True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Mortgage

MBA: Mortgage applications rise three weeks straight

Rates continue to trend lower

For the third week in a row, mortgage application increased, rising 8.8% from one week earlier, according to the latest data from the Mortgage Bankers Association’s weekly mortgage applications survey for the week ending Jan. 22, 2016.

The MBA noted that this week’s results include an adjustment for the Martin Luther King holiday.

The refinance index increased 11% from the previous week, while the seasonally adjusted purchase index increased 5% from one week earlier.

Overall, the refinance share of mortgage activity decreased to 59% of total applications from 59.1% the previous week, as the adjustable-rate mortgage share of activity increased to 6.9% of total applications.

The Federal Housing Administration share of total applications declined to 12.7% from 13.7% the week prior. The Veteran Affair’s share of total applications increased to 11.1% from 10.8% the week prior. The United State Department of Agriculture share of total applications remained frozen at 0.7%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) reached its lowest level since October 2015, dropping to 4.02%, from 4.06%.

Also falling, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.89% from 3.93%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased from 3.86% to 3.83%.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.28% from 3.29%, while the average contract interest rate for 5/1 ARMs fell to 3.09% from 3.20%. 

Most Popular Articles

Volume-hungry mortgage lenders loosen credit standards

Mortgage credit availability loosened up in April by 2.2%, per the MBA. The drivers were in conventional mortgages and GSE programs for ARMs and high-balance loans.

May 11, 2021 By

Latest Articles

Genworth mortgage insurance arm IPO on ice

Genworth Financial said it will delay the initial public offering of its recently rebranded mortgage insurance arm, Enact Holdings.

May 13, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please