The Market Composite Index, an overall measure of mortgage applications, fell from 633.9 to 599.1 on a seasonally adjusted basis during the week ended Oct. 6, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.3% on the week and were down 13.3% from the level recorded a year earlier. The Purchase Index fell from 404.6 to 383.3 on a seasonally adjusted basis, while the Refinance Index fell from 1970.8 to 1857.0. Refinancings represented 46.4% of total applications, down from 46.7% the previous week, while adjustable-rate mortgages accounted for 26.9%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 6.24% to 6.27%, and points (including the origination fee) fell from 1.03 to 1.08 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.
-
Freddie's plan "has merit," but if also used by Fannie, it might create competition for many closed-end, second liens in PL RMBS, according to new research.
1h ago -
While the company made headway in reducing operational costs, it incurred several million dollars worth of expenses as it dealt with the January incident.
10h ago -
The rightsizing measures impacted workers in Colorado and Florida who worked at acquired Computershare Mortgage Services and its affiliate Specialized Loan Servicing.
May 7 -
Former Angel Oak Lending Chief Marketing Officer Steven Winokur has come back into the non-qualified mortgage business by taking a marketing role at Carrington Mortgage Services.
May 7 -
The process of making changes to foreclosure prevention programs has been complicated by differences in how the Department of Veterans Affairs operates compared to an agency like the Federal Housing Administration.
May 7 -
Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
May 7