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Most recent market newsWednesday, April 4
Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey
The Market Composite Index, a measure of mortgage loan application volume, decreased 3.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 5 percent from the previous week. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 5 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to its lowest level since September 2008, 38.5 percent of total applications, from 39.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.5 percent of total applications. The FHA share of total applications increased to 10.1 percent from 9.9 percent the week prior. The VA share of total applications remained unchanged at 10.3 percent. The USDA share of total applications remained unchanged at 0.8 percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged at 4.69 percent, with points remaining unchanged at 0.43 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate remained unchanged from last week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased to 4.56 percent from 4.60 percent, with points decreasing to 0.27 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.74 percent from 4.75 percent, with points decreasing to 0.54 from 0.56 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.09 percent, with points decreasing to 0.42 from 0.46 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. The average contract interest rate for 5/1 ARMs decreased to 3.87 percent from 3.92 percent, with points decreasing to 0.28 from 0.46 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.Tuesday, April 3
CoreLogic Home Price Index (HPI) and HPI Forecast, February 2018
In February, home prices in all 50 states increased in value year-over-year Washington state experienced the strongest gains at 12.5 percent Home prices projected to increase by 4.7 percent by February 2019“Family income is rising more slowly than home prices and mortgage rates, meaning that the mortgage payment takes a bigger bite out of income for new homebuyers,” CoreLogic President and Chief Executive Frank Martell said in a release.
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“CoreLogic’s Market Conditions Indicator has identified nearly one-half of the 50 largest metropolitan areas as overvalued. Often buyers are lulled into thinking these high-priced markets will continue, but we find that overvalued markets will tend to have a slowdown in price growth.”
Read more here.
Monday, April 2
The average 30-year fixed-mortgage rate is 4.27 percent, down 6 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.30 percent. The average 15-year fixed-mortgage rate is 3.69 percent, down 6 basis points over the last week.
Source: Bankrate
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