and started the week at their lowest point in three years. Lynn Fisher, MBA’s vice president of research and economics, told CNBC that mortgage rates continue to defy expectations. “Despite expectations that rates would slowly rise this year, the 30-year fixed rate last week was 18 basis points lower than a year ago, continuing to provide a favorable rate environment for the housing market,” Fisher said. Favorable rates, however, failed to spur much demand for mortgage loan applications. In fact, mortgage application demand was essentially flat from the week before, with both the refinance and purchase index up less than one percent. On the other hand, when compared to last year, refinance demand is now up 23 percent and applications for loans to buy homes have increased 14 percent. The MBA’s weekly applications survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Percentage 1

Mortgage Rates Rise As Spring Season Begins

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved up last week from the week before. Rates increased for 30-year fixed-rate loans with conforming balances, mortgages backed by the Federal Housing Administration, and 15-year fixed-rate loans. Interest rates for jumbo loans fell slightly. Despite higher interest rates, however, there is evidence that the spring buying season has begun. In fact, demand for purchase applications was up 2 percent from the week before and is now 21 percent higher than at the same time last year. The improvement was welcome news during a week when overall mortgage application demand was down 1 percent due to dropping refinance activity. But – though higher rates have contributed to fewer homeowners looking to refinance their loans – Lynn Fisher, MBA’s vice president of research and economics, told CNBC that recent comments from Federal Reserve Chair Janet Yellen indicate that the Fed likely won’t raise interest rates again any time in the near future. “As the market incorporates beliefs about a lower rate path in the wake of chairwoman Yellen’s comments, mortgage rates are likely to follow the 10-year Treasury yield downwards this week,” Fisher said. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Arrow Up 12

Average Mortgage Rates Decrease

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. Despite lower rates, however, demand for loans also fell, dropping 3.3 percent compared to the week before. Most of the drop was due to declining refinance activity – compared with purchase demand, which only fell 1 percent. Lynn Fisher, MBA’s vice president of research and economics, says declining refinance demand is to be expected. “There are fewer borrowers remaining who are able to benefit from low rates,” Fisher told CNBC. “The decline in average refinance loan size is also a feature of a declining refinance market. Borrowers with larger loan balances tend to be more rate sensitive. As refinance applications surge, average loan size tends to go up. As we return to a more normal level of refinance applications, the mix of borrowers returns to normal and average loan size declines.” Demand for loans to buy homes, on the other hand, is 25 percent higher than last year at the same time and expected to spike as the spring season gets underway. The MBA’s weekly survey covers 75 percent of all retail residential mortgage applications and has been conducted since 1990. More here.

Arrow Down 8

Average Mortgage Rates Rise But Remain Low

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week from the week before. In fact, rates were up across all loan categories including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Though still low by historical standards, mortgage rates have moved upward two consecutive weeks and the increases have led to a slowing of refinance activity. Last week, refinance demand fell 6 percent. Lynn Fisher, MBA’s vice president of research and economics, told CNBC rates have returned to levels last reached at the beginning of the year. “Financial market volatility subsided last week, allowing rates to increase to levels last seen in January,” Fisher said. “Even though mortgage rates have remained below 4 percent, the appetite to refinance has consistently declined over the last month. Relatively low rates should continue to assist the purchase market.” Purchase demand, however, was flat from the week before, rising just 0.3 percent. Still, demand for loans to buy homes is now 33 percent higher than it was at the same time one year ago. The MBA’s weekly applications survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Arrow Up 18

Mortgage Rates Move Up, So Does Buyer Demand

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved up across all loan categories last week. Increases were seen on 30-year fixed-rate loans with both conforming and jumbo balances, as well as loans backed by the Federal Housing Administration and 15-year fixed-rate mortgages. Though rates remain low by historical standards, last week’s increase slowed refinance demand – which dropped 2 percent from the previous week. Lynn Fisher, MBA’s vice president of research and economics, told CNBC that falling refinance activity has affected average loan size due to the fact that even minor interest rate fluctuations can have a significant effect on larger loans. “Mortgage markets continued to retrench last week,” Fisher said. “Declining refinance activity was accompanied by falling average loan sizes for refinance applications, which have decreased for the third consecutive week after reaching their survey peak.” Purchase demand, on the other hand, was up from the week before. The 4 percent jump in prospective buyers requesting loan applications pushed purchase activity 30 percent above where it was at the same time last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Arrow Up 11

Thank you for your upload