FHA Mortgage Premiums To Increase!

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FHA is changing! Premiums to increase! Don’t wait any longer! Buy today!

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Filed under: Housing Market, Alex Romo, Alex Romo Report, Alexander Romo, Chicago, economy, existing home sales, fha, fha mortgage, FHA Refinance, FHA Streamline refinance, fixed rate mortgages, homebuyer tax credit, Housing Market, Morgage Advice, national association of realtors, Pending home sales, Real Estate, residential mortgage, The Federal Savings Bank, year fixed rate mortgages

Refinance Activity Remains Near Three Year High

According to the Mortgage Bankers Association’s Weekly Applications Survey, refinance application demand slipped 2.0 percent last week but remains near three-year highs. The drop was matched by a 2.0 percent increase in purchase application demand, pushing purchase loan volume to the highest level since June. The Market Composite Index fell 1.2 percent from the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said mortgage rates remain historically low, which benefits both prospective homebuyers and those seeking to refinance. According to the survey, the average contract interest rate on 30-year fixed-rate mortgages with conforming loan balances increased to 3.56 percent from 3.53 percent the week before. The survey covers 75 percent of all U.S. residential mortgage applications and has been conducted weekly since 1990. More here.

Filed under: Housing Market, 30 year fixed rate mortgages, Alex Romo, Alex Romo Report, association, Chicago, drop, fixed rate mortgages, Housing Market, Illinois, interest, level, loan balances, loan volume, Mortgage, mortgage applications, mortgage bankers association, percent, president, prospective homebuyers, purchase, purchase application, Refinance, residential mortgage, The Federal Savings Bank, vice, Year, year fixed rate mortgages

Existing Home Sales Surge In August

Sales of previously owned homes spiked 7.8 percent in August, according to the National Association of Realtors. Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, rose to a seasonally adjusted annual rate of 4.82 million from 4.47 million in July. The gains put sales 9.3 percent higher than year-before levels and mark the sixth-straight month of improvement. Lawrence Yun, NAR’s chief economist, said the housing market is steadily recovering, with consistent increases in sales adding to the evidence that more buyers are taking advantage of excellent housing affordability conditions. The national median existing-home price for all housing types was $187,400 in August, which is 9.5 percent higher than a year ago. At the current sales pace, there was 6.1-month supply of homes available for sale at the end of August. More here and here

Filed under: Housing Market, 19 Months, 30 year fixed rate mortgages, Alex Romo, Association of realtors, Chicago, chief economist, economy, existing home sales, fixed rate mortgages, homebuyer tax credit, Housing Market, Mortgage, national association of home builders, Pending home sales, percent, The Federal Savings Bank, year fixed rate mortgages

Purchase Activity Up Slightly, Refinance Demand Slows

According to the Mortgage Bankers Association’s Weekly Applications Survey, refinance activity fell last week as average mortgage rates increased. The Market Composite Index, which measures both refinance and purchase activity, fell 7.4 percent from the week before, largely due to a 9.0 percent drop in the Refinance Index. Purchase application volume, on the other hand, was up slightly, rising 0.9 percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances moved up to 3.86 percent from 3.76 percent a week earlier. Still, mortgage rates remain near historic lows. Also in this week’s survey, the investor share of home purchase applications rose to 5.7 percent in the month of July and the share of purchase mortgages for second homes increased to 5.8 percent from 5.6 percent in June. More here and here.

Filed under: Housing Market, 30 year fixed rate mortgages, Alex Romo, application volume, association, average mortgage, Chicago, Demand, drop, fixed rate mortgages, hand, Home, Housing Market, Illinois, investor, loan balances, Mortgage, mortgage bankers association, percent, purchase application, purchase applications, purchase mortgages, share, Slows, The Federal Savings Bank, year fixed rate mortgages

Average Mortgage Rates Unchanged Last Week

The Mortgage Bankers Association’s Weekly Applications Survey covers more than 75 percent of all retail residential mortgage applications. Last week, the survey found average contract interest rates for 30-year fixed-rate mortgages unchanged from the previous week at 3.76 percent. The average 30-year rate on jumbo loans decreased to 4.03 percent. But despite mortgage rates near record lows, the Market Composite Index, which measures total mortgage application volume, was down 4.5 percent. The drop was due to a 5.0 percent decline in the Refinance Index and a 2.0 percent dip in the Purchase Index. Still, the refinance share of total mortgage activity remained at 81 percent for the week. More here.

Filed under: Housing Market, 30 year fixed rate mortgages, application volume, association, average mortgage, Chicago, decline, drop, fixed rate mortgages, Housing Market, Illinois, Mortgage, mortgage activity, mortgage applications last week, mortgage bankers association, percent, purchase index, rate, Rates, record lows, Refinance, share, The Federal Savings Bank, Week, year fixed rate mortgages