Archives for April 2015

Mortgage Interest Rate News 04-29-15

So after a period of low volatility for several weeks we now are seeing volatility return to the bond market.  In the last few days we’ve seen the 10 year yield go from just under 1.90% to above 2.00% and it hit 2.07% this afternoon.  It’s a sharp move up for the 10 year however mortgage rates held their own and we’ve only seen small increases to mortgage terms.  Refinance and applications continue to struggle in this low rate environment which is bit surprising for many lenders.  Many had assumed loan volume would be strong with sub 4.00% mortgage rates.

Mortgage delinquency rates for March 2015

Mortgage loan delinquencies in March hit their lowest levels since 2007, according to a recent report.

The percentage of delinquent loans was down 12% in last month of Q1, compared to February, and down 15% year over year, according to Black Knight’s First Look report. The report showed the national  rate at 4.7% in March.  This is down from February’s reading of 5.36%.  This is the lowest level of delinquencies since late summer 2007.

The number of loans in foreclosure also declined; down 2% from February and over 20% from March 2014.

Mortgage Rates Down Heading Into Spring

Per MPA:

Fixed rates were down this week, remaining near their 2015 lows, according to data released by Freddie Mac.

“Mortgage rates fell slightly to 3.65% this week, positive news for potential homebuyers in the market this spring,” said Len Keifer, deputy chief economist for Freddie Mac. “Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1% to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply.”

Continue – MPA

Mortgage applications April 2015

Per MND:

Borrowers responded to some of the lowest interest rates in several months by stepping up applications for mortgage financing. The Mortgage Bankers Association (MBA) said that its Market Composite Index, a measure of mortgage application volume, increased 2.3 percent on a seasonally adjusted during the week ended April 17 when compared to the previous week. On an unadjusted basis applications were 3 percent higher than during the week ended April 10.

The Refinancing Index rose 1 percent from the previous week but the share of all applications that were for refinancing dropped from 58 percent to 56 percent, the lowest share for that sector since October 2014. The seasonally adjusted Purchase Index increased 5 percent from the previous week. The unadjusted Purchase Index was up 6 percent week-over-week and was 16 percent higher than during the same week in 2014.

Refinance Index vs 30 Yr Fixed

Mortgage News Daily

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Mortgage Interest Rate News 04-22-15

Mortgage rates have been very stable recently…a little up and a little down.  This is good news overall as stability is what the market needs after several months of volatility.  Mortgage rates tend to do better in stable markets and improvements to mortgage rates can come despite any moves in the bond market.  Refinance and purchase transactions are picking up slightly while California refinance rates remain competitive.

In a few weeks we’ll have the April employment report and before then several mortgage rate sensitive reports will come out.  It will be interesting to see how the market and mortgage rates respond.  Hopefully we’ll continue to see a stable market which will allow lenders to price their mortgage rates more competitively.