The Market Composite Index, an overall measure of mortgage applications increased 4.2% from 706.4 to 735.9 on a seasonally adjusted basis for the week ending February 4, according to the Mortgage Bankers Association's Weekly Mortgage Application Survey.On an unadjusted basis, applications increased 7.5% compared with the previous week but were down 8.7% compared with the same week one year earlier. The Purchase Index increased by 1.0% to 444.6 from 440.3 the previous week. The seasonally adjusted Refinance Index increased by 7.8% to 2430.7 from 2253.9 one week earlier. Refinancings increased to 48.9% of total applications from 48.7% the previous week. The adjustable-rate mortgage share of activity increased to 31.9% from 32.5% of total applications. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.48 from 5.61 one week earlier, with points increasing to 1.25 from 1.27 for 80% LTV loans. The average contract interest rate for one-year ARMs decreased to 5.06% from 5.10% one week earlier, with points increasing to 1.10 from 1.07 including the origination fee for 80% LTV loans.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25