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Tag Archives: Refinance

Mortgage Loan Applications Plunge 18.6 Percent: MBA

Consumer demand for home mortgages fell sharply last week, as interest rates continued to edge up from six-month highs. The Mortgage Bankers Association (MBA) reported Wednesday that its measurement of total mortgage loan application volume plunged 18.6 percent for the week ending December 17. The steep drop was driven by a 24.6 percent decline in applications for mortgage refinancing, which have fallen for six straight weeks now.

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GSEs’ Foreclosures Outnumber Modifications More than 2 to 1 in Q3

For every home loan held by Fannie Mae and Freddie Mac that was modified during the third quarter, 2.3 loans were foreclosed on during the same period. The GSEs initiated foreclosure on 339,000 home mortgages during the July to September timeframe. Loan modifications completed in the quarter totaled 146,500, with the majority of those completed through non-HAMP programs. The two companies approved 29,500 short sales during the third quarter.

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Survey: Consumers Don’t Comparison Shop for Mortgages

Consumers usually hunt for the best deal -- except when it comes to their mortgages. While 96 percent of American consumers compare prices when shopping, nearly 40 percent obtain just one home loan quote, according to a new survey from LendingTree. The survey also revealed that only 28 percent of borrowers are very confident they received the best possible deal on their current mortgages. Even though 85 percent of consumers use the Web to comparison shop other items, only 21 percent say they shopped online first for mortgage rates.

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New Mortgage Applications Fall as Rates Rise for Fifth Straight Week

Data released by the Mortgage Bankers Association (MBA) Wednesday shows that consumer demand for mortgages waned last week as interest rates soared to their highest level in nearly seven months. MBA's index of new applications for home purchases plummeted 5.0 percent, breaking a three-week streak of increases, while the refinance index slipped 0.7 percent. MBA says Treasury rates increased last week following news that lower tax rates could be extended for another two years. Mortgage rates also followed higher.

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Mortgage Banker Profits Rise with Secondary Market, Refinancing Gains

Independent mortgage banks and their subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter, thanks to a surge in refinance activity and growing demand for mortgage-backed securities, the Mortgage Bankers Association (MBA) reported Tuesday. The third quarter's per-loan profit represents a jump of more than 55 percent from the $917 independent mortgage lenders made on each loan in the second quarter of this year.

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Mortgage Rates Climb for Fourth Straight Week

Mortgage interest rates rose again this week, marking the fourth consecutive increase. Freddie Mac says the average rate on a 30-year fixed mortgage has jumped to 4.61 percent, up from 4.46 percent just one week earlier. If such sharp increments continue at this pace, the 30-year rate could rise above where it was a full year ago (4.81 percent) in a matter of mere weeks. For a $200,000 conventional loan, the sudden rise amounts to $50 more in monthly payments than if buyers had locked in rates just two months ago.

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Home Purchase Applications Rise for Third Consecutive Week

Industry data released Wednesday shows that new mortgage applications for the purchase of a home jumped 1.8 percent for the week ending December 3. This is the third weekly increase recorded by the closely watched home purchase index, which has reached its highest level since early May. All market indicators point to a continued rise in mortgage rates and that seems to have prompted some homebuyers to act now. Refinancing, on the other hand, is becoming less attractive.

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Refinance Activity Falls 21% in Latest MBA Survey as Rates Rise

The Mortgage Bankers Association (MBA) reported Wednesday that mortgage applications for refinancing dropped 21.6 percent for the week ending November 26, as interest rates continued to head upward. It marked the third weekly decrease for the refinance index, which has hit its lowest level since June 2010. MBA's measurement of loan applications for home purchases rose 1.1 percent from one week earlier and, in contrast, is at its highest level since the beginning of May 2010.

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Home Purchase Activity Hits Six-Month High

Mortgage applications for home purchases jumped during the third week of November to their highest level since May. The Mortgage Bankers Association (MBA) reported Wednesday that its index of purchase applications soared 14.4 percent for the week ending November 19th. MBA says the increase suggests growing consumer confidence. It offset a 1.0 percent decline in applications for mortgage refinancing, which in contrast, hit their lowest mark since the end of June.

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New York Title Company Sees 43% Sales Jump

Sales at Titleserv National, a provider of title insurance, appraisal, and settlement services for residential and commercial customers, increased by almost 43 percent from the second to third quarters of 2010, according to a statement from the company. The third-quarter increase also represents a 34 percent gain over the same period in 2009. The New York-based company attributes the jump to lower interest rates, which boosted demand for refinancing, and a major expansion of its sales force.

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