Mortgage Rates Slip Again after Making Symbolic Recovery

Having slipped below 3% for the first time in retrievable memory, the 30-year fixed-rate mortgage had made a symbolic return to 3.01% before slipping once again to 2.99% (for the week ending July 30). Sam Khater, Freddie Mac’s chief economist believes that “It’s Groundhog Day in the mortgage market as rates continue to remain near […]

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Fannie Mae Touches Refinancing Highs in Q2

Fannie Mae has posted its best refinancing figures in the last 17 years and its Q2 earnings have put in shade its Q1 earnings, demonstrating that it is having a decent time despite the setback faced by the broader economy. ‘Fannie’ believes that its performance can be put down to spiked mortgage purchase activity as […]

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Pending Home Sales Index Posts Surprising Numbers

Riding on the declining mortgage rates, pending home sales have come around really well, beating all expectations. This further asserts that the housing market is the only silver lining in the Coronavirus-affected economy.  The National Association of Realtors  (NAR) has an index that puts the contract signings into perspective. According to it, the signings to […]

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Not since 2008 has the Homeownership Rate been this High

The rate of homeownership in America has reached a level untouched since 2008. Spearheaded by the young population, the housing boom that had been stalled by the Coronavirus seems to have found its feet back. The Census Bureau puts the Q2 rate at 67.9%. This is the fourth quarterly increase in succession, building on the […]

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Forborne Mortgage Numbers Drop Again; Albeit at a Lower Rate

The number of mortgages hitting forbearance has come down for a 6th consecutive week. The speed of fall has slowed down though. Forbearances triggered by the Coronavirus declined by 6 basis points  (7.8% to 7.74%) between 13th and 19th July, confirms the Mortgage Bankers Association. For the independent mortgage providers, the loans sitting in forbearance […]

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Mortgage Rates Up After Falling for 6 Weeks

Having fallen below 3% for the first time since Freddie Mac started recording, the mortgage rates have risen above 3% once again, thus arresting a fall which began 6 weeks ago. At this point, it is only symbolic though. From 2.98% on July 16, we are at 3.01% (July 23). On the year-to-year chart, the […]

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In a First, Mortgage Rates Fall Below 3%

For the first time in the last 50 years, the mortgage rates for the 30-year fixed-rate loan have come below 3%. Freddie Mac reveals that the rates sat at 2.98% for the week closing on July 16. On the year-to-year chart, it is a 22% decline.   Unsurprisingly, the rate drop has raised the demand for […]

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Strengthened by Refinance Volume, Mortgage Applications Shoot Up

The 5.1% week-to-week hike in mortgage applications has piggybacked largely on robust growth in the volume of refinancing. The MBA’s Weekly Mortgage Applications Survey (for the week closing on 10th July) reveals that the refinance index has more than doubled on the year-to-year chart and shot up 12% on the week-to-week chart. The weekly result […]

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Mortgage Forbearance Sees Biggest Drop Since Cares Act Became a Law

A significant part of active forbearance plans slated to expire in June has not been extended, leading to the biggest weekly drop  (435,000) in the volume of mortgage borrowers under forbearance.  Andy Walden, Black Knight’s Economist and Director of Market Research, suggested that “this latest decline in the number of homeowners in active forbearance is […]

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Mortgage Forbearances Register Biggest Dip

The Mortgage Bankers Association reveals that the coronavirus-related mortgage forbearance growth had its biggest drop of 8 basis points over the June 22-June 28 week. For the last week of June, nearly 4.2 million mortgages were under forbearance; this is 8.39% of the total loans outstanding. The percentage is less than 8.47% posted a week […]

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