Mortgage Applications Up Another 50 Percent
Mortgage application volume surged 48 percent on a seasonally adjusted basis for the week ending December 19, the MBA said today.
On an unadjusted basis, the home loan application index increased 50.2 percent compared to one week earlier, and was up 124.6 percent compared to the same period a year ago.
The exceptional increase was led by a 62.6 percent jump in refinance applications and double-digit gains Read more
Refinance Share of Mortgage Apps Climbs Above 75 Percent
Refinance loan application volume increased another 6.5 percent last week, boosting its share of total activity to a whopping 76.9 percent from 74.3 percent a week earlier, the MBA said today.
The refinance share of total activity was as low as a third of application volume just a few months ago when interest rates were about two percentage points higher.
While home loan applications increased a marginal Read more
Home Builders Wants Mortgage Rates at 2.9 Percent
The chief executive of the National Association of Home Builders reportedly wants a government program launched to lower interest rates on home loans to 2.9 percent, along with an expanded homebuyer tax credit.
With these two initiatives in place, NAHB boss Jerry Howard believes the glut of unsold housing inventory could be off the market in six to 12 months.
He believes 4.5 percent mortgage rates aren’t Read more
Foreclosure Filings Slip Seven Percent in November
Foreclosure filings were reported on 259,085 properties during November, a seven percent decrease from October, but still 27 percent higher than during the same period a year earlier, RealtyTrac reported today.
“Foreclosure activity in November hit the lowest level we’ve seen since June thanks in part to recently enacted laws that have extended the foreclosure process in some states, along with more aggressive Read more
Nearly 10 Percent of All Mortgages Late
A record 6.99 percent of all mortgages tied to one-to-four unit residential properties were delinquent at end of the third quarter, up nearly ten percent from the second quarter and 25 percent from the same period a year ago, the MBA reported today.
That number includes home loans that are at least one payment overdue, but not yet in the foreclosure process.
Another 2.97 percent of all home loans were Read more
Mortgage Ad Spending Down 62 Percent This Year
As the mortgage market continues to unravel, related ad spending is taking a big hit, according to the latest Nielsen data.
Through the first three quarters of 2008, mortgage and loan companies, including web-based companies, spent $778 million less (62 percent less) on advertising compared to the same period a year earlier.
Hopefully that equates to fewer dancing alien ads and other annoying campaigns Read more
Mortgage Application Volume Rises 12 Percent
Home loan application volume increased 11.9 percent on a seasonally adjusted basis for the week ending November 7, according to the MBA.
On an unadjusted basis, the index was up 10.5 percent compared to one week earlier, but still off 40.0 percent compared to the same period a year ago.
The increased in application volume was led by a 16.1 percent jump in refinance activity and a 15.3 percent rise in FHA Read more