New Home Mortgage Applications Plummet in August

September 12, 2013

The Mortgage Bankers Association (MBA) said that applications for mortgages to purchase new homes dropped 14 percent in August to a seasonally adjusted annual rate of 424,000 units. On an unadjusted basis there were an estimated 35,000 applications for new home purchases during the month.

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Nearly 11 Million U.S. Homeowners Currently Underwater

September 5, 2013

RealtyTrac has released its U.S. Home Equity & Underwater Report for September 2013, which shows that while 10.7 million residential homeowners nationwide owe at least 25 percent or more on their mortgages than their properties are worth, another 8.3 million homeowners are either slightly underwater or slightly above water, putting them on track to have […]

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Mortgage Rates Higher Still

September 4, 2013

Mortgage rates moved higher again today, making it one of the three worst days of the year for rates. The rate with the most efficient combination of upfront cost and monthly payment for ideal scenarios (best-execution) moved up to 4.75% for Conventional 30yr Fixed loans on average, though some lenders remain at 4.625% (others still […]

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Cash Sales Surge While Distressed Sales Remain Elevated – RealtyTrac

August 31, 2013

RealtyTrac, which has historically reported on the distressed home market, has now widened the focus of its U.S. Residential and Foreclosure Sales Report to a more general discussion of the national real estate market. The company reports that homes in the U.S. sold at an estimated annualized rate of 5.5 million units in July, a […]

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Interest Rates on an Upward Trend, According to FHFA

August 29, 2013

National data show interest rates on mortgages continued their upward trend. Contract mortgage interest rates increased 0.45 percent from June to July, according to an index of new mortgage contracts. According to the Federal Housing Finance Agency (FHFA), the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index […]

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Mortgage Rates Hit 2013 High of 4.58 Percent for the Week

August 26, 2013

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates following bond yields higher, and reaching new highs for the year, as the 30-year fixed-rate mortgage (FRM) averaged 4.58 percent with an average 0.8 point for the week ending Aug. 22, 2013, up from last week when […]

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Mortgage Fraud Declines 25 Percent Year-Over-Year

August 22, 2013

The Financial Crimes Enforcement Network (FinCEN) released an analysis of Mortgage Fraud SAR Filings in calendar year 2012. FinCEN’s data on suspected mortgage fraud shows that reports declined 25 percent in 2012 (from 92,561 to 69,277) as compared to the previous year. The past three years of suspected mortgage fraud suspicious activity reports (SARs), if […]

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Mortgage Apps Take a Near Five Percent Weekly Tumble

Mortgage applications decreased 4.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Aug. 16, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted […]

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Mortgage Rates Head Higher After Fed Minutes

August 21, 2013

Mortgage rates rose moderately following today’s release of Minutes from the July 31st FOMC Meeting. There was no meaningful new information, but there was also nothing to challenge the notion that the Fed would move any less quickly to reduce the pace of asset purchases–widely expected on September 18th. Had such a challenge been seen, […]

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