June 30, 2011

Mortgage Bankers Weekly Survey: Mortgage Applications Decrease



6/29/11
Fixed rate mortgages are changed little this week, at 4.5%.

The MBAA reports their Market Composite Index: (Loan application volume) decreased 2.7 percent on a seasonally adjusted basis from one week earlier.
Their Refinance Index: also decreased 2.6 percent from the previous week. However, Mortgage applications also decreased 5.9% from one week earlier The MBAA reports their Purchase Index  decreased 3 percent from thew week earlier
Key to better numbers is growth, especially job growth. The MBAA forecasts a slower, but positive growth situation. 4th quarter 2010 GDP growth was 3.1%. After a dip to 1.8% this quarter, they see growth through 2012 largely around 2.8%. Not likely a strong scenario for enough job growth to help the housing markets push forward.
Confirming the trend is the MBAA mortgage orgination forecast: Mortgage originations (in billions of dollars) are expected to come in at $1025 for 2011 and $961 for 2012.

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Freddie Mac Weekly Update: 30-Year Fixed-Rate Mortgage Drops for Third Consecutive Week


30-year fixed-rate mortgage:averaged 4.87 percent with an average 0.7 point for the week ending March 3, 2011, down from last week when it averaged 4.95 percent. Last year at this time, the 30-year FRM averaged 4.97 percent

The 15-year fixed-rate mortgage: averaged 4.15 percent with an average 0.7 point, down from last week when it averaged 4.22 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.72 percent this week, with an average 0.6 point down from last week when it averaged 3.8 percent. A year ago, the 5-year ARM averaged 4.11 percent.

One-year Treasury-indexed ARMs: averaged 3.23 percent this week with an average 0.6 point, down from last week when it averaged 3.4 percent. At this time last year, the 1-year ARM averaged 4.27 percent.

Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Mortgage rates saw an overall improvement this week. Interest rates for 30-year fixed mortgages were almost 0.2 percentage points below this years high set just three weeks ago. This means that homebuyers could now expect to pay $263 less per year on a $200,000 loan

However, housing demand still remains weak. New home sales in January were near record lows dating back to 1963 when the data began, according to the Census Bureau Similarly, pending sales of existing homes fell for the second consecutive month in January, according to the National Association of Realtor


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June 23, 2011

Freddie Mac Weekly Update: Mortgage Rates Unchanged at 4.50 Percent





30-year fixed-rate mortgage:averaged 4.50 percent with an average 0.8 point for the week ending June 23, 2011, unchanged from last week when it averaged 4.50 percent. Last year at this time, the 30-year FRM averaged 4.69 percent.  

The 15-year fixed-rate mortgage: averaged 3.69 percent with an average 0.7 point, up  from last week when it averaged 3.67 percent.  A year ago at this time, the 15-year FRM averaged 4.13 percent.        

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.25 percent this week, with an average 0.6 point ,  down from last week when it averaged 3.27 percent. A year ago, the 5-year ARM averaged 3.84 percent .

One-year Treasury-indexed ARMs: averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. At this time last year, the 1-year ARM averaged 3.77 percent.  

Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Mortgage rates were virtually unchanged this week amid further indications of a soft housing market. Although  new construction  on single-family homes ticked up in May from April, it was still below the overall pace set in 2010. Moreover,  existing home sales  fell 3.8 percent in May to the fewest since November 2010.
The Federal Reserve  also reiterated that the housing sector continues to be depressed in its June 22nd policy committee statement.  The S&P/Case-Shiller National Home Price Index  fell 2.1 percent between the fourth quarter of 2010 and first quarter 2011. Based on a recent survey by  MarcoMarkets   of 108 professional forecasters taken in early June, the index is predicted to decline another 1.5 percent by the fourth quarter of this year


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Freddie Mac Weekly Update: Mortgage Rates Unchanged at 4.50 Percent

Freddie Mac Weekly Update: Mortgage Rates Unchanged at 4.50 Percent



30-year fixed-rate mortgage:averaged 4.50 percent with an average 0.8 point for the week ending June 23, 2011, unchanged from last week when it averaged 4.50 percent. Last year at this time, the 30-year FRM averaged 4.69 percent.  

The 15-year fixed-rate mortgage: averaged 3.69 percent with an average 0.7 point, up  from last week when it averaged 3.67 percent.  A year ago at this time, the 15-year FRM averaged 4.13 percent.        

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.25 percent this week, with an average 0.6 point ,  down from last week when it averaged 3.27 percent. A year ago, the 5-year ARM averaged 3.84 percent .

One-year Treasury-indexed ARMs: averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. At this time last year, the 1-year ARM averaged 3.77 percent.  

Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Mortgage rates were virtually unchanged this week amid further indications of a soft housing market. Although  new construction  on single-family homes ticked up in May from April, it was still below the overall pace set in 2010. Moreover,  existing home sales  fell 3.8 percent in May to the fewest since November 2010.
The Federal Reserve  also reiterated that the housing sector continues to be depressed in its June 22nd policy committee statement.  The S&P/Case-Shiller National Home Price Index  fell 2.1 percent between the fourth quarter of 2010 and first quarter 2011. Based on a recent survey by  MarcoMarkets   of 108 professional forecasters taken in early June, the index is predicted to decline another 1.5 percent by the fourth quarter of this year


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Mortgage Bankers Weekly Update 6/22/11


Fixed rate mortgages are changed little this week, at 4.5%.The MBAA reports their Market Composite Index: (Loan application volume) decreased 5.9 percent over last week

Their Refinance Index: also decreased 7.2 percent from the previous week .However, Mortgage applications also decreased 5.9% from one week earlier The MBAA reports their Purchase Index  decreased 3.9 percent

Key to better numbers is growth, especially job growth. The MBAA forecasts a slower, but positive growth situation. 4th quarter 2010 GDP growth was 3.1%. After a dip to 1.8% this quarter, they see growth through 2012 largely around 2.8%. Not likely a strong scenario for enough job growth to help the housing markets push forward.

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June 16, 2011

Freddie Mac Weekly Update: Mortgage Rates Mixed; 30-Year Fixed Ticks Up to 4.50 Percent


30-year fixed-rate mortgage:averaged 4.50 percent with an average 0.7 point for the week ending June 16, 2011, up from last week when it averaged 4.49 percent. Last year at this time, the 30-year FRM averaged 4.75 percent.  

The 15-year fixed-rate mortgage: t his week averaged 3.67 percent with an average 0.7 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.     

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.27 percent this week, with an average 0.6 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 3.89 percent.

One-year Treasury-indexed ARMs: averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.82 percent.  

Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Mortgage rates were little changed this week as financial market participants shrugged off the recent inflation reports. The  core producer price index  rose just 0.2 percent in May while the  core consumer price index  increased 0.3 percent, both near the market consensus forecast.
Much of the run down in home mortgage debt so far has been through second mortgages, according to the  Federal Reserve Board. Household mortgage balances fell by more than $930 billion between the peak set at the end of March 2008 and March of this year, of which, second mortgages accounted for $820 billion of the decline

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Mortgage Bankers Weekly Survey: Mortgage Applications Increase


 

Mortgage Bankers Association for the week of 6/15/2010


Fixed rate mortgages are changed little this week, the 30-year fixed-rate mortgage inching up to 4.5% from last week√Ę€™s 4.49% average rate.
The MBAA reports their  Market Composite Index:
 
 ( Loan application volume) Increased 13% over last weeks number. 

T
heir Refinance Index: 
increased 16.5 percent from the previous week and made of the bulk of mortgage activity this week.However,  Mortgage applications decreased 4% from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their  Purchase Index  increased 4.5 percent from one week earlier, a slight uptick in purchase volume.

Key to better numbers is growth, especially job growth. The MBAA forecasts a slower, but positive growth situation. 4th quarter 2010 GDP growth was 3.1%. After a dip to 1.8% this quarter,  they see growth through 2012 largely around 2.8%. Not likely a strong scenario for enough job growth to help the housing markets push forward. 

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June 2, 2011

Mortgage Bankers Weekly Survey: Mortgage Applications Decrease

 

Mortgage Bankers Association for the week of 6/1/2010

Fixed rate mortgages continue to decline this week, with the 30-year loan averaging 4.55% its lowest average this year. The MBAA reports their  Market Composite Index: ( Loan application volume) Decreased 4%. 

T
heir Refinance Index:  Decreased 5.7% from the previous week on further declines in the interest rate.
However, this isnt helping sell homes.  Mortgage applications decreased 4% from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their  Purchase Index  decreased 1.2% compared with the previous week

The recent Fed meeting indicates that lower rates will continue as the economic  recovery is unremarkable. Thats Bernakes word for this...unremarkable



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Freddie Mac Weekly Update: Fixed Mortgage Rates Continue Downward Slide




30-year fixed-rate mortgage:averaged 4.55 percent with an average 0.6 point for the week ending June 2, 2011, down  from last week when it averaged 4.60 percent. Last year at this time, the 30-year FRM averaged 4.79 percent.  

The 15-year fixed-rate mortgage: this week averaged 3.74 percent with an average 0.7 point, down from last week when it averaged 3.78 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.  

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.41 percent this week, with an average 0.6 point, the same from last week when it averaged 3.41 percent. A year ago, the 5-year ARM averaged 3.94 percent .

One-year Treasury-indexed ARMs: averaged 3.13 percent this week with an average 0.6 point, up from last week when it averaged 3.11 percent. At this time last year, the 1-year ARM averaged 3.95 percent.  

Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing. First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to theBureau of Economic Activity,  consumer confidence  in May was weaker than the market consensus forecast, and the  manufacturing industry slowed for the third straight month in May

The housing market is showing strain as well. The S&P/Case-Shiller National Home Price Index  fell 5.1 percent between the first quarters of 2010 and 2011, representing the largest annual decline since the third quarter of 2009. In addition, the  index of pending existing home sales dropped 11.6 percent from March to April, led by the Midwest and South regions where the tornados and flooding occurred


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