The Market Composite Index, an overall measure of mortgage applications, increased from 981.5 to 1054.9 on a seasonally adjusted basis during the week ended Jan. 25 as the Refinance Index exceeded 5000, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. On an unadjusted basis, applications increased 10.5% on the week and were up 70.7% from the level recorded a year earlier. The Purchase Index fell from 439.9 to 362.0 on a seasonally adjusted basis, while the Refinance Index climbed from 4178.2 to 5103.6. Refinancings represented 73.0% of total applications, up from 66.0% the previous week, while adjustable-rate mortgages accounted for 8.6%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.49% to 5.60%, and points (including the origination fee) fell from 1.07 to 1.06 for loans with 80% loan-to-value ratios, the association reported. The MBA can be found online at http://www.mortgagebankers.org.
-
The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.
5h ago -
The publicly traded title holding companies all had stronger earnings as the mortgage market improved from one year prior.
6h ago -
One in every 37 residential properties nationwide had a loan-to-value ratio of 125% or greater to begin the year, according to a new report.
6h ago -
There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.
7h ago -
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
9h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
May 10