The Market Composite Index, an overall measure of mortgage applications, fell from 641.1 to 615.2 on a seasonally adjusted basis during the week ended Aug. 24, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications decreased 5.3% on the week but were up 10.6% from the level recorded a year earlier. The Purchase Index fell from 441.5 to 424.0 on a seasonally adjusted basis, while the Refinance Index declined from 1806.3 to 1729.6. Refinancings represented 40.4% of total applications, up from 39.9% the previous week, while adjustable-rate mortgages accounted for 15.0%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 6.49% to 6.41%, and points (including the origination fee) remained unchanged, at 1.48, for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
9h ago -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
10h ago -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
10h ago -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
11h ago -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
11h ago -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28