Mortgage News Daily

Mortgage News Daily

Purchase Market Stays Strong; 2020 Refi Volume Crushed 2019; Lower Rates Today

Despite a healthy upward bump in purchase applications, overall mortgage volume declined last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, dipped 0.3 percent on a seasonally adjusted basis during the week ended November 13, and was down 2 percent unadjusted. The week’s results were not adjusted to account for the Veterans’ …

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Market Indecision After Moderna Vaccine News; Calm Day For Mortgage Rates

Bond Market Indecision After More Vaccine News Another Monday, another early morning announcement of staggeringly high efficacy in a covid vaccine trial. This time, however, bonds didn’t lose nearly as much ground and they recovered much more of what they lost. Are traders more interested in buying bonds with yields at these levels or are they merely taking their time …

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Affordability Wanes as Price Gains Trump Low Rates; New Loan Limits Soon

The National Association of Realtors® (NAR) said on Thursday that home prices have continued to grow in each of the 181 areas it tracks for its quarterly metro home price report. Both record-low mortgage rates and depleted inventories of existing homes for sale contributed to the annual growth. “Favorable mortgage rates will continue to bring fresh buyers to the market,” …

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Serious Delinquencies Setting Records; Housing Survey Takes a Turn

Extremely serious delinquencies, those loans 150 days or more past due, reached historically high levels in August. Five months into the COVID-19 crisis, Corelogic said the rate of delinquencies among those loans spiked to 1.2 percent, the highest level since at least January 1999, which we assume is the limit of the company’s records. CoreLogic said this surge was likely …

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Market Focus and Rates Shift Abruptly After Vaccine News

Last week ultimately ended up being great for mortgage rates , but only after a somewhat abrupt increase heading into the election. On Tuesday, the average lender raised rates at the fastest pace in weeks to prepare for post-election volatility. Wednesday and Thursday saw significant improvements before rates leveled off on Friday. The new week began in a bad way …

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Forbearances at Their Lowest Level Since April, But There’s a Catch; Election Week a Win For Rates

Another round of expirations reduced the number of active forbearance plans last week. Black Knight said the number of homeowners in COVID-19 related plans fell by 137,000 during the week, after a slight uptick the week before. The 5.0 percent improvement was about what was expected for the first week of the month. At the beginning of October over 700,000 …

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