Mortgage Application Volumes Drop 6.2 percent
- By:
- MortgageLoan.com | July 24, 2008
An increase in interest rates contributed to a decline in demand for mortgage application volumes which witnessed a 6.2 percent decrease in the week ending July 18, an industry trade group revealed on Wednesday.
The Mortgage Bankers Association (MBA) weekly application index declined to 489.2 during the week, from 522.2 a week earlier.
Average 30-year home loan rates jumped 0.37 percentage point in the week, surpassing the 6.57 percent rate in mid-June to match the rate posted in the July 20 week of 2007, the MBA revealed.
Refinance application volume dropped 5.6 percent, while purchase volume fell 6.7 percent on an adjusted basis.
Rising mortgage rates have been widely blamed for contributing to the worsening housing crisis.
The MBA's survey covers half of all U.S retail residential mortgage applications.
Election Day May Be About Taxes
- By:
- Bill Rice - MortgageLoan.com | August 21, 2008
The election of our next President quickly approaches. The ads, debate, and polls fill every media outlet. However, a bigger theme maybe brewing on state election ballots--tax reform.
Homeowners Need Refinance Assistance More Than Ever
- By:
- Bill Rice - MortgageLoan.com | August 20, 2008
Foreclosures rates continue to rise, borrowers have found themselves trapped in loans where payments and principle balances balloon, and housing values continue to plummet. This is mixing a toxic cocktail of homeowner despair. However, the government is trying to formulate an antidote.
Government Backed Loans Surge
- By:
- Bill Rice - MortgageLoan.com | August 19, 2008
When borrowers talked about getting a mortgage you typically heard discussions of Countrywide and IndyMac--now you hear FHA. Only a few months ago you would have been hard pressed to find a lender, much less a borrower, that knew this acronym. Borrowers now ask for FHA loans, by name. Meanwhile, mortgage brokers are rushing to become approved FHA lenders.
Can a Bad Appraisal Cost You Your Home?
- By:
- Bill Rice - MortgageLoan.com | August 18, 2008
In the exuberance of the mortgage boom, it was broadly accepted that home values were moving upward quickly. Were these swiftly rising home values justified? Home owners are beginning to feel the pain of inflated appraisals. In some cases it is even costing them their homes.
Mortgage Rates Hold Steady on Mixed Bag of Economic News
- By:
- Bill Rice - MortgageLoan.com | August 15, 2008
Home Mortgage Rate hold steady for the third straight week as the mortgage market is peppered with offsetting economic and housing indicators. Although there were several deviations from analyst estimates and expectations, notably in the Consumer Price Index and existing home sales, there were equally offsetting data in declining energy prices, a strengthening dollar, and record foreclosures. This mix and confusing bag of inputs seemed to leave the market feeling safer not to tinker with the status quo.
US Foreclosures Rise 55%, Banks Seizures Climb 184%
- By:
- MortgageLoan.com | August 14, 2008
New US legislation, effective 1 October, meant to help home owners stay in their home may not be coming soon enough. Today RealtyTrac, an online marketplace for foreclosure properties, announced staggering increases in foreclosure and bank seizure rates. In their July US foreclosure data RealtyTrac reported foreclosure activity up 8% from the previous month and has risen to 55% from last years levels. Perhaps even more alarming is the steep increase of bank repossessions and REOs that surged to 184% year-over-year.
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