Mortgage News
Nov 27, 2017
Instability in the HPI (Home Price Index) is typical in Q4. For the 6th month in a row HPI has slowed. Home price gains in Michigan had the largest decline at .61%. New York saw the highest rate of appreciation out of the National numbers, up 1.08%. The fastest appreciation was in Kennewick WA, at 1.99%. Across the nation, new home price peaks continue to fall. Bookmark this page for mortgage rates: • 30-year (FRM) rates at...
Nov 22, 2017
Nearly 3 months to-the-date after Hurricane Harvey hit Texas, and 2 months since Irma hit, delinquencies resulting from the devastation continue to play out. Specifically in Texas and Florida, delinquency rates have spiked according to this month’s loan data as published in ”First Look", by Black Knight Financial Services. This spike has distorted the nationwide data. Although US delinquency rates rose 4-bps...
Nov 20, 2017
As is standard with the bond market conditions we see Thanksgiving week, mortgage rates have crept up slightly. Because bond markets trend under mortgage rates, traders and mortgage lenders expect a standard level of participation. However, during major holiday weeks, this participation decreases quite a bit. The remaining players in the market typically behave more conservatively; including lenders not getting too aggressive with pricing...
Nov 17, 2017
Looking back at Q3 housing activity, it's no secret we've been experiencing a "rough patch" as described by Fannie Mae's latest edition of Economic Developers. And although there were some signs of recovery, 18.9% gain in new home sales in September, the increase was not enough of a push to bring about a positive Q3. To worsen matters, leading indicators are showing the rough patch experienced in Q3 may be spilling into...
Nov 15, 2017
The monthly Loan Performance Report put out by CoreLogic indicates improvements to the mortgage market, based on improvements to the overall delinquency rate. Mortgages 30+ days past due are at 4.6%, down .06% from August 2016. Within those numbers, mortgages only 30 days delinquent represent 2%of all mortgaged homes. A 2.1% drop year-over-year....
Nov 10, 2017
At the beginning of the week Freddie Mac's weekly rate survey sparked news media to report lower rates this week. Because FM only gathers data through Wednesday of the week, it made sense and matched lenders rate sheets. Like the old saying goes "What a Difference a Day M...
Nov 08, 2017
Due to the economy’s weakened confidence in home buying and selling, there was a 3.1% drop in Fannie Mae’s HPSI last month. The Index fell to 85.2 in October. Bookmark this page for mortgage rates:...
Oct 30, 2017
Even with the fall in interest rates, reduction in the national unemployment rate and the cost of rent steady increasing you would imagine first time home buyers flooding the market. Unfortunately, with the fast appreciation of home prices and reduction of available homes many first-time home buyers are finding it difficult to buy into the American dream. In the NAR annual profile of homebuyers and sellers, for 2017 they identified the share...
Oct 27, 2017
When it comes to interest rate movement, all eyes are on Janet Yellen. As Chairperson at the top of a decision-making hierarchy, she is perhaps the most important person in the world. Much of the ups and downs we experience daily are driven by the Fed's decisions. But for now, the rate spikes we have seen in the last few days have recovered some of their losses. This improvement follows, after more rumors that The POTUS candidate, Jerome...
Oct 25, 2017
As we have continued to notice, the cost of rent is skyrocketing right along with the price of homes. The average rent for a 2-bedroom apartment in Cupertino California is $3,495. To put this in perspective, while home values have gone up 6.9% over the past year, still the median price for a home in the United States is only $201,900. Freddie Mac released new research today that indicates affordability and...
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