Understanding Today’s Connected Borrower

Sign up for this webinar to learn how to transform the borrower journey from transaction to relationship and gain a significant lift in production in today’s digital lending environment.

RealTrending: eXp’s Glenn Sanford reveals what’s next for company

CEO of eXp World holdings addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

Should lenders look to non-QM when the refi boom slows?

Angel Oak shared with HW how non-QM lending could be an effective way for lenders to replace lost business in the event of a refi boom slowdown.

Mortgage

MBA: Mortgage applications reverse course

Decline amidst spring home-buying season

It was a tough week for mortgage applications, as the latest report from the Mortgage Bankers Associations reveals that the usual highs of the spring home-buying season are not there.

Mortgage applications decreased 4.1% from one week earlier for the week ending April 22. While the last mortgage rate report showed a humdrum week for mortgage applications, it was coming off of the previous week’s high.

The Refinance Index fell 5% from the previous week, as the seasonally adjusted Purchase Index decreased 2% from one week earlier.

The refinance share of mortgage activity is also backing away from its once increasing trend and instead decreased to 54.4% of total applications from 55.4% the previous week. In addition, the adjustable-rate mortgage share of activity increased to 5.2% of total applications.

The Federal Housing Administration’s share of total applications grew to 12.3% from 10.6% the week prior. The Veteran Affairs’ share of total applications dropped to 12.2% from 12.6% the week prior, while the United States Department of Agriculture’s share of total applications remained unchanged from 0.8% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) grew to 3.78% from 3.77%.

Similarly, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.66% from 3.64%.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.09% from 3.06%, while the average contract interest rate for 5/1 ARMs increased to 3.02% from 2.91%. 

Most Popular Articles

Here it is: A bill to help first-time homebuyers

The newest iteration of a first-time homebuyer tax credit has several significant restrictions. And it’s not a tax credit.

Apr 15, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please