Refinancing Your Home Gets Cheaper
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Fee for loan deliveries effective August 1st. The 50-basis point fee previously being required from lenders will be removed, allowing families to save more money in today’s low rate environment. The elimination of this fee was the number one change that the mortgage industry had been asking the federal regulatory agency to make. The FHFA had begun charging this adverse market fee on refinance mortgages last year to mitigate risks and costs to the agency because of COVID-19. Some believed this fee was simply a way for Government Sponsored Entities (Fannie Mae and Freddie Mac) to increase cashflow during record levels of refinance volume. Either way, the removal of this fee and the increased cash savings of refinancing are benefiting home owners...Mortgage Applications Spike as Rates Drop Again
For the week ending in July 23rd, mortgage application volume increased 5.7%. According to a report from the Mortgage Bankers Association, the 30-year fixed mortgage rate hit it’s lowest levels since February and the 15-year fixed rate fell to a record low. These rate drops brought a wave of refinance activity, making up 67.2% of new mortgage application volume. Also of note, the FHFA reported that May home prices were up 18% year-over-year, showing how some buyers could feel price pressuring them out of the market. The FHA share of total mortgage application volume dropped to 9.1% from 9.6% the previous period. The VA share of total mortgage application volume dropped tp 9.8% from 10.5% the previous...Applications for New Mortgages Drop This Past Week
The week ending in July 16th saw a drop in mortgage application volume according to a report from the Mortgage Bankers Association. The 4% volume decrease came this past period after a previous weekly gain of 16% following mortgage rates dropping. Limited inventory and high prices are still keeping some potential homebuyers out of the market. Refinance applications made up 64.9% of total application volume, increasing by .8% since the last weekly period. The FHA share of total mortgage application volume increased from 9.5% to 9.6% this past week. The VA share of total mortgage application volume increased from 10.3% to 10.5% this past...Mortgage Application Slide Week Ending July 2nd
According to a report from the Mortgage Bankers Association, mortgage application volume fell 1.8% the first week of July. This decline marks the lowest level of new mortgage application volume since January 2020. The applications being filled out for new mortgages are seeing higher requested loan amounts, but fewer applications are coming in. Refinances are making up 61.6% of total mortgage applications, down .3% from the previous week. The FHA share of total mortgage applications remained at 9.8%. The VA share of total mortgage applications increased to 10.8%, up .3% from the previous...Connect With Us
