Mortgage News Daily

Mortgage News Daily

Vacation Homes Help Fuel Existing Sales Surge; Lenders More Selective; Mortgage Rate Reality

Existing home sales rose again in September and are now blowing the doors off last year’s numbers. The National Association of Realtors® says sales of single-family homes, townhomes, condominiums, and co-ops, rose 9.4 percent from August to a seasonally adjusted annual rate of 6.54 million units in September. After four straight months of increasing sales, the seasonally adjusted rate is …

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Mortgage Apps Steady; Forbearances Drop Under 6%; Highest Rates in a Month

The Mortgage Bankers Association (MBA) says there was little change in mortgage application activity during the week ended October 16. MBA’s Market Composite Index, a measure of mortgage loan application volume, dipped 0.6 percent from the prior week on a seasonally adjusted basis and was down 1.0 percent unadjusted. Refinancing was also flat. The Refinance Index increased 0.2 percent from …

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Residential Construction Back on Track; FHFA Head Seeks Input on Fannie/Freddie Policies; Rates Moving Higher

Residential construction resumed its upward trend after a brief pause in August. The U.S. Census Bureau and Department of Housing and Urban Development reported that all three measures of construction, permitting, housing starts, and unit completions, increased in September. Permits for privately owned residential construction were issued at a seasonally adjusted annual rate of 1,553,000, up by 5.2 percent from …

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Strong Hombuying Demand Slowing Down; Record Builder Confidence; Fewer 2nd Homes

While applications for new home purchase mortgages jumped in September, the Mortgage Bankers Association (MBA) expects only modest changes in the September sales data. MBA’s Builder Application Survey (BAS) data shows mortgage applications for new home purchases increased 38.2 percent in September compared to a year earlier but were down 5 percent from August 2020 . The latter change does …

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Strong Housing Market; Rates Are Not Actually at All-Time Lows

Although the housing market continues to show strength, Freddie Mac economists say there are increasingly troubling signs in the larger economy. The third quarter forecast from the company’s Economic and Housing Research Group notes an apparent stall in economic activity in early July. Even as many businesses reopened, unemployment claims continued at elevated levels, (and posted its largest one-week increase …

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Mortgage Rates Hit Record Lows but Applications Fell Flat; Maybe Rates Aren’t Exactly at Record Lows?

The volume of mortgage applications dipped slightly last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, was down 0.7 percent on a seasonally adjusted basis during the week ended October 9 and was 1 percent lower on an unadjusted basis. The Refinance Index slipped 0.3 percent from the previous week and was …

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