Housing Market Stays Hot – Mortgage Applications up 6.8%
Home mortgage loan applications gained 6.8% in volume last week, according to a report from the Mortgage Bankers Association. The refinance volume has continued it’s rise gaining an additional 9% over the last week and reaching a level 86% higher than this time last year. Refinance mortgage applications are now 64.3% of the total mortgage application volume. The FHA’s share of mortgage applications rose to 10.1% from 9.7%. The VA share of mortgage applications fell to 12% from...Refinance Mortgage Application Numbers 30% Higher than 2019
After last week’s slight gain in home mortgage loan application volume, this week saw a 2.5% decrease in volume according to a report from the Mortgage Bankers Association. In similar fashion, the refinance numbers decreased 4% compared to last week, but once again remain 30% higher than the same time last year. The home mortgage loan application volume increased 6% year over year as well, marking a strong mortgage desire as the year continues. The FHA’s share of mortgage applications decreased to 9.7% from 10.2% the week prior. The VA share of applications increased to 12.3% from 11.2% the week...Purchase Mortgage Application Numbers Remain High
For the first time in three weeks, the mortgage application numbers have risen according to a report from the Mortgage Bankers Association. The refinance mortgage index saw an uptick last week gaining back the 3% it lost the week prior. Year-over-year the refinance mortgage application numbers are up 60%. As more and more people enter the home buying market, it is no surprise that home mortgage loan applications continue to rise. The FHA’s share of mortgage applications remained at 10.2%. The VA share of applications fell to 11.2% from 11.4%....FHFA Refinance Fee Update
The Federal Housing Finance Agency has been considering a surcharge of 0.5% to refinance mortgages otherwise known as the Adverse Market Refinance Fee. This fee was planned in order to offset projected COVID-19 losses of at least $6 billion at the Enterprises (Fannie Mae and Freddie Mac). The money spent at the Enterprises includes $4 billion in losses due to projected forbearance defaults, $1 billion in foreclosure moratorium losses, and $1 billion in servicer compensation and other forbearance expenses. On August 25th, The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to delay the implementation of this refinance fee until December 1st, 2020. The fee was originally scheduled to take effect on September 1st, 2020. FHFA also announced that refinance loans with a balance below $125,000 will be exempt, along with Home Ready and Home Possible refinance...Mortgage Applications Fall for the Third Consecutive Week
Home mortgage loan applications fell 2% in the last week according to the newest report from the Mortgage Bankers Association, marking the third consecutive week of declines. The refinance index fell 3% last week, but remained 40% higher year-over-year. Purchase applications for home mortgages fell 0.2% from last week, but still saw a 28% year-over-year increase from last year marking the 15th week in a row of year-over-year gains. The FHA’s share of mortgage applications fell from 10.5% to 10.2%. The VA share of applications fell to 11.4% from...Connect With Us
