Archive for the ‘Trends’ Category

Mortgage Rates Rise Upon Release of Economic News

Tuesday, September 16th, 2014

Housing Puzzle Pic

The 30-year fixed mortgage rate on Zillow Mortgages is currently 4.19 percent, up 14 basis points from this time last week. The 30-year fixed mortgage rate rose steadily last week, peaking at 4.30 percent on Sunday before easing down to the current rate.Click to continue

First Mortgage Default Rate Rises Slightly in August

Tuesday, September 16th, 2014

Home For Sale/Credit: Jupiterimages

Data through August 2014, released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices showed a slight increase in default rates. The national composite posted 1.03 percent in August, up two basis points from last month’s historical low. After nine consecutive months of decline, the first mortgage default rate rose to 0.91 percent. The auto loan default rate also rose; it was posted at one percent in August. The bank card rate declined 13 basis points to 2.73 percent.Click to continue

Foreclosure Sales Rise in July

Monday, September 15th, 2014


HOPE NOW has released its July 2014 loan modification data. An estimated 35,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). Since 2007, approximately 7.13 million total homeowners have received loan modifications. This includes approximately 5.7 million proprietary loan modifications and 1,397,498 completed via HAMP.Click to continue

A Tough Road for the Independents

Monday, September 15th, 2014


During the past four quarters, independent mortgage banks and the mortgage subsidiaries of chartered banks registered rather disturbing data in regard to their average profit per loan and origination expenses.Click to continue

Report Finds Oceanfront and Lakefront Home Values Near Double Median Prices

Friday, September 12th, 2014


Nationwide, the typical oceanfront or lakefront, single-family home is worth more than double the median value of all homes, and in some communities the median waterfront house could be worth ten or more times the median value of non-waterfront houses, according to a new analysis by Zillow. In the U.S. at the time of this analysis, the median single-family home was worth about $171,600, while the median waterfront house was valued at $370,900, a waterfront premium of 116.1 percent.Click to continue

Downpayments on the Rise in Q2

Friday, September 12th, 2014

House Atop Money/Credit: Creatas

According to a report released by LendingTree, down payment percentages for conventional 30-year fixed rate purchase mortgages increased in the second quarter to an average of 17.28 percent, up from 15.78 percent in Q1 2014. Additionally, the average down payment amount also increased, from $34,733 in Q1 2014to $37,576 in Q2.Click to continue

Year-Over-Year Foreclosures Down Nine Percent in August

Thursday, September 11th, 2014


RealtyTrac has released its U.S. Foreclosure Market Report for August 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 116,913 U.S. properties in August, an increase of seven percent from the previous month, but still down nine percent from a year ago. The report also shows one in every 1,126 U.S. housing units with a foreclosure filing during the month.Click to continue

Mixed Emotions Greet Latest Housing Data

Thursday, September 11th, 2014

House and Money Scale

Two new housing data reports seem to offer evidence that the U.S. market is still on shaky ground. However, whether this data should generate concern or whether it is an affirmation of wider, ongoing trends is open to debate.Click to continue

Apps for New Home Purchases Down Nine Percent in August

Thursday, September 11th, 2014

Mortgage Application Pic

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2014 shows mortgage applications for new home purchases decreased by nine percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. By product type, conventional loans composed 68.9 percent of loan applications, FHA loans composed 15.7 percent, RHS/USDA loans composed 1.0 percent and VA loans composed 14.3 percent.Click to continue

Can the Wealth Building Home Loan Re-Animate the Mortgage Market?

Wednesday, September 10th, 2014


There is no nice way around it: The latest mortgage application data is atrocious. However, the introduction of a new product potentially holds the promise of revitalizing a purchase market that seems to be weakening by the day.Click to continue