Items Tagged with 'Mortgage Bankers Association'

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  • America's housing starts spike to 12-year high in August

    Housing starts spike 12.3% in August to a seasonally adjusted annual rate of 1.364 million
    Housing starts spiked 12.3% in August to a seasonally adjusted annual rate of 1.364 million and the pace for July was revised downward, according to the Department of Housing and Urban Development and the Department of Commerce. Joel Kan, the Mortgage Bankers Association Vice President of Economic and Industry Forecasting, said low mortgage rates coupled with the strong job market convinced homebuilders to ramp up production in August.
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  • Last week's jump in U.S. Treasury rates sends nation's refinance activity into decline

    But purchase demand heats up, as the index rises for the third consecutive week
    Mortgage rates climbed to a seven-week high over the last several days, driving the nation's refinance activity into decline, according to the Mortgage Bankers Association’s weekly Mortgage Applications Survey. That being said, the MBA indicates the nation's purchase activity soared, as the index increased for the third straight week to the highest reading since July.
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  • Nearly half of Americans have anxiety over their debt

    This is causing physical and mental distress
    Adults in the U.S. over the age of 18 say they have an average of $29,800 in personal debt (not including mortgages), and 15% of Americans say they think they will be in debt for the rest of their lives. Beyond that, 45% of Americans surveyed said that debt makes them feel anxiety on at least a monthly basis.
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  • MBA: Yet another mortgage rate drop spurs increase in applicants

    Market Composite Index ticks up 2%
    Last week, the nation’s mortgage rates fell to another three-year low, prompting many Americans to return to the market, according to The Mortgage Bankers Association’s weekly Mortgage Applications Survey. According to the organization's data, mortgage applications increased 2% for the week ending on Sept. 6, 2019.
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  • Wells Fargo, Bank of America, Quicken Loans, others want DTI requirement eliminated from QM lending rules

    Coalition of massive lenders, trade groups call on CFPB to change QM rules
    Four of the largest mortgage lenders in the country are leading a coalition that is calling on the Consumer Financial Protection Bureau to make to changes to the Ability to Repay/Qualified Mortgage rule. Specifically, the group, which includes Bank of America, Quicken Loans, Wells Fargo, and Caliber Home Loans, wants the CFPB to do away with the QM rule’s debt-to-income ratio requirement.
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  • Multifamily originations to hit all-time high in 2020

    Low interest rates to drive significant growth in 2019, 2020
    Multifamily originations are set to hit yet another all-time high in 2019 and again in 2020, according to the Mortgage Bankers Association. This year, the MBA forecasted that commercial and multifamily mortgage bankers will close a record $652 billion in loans backed by income-producing properties this year, an increase of 14% from last year’s $574 billion.
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  • MBA: Global economic tension likely responsible for this week’s decline in purchase applications

    Market Composite Index falls 3.1%
    According to the MBA’s Weekly Mortgage Applications Survey for the week ending Aug. 30, 2019, mortgage applications fell by 3.1% on a seasonally adjusted basis from last week. MBA Associate Vice President of Economic and Industry Forecasting Joel Kan said although consumers continue to act on low rates, the volatility in the economic market is likely leading some borrowers to pause their refinancing and buying decisions.
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  • Lenders are making more money on mortgages than they have in nearly 3 years

    Profit per mortgage origination rises to highest level since 2016
    Good news, lenders! Originating a mortgage is profitable again, as lenders reported making a solid profit per loan in the second quarter. In fact, lenders made more money per loan than they did during any quarter since 2016, according to a report released Thursday by the MBA. One of the contributing factors was a decline in production expenses, a reduction of more than $1,500 per loan, the largest quarterly decline since the inception of the study in 2008.
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  • How rate sensitive are borrowers? Slight uptick in interest rates leads to decline in mortgage applications

    MBA report shows mortgage applications fell in last week
    Are mortgage borrowers sensitive to small movements in interest rates? Recent data shows that refinances are on the rise thanks to low interest rates, but what happens if mortgage rates start to move back up? Will that demand dry up just as quickly as it appeared, even if rates only pick up by a few basis points? It appears that may be the case, as new data from the MBA shows that mortgage applications fell for the second straight week as mortgage rates increased for the first time in more than a month.
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