Originations

The refinance boom kept mortgage loan application defect risk flat, with record-low levels in July, but fraud risk for purchases climbed again, according to First American Financial.

Mortgage industry hiring and new job appointments for the week ending Aug. 28.

Mortgage rates decreased by 8 basis points this week, remaining near record lows, while a strong purchase market should continue into the fall, according to Freddie Mac.

Mortgage application volume decreased 6.5%, falling for the second consecutive week with refinance activity at its lowest since early July, according to the Mortgage Bankers Association.

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As swelling demand constricts inventory to record-low levels, home price growth cuts into the purchasing power afforded by plunging interest rates, according to First American.

Mortgage industry hiring and new job appointments for the week ending Aug. 21.

Mortgage rates crept up this week, nearly reaching the 3% mark as lenders raised prices because of a new fee, although purchase activity remained solid, according to Freddie Mac.

With mortgage rates tumbling near 3% in the second quarter, refinance originations spiked 400% in some housing markets, pushing overall volume to its highest point since 2009, according to Attom Data Solutions.

The coronavirus continued reshaping the Bay Area housing market last month, as demand for homes was weakest in San Francisco and strongest in the North Bay as buyers untethered to an office sought more space.

Mortgage applications decreased 3.3% from one week earlier, but purchase activity momentum persisted with home sales remaining a bright spot in the economic recovery, according to the Mortgage Bankers Association.

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Home construction starts increased in July by more than forecast and applications to build surged by the most in three decades, indicating builders are responding to robust housing demand fueled by record-low interest rates.

All states that had licensing restrictions related to remote work temporarily lifted them due to the pandemic, but whether those changes could become permanent remains to be seen.

Both refinancings and purchases will be stronger than what Fannie Mae had previously forecast.

Its stock price, which slid since day two of trading, opened 10% on the earnings news.

Mortgage industry hiring and new job appointments for the week ending Aug. 14.

Refinance volume led the spike in mortgage applications for the week ending Aug. 7 as interest rates continued tumbling.

Gross supply as of the end of June has already reached $1.2 trillion, a torrid pace considering the last decade has averaged $1.3 trillion per annum.

Mortgage industry hiring and new job appointments for the week ending Aug. 7.