According to the Weekly mortgage Applications Survey conducted by the Mortgage Bankers Association, Washington, refinance activity rose 40.7% from 37.2% a week ago."The jump in refinance loans came after a fairy steady drop in rates over the last month," said MBA vice president of research and economics Jay Brinkmann. Interest rates on 30-year fixed mortgages decreased to 5.75% from 5.80% a week prior, 15-year fixed mortgage rates fell to 5.15% from 5.16% during the same time period, and one-year ARM rates increased to 3.95% from 3.85% during the same time period. The market composite index of mortgage loan applications also rose 11.9% from a week prior to 689.4. On an adjusted basis, the index inched up 10.6% in the same time period but fell 5.5% when compared to two weeks ago.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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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.
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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.
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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.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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