The Market Composite Index, an overall measure of mortgage applications, rose from 760.6 to 772.2 on a seasonally adjusted basis during the week ended Sept. 16, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 11.9% on the week, and were up 12.0% from the level recorded a year earlier. The Purchase Index fell from 513.4 to 500.3 on a seasonally adjusted basis, while the Refinance Index climbed from 2198.7 to 2353.7. The four-week moving average for the Purchase Index rose 0.6%, from 492.9 to 495.9, and the comparable average for the Refinance Index rose 0.4%, from 2264.4 to 2274.3. Refinancings represented 45.6% of total applications, up from 42.9% the previous week, while adjustable-rate mortgages accounted for 29.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages increased from 5.72% to 5.81%, and points (including the origination fee) increased from 1.18 to 1.21 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.
-
Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
1h ago -
New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
2h ago -
Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
3h ago -
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
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.
March 28