FHA

While the multifamily loan forbearance rate is lower than the most pessimistic projections, Pat Jackson says borrowers are hardly out of the woods yet.

Mortgage application volume was down for the second consecutive week, this time by 1.8%, as a new record low for rates was not enough to overcome diminished demand, according to the Mortgage Bankers Association.

Compared with the week prior, approximately 83,000 more loans from all investor types became forborne.

Even as interest rates remained at record-low levels, mortgage application activity for both purchases and refinancings declined compared to one week earlier, according to the Mortgage Bankers Association.

Compared with the week prior, approximately 57,000 fewer loans from all investor types were forborne.

The FHFA and FHA both announced for the second time that they were delaying the freeze to protect borrowers and renters during the coronavirus pandemic.

Purchase mortgage application volume was at its most in over a decade as consumer confidence continued to improve in the aftermath of the coronavirus shutdown, according to the Mortgage Bankers Association.

The number of loans going into coronavirus-related forbearance ground down to a growth rate of 2 basis points between June 1 and June 7, according to the Mortgage Bankers Association.

The Federal Housing Administration's move to insure loans with forbearance could help support homeownership opportunities constrained by the coronavirus if one change was made to it, trade groups said.

Mortgage applications increased 9.3% from one week earlier, fueled by low mortgage rates and the release of pent-up demand, according to the Mortgage Bankers Association.

Looming economic uncertainties forced mortgage lenders to tighten underwriting standards in May.

About 9% of government-insured loans in forbearance have low equity, which could hamper post-forbearance servicing.

But there was an increase in private-label mortgages in forbearance.

The policy comes more than a month after a different agency issued similar guidance for loans backed by Fannie Mae and Freddie Mac.

Millennial refinance activity hit a new high-water mark behind historically low mortgage rates, up 40 percentage points from the year before, according to Ellie Mae.

Purchase mortgage application volume continued its upswing as consumers acted on record low rates, but high unemployment and low inventory could hold home buying activity back in the future, the Mortgage Bankers Association said.

Mortgage applications increased 2.7% from one week earlier, as purchase volume is now outpacing the prior year's activity, according to the Mortgage Bankers Association.

Forecasts about the pandemic's impact on the mortgage market have grown less dire after forbearance requests by homeowners nearly leveled off in the first half of May.

As the growth rate in forbearance requests downshifts, a vast stockpile of loans await modifications.

With mortgage rates reaching all-time lows in the opening quarter, refinance originations were up in 97% of housing markets during 1Q, according to Attom Data Solutions.