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This webinar will discuss what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

HomeLight’s Vanessa Famulener on the future of cash offers

Today’s episode of HousingWire Daily continues our Women of Influence series and features an interview with Vanessa Famulener, the president of homes at HomeLight.


MBA: Purchase apps rise as refi apps fade

Purchase index hits highest level since January

Mortgage applications dropped for the third week straight despite a spike in purchase applications, the latest report from the Mortgage Bankers Association said.

According the Weekly Mortgage Applications Survey for the week ending March 11, mortgage applications fell 3.3% from one week earlier.

The rise in the purchase index was not enough to offset the continuous drop in refinance activity. 

While the seasonally adjusted purchase index increased 0.3% to its highest level since January 2016, the refinance index decreased 6% from the previous week.

Furthermore, the refinance share of mortgage activity decline to its lowest level since August 2015, making up only 55% of total applications, down from 56.7% the previous week. The adjustable-rate mortgage share of activity decreased to 4.9% of total applications.

The Federal Housing Administration share of total applications dipped to 11.7% from 12% the week prior, as the Veteran Affairs share of total applications dropped from 12.6% last week to 12.3%. The United State Department of Agriculture share of total applications remained unchanged from 0.8% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) inched higher to 3.94%, up from 3.89%.

Similarly, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.86% from 3.81%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA moved up to 3.77%, compared to 3.71%.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.22% from 3.14%, while the average contract interest rate for 5/1 ARMs increased to 3.23% from 3.2%.

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