What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

Mortgage applications drop over holidays

Holiday drop is expected; applications should rise as year progresses

Mortgage applications dropped 4.2% from two weeks prior, according to the latest report by the Mortgage Bankers Association.

Mortgage rates continued 2020’s trend at historically low figures, with the 30-year fixed rate at 2.86% and the 15-year fixed rate at a survey low of 2.40%, according to Joel Kan, MBA’s associate vice president of economic and industry Forecasting.

But mortgage applications dropped during the week ending Jan. 1 – an annual occurrence during the holiday season. That should change as the year progresses, Kan said.

“The steady demand for home buying throughout most of 2020 should continue in 2021,” he said. “MBA is forecasting for purchase originations to rise to $1.59 trillion this year, which would be an all-time high.”

The unadjusted index decreased 33% from two weeks ago, and the holiday adjusted refinance index decreased 6%.

The seasonally adjusted purchase index also decreased 0.8% from two weeks ago.

The FHA share of total mortgage applications remained unchanged from 10.1% the week prior. The VA share of total mortgage applications increased to 13.6% from 12.1% the week prior.

Here is a more detailed breakdown of this week’s mortgage application data:

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 2.86% from 2.9%
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) decreased to 3.08% from 3.09%
  • The average contract interest rate for 30-year fixed-rate mortgages fell to 2.90% from 2.95%
  • The average contract interest rate for 15-year fixed-rate mortgages decreased to a survey-low 2.40% from 2.42%
  • The average contract interest rate for 5/1 ARMs increased to 2.63% from 2.57%

Leave a comment

Most Popular Articles

FHFA extends forbearance period to 18 months

In an effort to protect homeowners, the FHFA extended forbearance coverage to 18 months and pushed the eviction and foreclosure moratorium to June 30.

Feb 25, 2021 By

Latest Articles

How lenders can prepare for growing fraud threats

HousingWire recently spoke with Jeffrey Morelli, general manager at Truework, about what lenders can do to prepare for and overcome the growing threat of fraud and data inaccuracy.

Feb 26, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please