Items Tagged with 'refinance applications'

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MBA: Mortgage applications reverse course, fall

30-year fixed-rate mortgage stays frozen
Mortgage applications reversed course and dipped slightly from the previous week due to a drop in both purchase and refinance applications. Meanwhile, the 30-year fixed-rate mortgage with a conforming loan balance managed to stay the same.
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Ellie Mae: Interest rates on closed loans rise to 16-month high

Rising interest rates drove down refinance originations
The average interest rate for 30-year, fixed-rate mortgages rose to a 16-month high in February, according to the new data from Ellie Mae. The increase in interest rates depressed the refinance market, as the report showed that the share of purchase mortgages closed rose to 57% in February. That’s the largest that figure has been since July 2016.
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MBA: Mortgage applications continue to decline

Refinance demand drops to another record low
This week’s mortgage application data looked similar to the previous week’s report as applications fell once again due to a drop in refinance demand. This time around the refinance share of mortgage activity sank even lower, falling to the lowest level since November 2008.
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MBA: 30-year mortgage rate now at highest level since start of 2016

Refinance volume disappearing
The impact of the election is even more apparent in this week’s mortgage application report. The previous report quickly brought an end to weeks of lackluster mortgage application reports, and this week’s report only further cements that. In light of this, the 30-year mortgage rate now sits at its highest weekly average since the beginning of 2016.
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There’s less than 1 year left for more than 200,000 HARP eligible borrowers

Rates only project to increase
The deadline, while it has constantly moved, is quickly approaching for struggling borrowers to take advantage of the government’s Home Affordable Refinance Program. The Federal Housing Finance Agency is working extra hard to make sure it reaches every eligible borrower before the Sept. 30, 2017 deadline. This is the latest update on the program’s performance.
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