Refinance

Mortgage applications decreased sharply from one week earlier as key interest rates stayed above 5%, although purchase volume grew from a year ago, the Mortgage Bankers Association reported.

While mortgage volume is expected to shrink next year, it should increase during the following two years and beyond as millennials start buying homes, the Mortgage Bankers Association forecasts.

Mike Cagney’s current venture, Figure Technologies, is offering consumers the ability to apply online for home equity loans and get funding in as little as five days.

Mortgage applications fell last week as rates for the 30-year fixed conforming loan topped 5% for the first time since 2011, the Mortgage Bankers Association reported.

As the housing market enters a new era, shifts in the demand for mortgages will ultimately dictate the direction of technology, staffing and GSE reform.

Lenders offered fewer government-guaranteed mortgage programs in September, leading to an overall decline in mortgage credit availability, according to the Mortgage Bankers Association.

Builder Lennar Corp.'s purchase of CalAtlantic's financial services operations boosted its mortgage segment's earnings in the third quarter as the acquisition offset declines in per-loan profits and refinancing.

Mortgage application activity was relatively flat compared with the previous week, as long-term interest rates held steady following the recent Fed rate hike, according to the Mortgage Bankers Association.

Mortgage applications were up 2.9% from one week earlier, even as the rate for the 30-year conforming mortgage reached its highest point in over seven years, according to the Mortgage Bankers Association.

Increased competition among non-qualified mortgage lenders leading to lower starting interest rates for borrowers should result in fewer of these loans prepaying within one year of origination, said Standard & Poor's.