Category Archives: mortgage

For Mortgage Rates, “High 3’s” In Sight Once Again.

Mortgage rates took the day to do just a little bit more of what they’ve been doing in fairly grand fashion for the past week: MOVE LOWER! When the good times started in earnest, rates were already in line with their lowest levels in more than a year. As of today, they’re another quarter or […]

Two terms that are often (and incorrectly) used interchangeably are “pre-qualified” and “pre-approved”. A Pre-Qualification typically means a buyer has spoken with a lender (who may or may not have pulled a credit report) and verbally discussed employment, liabilities, payment histories, and assets. A true Pre-Approval, on the other hand, entails a strict review of […]

Improved Rates Have Little Impact on Mortgage Volume

BY JANN SWANSON Mortgage rates pulled back slightly during the week ended November 16, but that did little to move mortgage applications higher. The Mortgage Bankers Association said its Market Composite Index, a measure of overall application volume, continued to trend down, dipping 0.1 percent on a seasonally adjusted basis compared to the week ended […]

New Home Sales Dip, Still Stronger than Last Year

BY JANN SWANSON The Mortgage Bankers Association (MBA) reports a drop in applications for the purchase of newly constructed homes last month. Those applications fell by 3.9 percent compared to August although they remained 8.2 percent higher than they were the previous September. The change does not reflect any seasonal adjustment. The information comes from […]

BY JANN SWANSON It appears that, while Americans are generally upbeat about the economy, housing, and their own financial fortunes, they have a little difficulty maintaining those sentiments. Fannie Mae said today that its Home Purchase Sentiment Index (HPSI) reversed direction again in September, falling 0.3 point to 87.7. The downturn did not erase the […]

Mortgage Credit Tightens, Government Programs Drive Change

BY JANN SWANSON The availability of mortgage credit at least as measured by the Mortgage Bankers Association’s (MBA’s) Mortgage Credit Availability Index (MCAI) pulled back in September, with the government component of the index falling to the lowest level in four years. The MCAI registered 182.1 at month’s end, an 0.8 percent decline. An increase […]

Upfront Home Costs Add Up – Especially if Downpayment is Included

BY JANN SWANSON Two Zillow subsidiaries are estimating it will cost the average U.S. homebuyer $40,000 to get in the door of their new home. Depending on where the home is located, according to a new analysis from RealEstate.com and Thumbtack, the number could be $26,641 (in Cleveland) or $202,834 (San Jose.) That headline number […]

Mortgage Apps Gaining Ground Despite Higher Rates

BY JANN SWANSON Labor Day typically marks the end of summer and the resumption of business as usual. Hopefully it also marked the beginning of a turnaround for mortgage applications, which increased across the board for the first time since mid-June. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage […]

Higher Rates to Ensue for Many Modified Mortgages

According to a recent government report from the office of the Special Inspector General of the Troubled Asset Relief Program (SIGTARP), 800,000 homeowners who received loan modifications during the financial crisis will begin to see their monthly payments go up by about $200 a month. About 30,000 homeowners will experience their first set of higher […]