Mortgage applications down 2.3% led by drop in purchases

Mortgage Applications Up Again – "Purchase applications for both conventional and government loans rose last week, with the government gain led by a 14 percent increase in applications for VA purchase loans. Refinance application volume increased as well, with the index reaching its highest level in a month.

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The National Association of Realtors reported sales of single-family existing homes fell 0.8%, the third consecutive monthly drop. July 15, mortgage applications jumped 15.5%, though that was due.

This has led us to minimal allocation to equities and maximum allocation to bonds in client portfolios.” Retail sales posted a 0.2% drop in April. big impediment.” The Mortgage Bankers Association.

Mortgages Below 3%? More Debt? The Game of Buying Houses Continues! Contract closings declined 2.3% month over month to a 5.57 million annual rate (the forecast was 5.65 million), after a revised 5.7 million the prior month. The median sales price rose 6% year over year to $244,800.

The negative effect of rising mortgage rates, higher prices, and lack of supply on homeownership demand has clashed with the positive tailwinds of reaccelerating economic growth. Mortgage applications.

Stats from UK Finance this morning show that mortgage lending reached 20.5bn in March 2018 – 11.83bn by high street banks – which was 2.3% lower than the same period last year. However the figure represented an 8.3% increase on February. Ahead of Swiss Re’s Term & Health report, Ron Wheatcroft.

But mortgage rates have dropped. And that should have boosted sales. The average commitment rate of a 30-year conventional fixed-rate mortgage, as per Freddie Mac, fell to the 4.1%-range in April, the lowest since January 2018, down from the 4.9%-range in November 2018, and down from the 4.5%-range in April 2018.

New home purchase applications are also at their. in the interest rate spreads have led the entire mortgage REITs sector to slide. The Bloomberg index of reits shares plunged 4.5%, the highest drop.

The drop in purchase loan demand combined with a decline in refinancings to push the Mortgage Bankers Association’s index of mortgage applications down 8.5 percent last week. However, a four-week.

On average applications during 1Q15 were up 33% from 4Q14, and (4) Markdowns in MSR, prepays picked up for 2013 vintages. Mortgage rates were down 20 bps from 3.99%. We’ve had the MBA’s application.

Short sales and foreclosures equally degrade FICO scores  · A short sale is better over time as long as you don’t have a deficiency judgment for the loss that the bank took with the sale. "FICO said homeowners with short-sales and foreclosures on their records ended up with similar credit scores, assuming their scores were similar as distressed homeowners (see illustration below)."

Incomes have also been weighed down by high unemployment, forcing consumers to limit spending mostly to necessary purchases. Separately, mortgage applications slipped to the lowest since mid-March,