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Tag Archives: Refinance

Mortgage Demand Wanes Even as Interest Rates Head Lower

Mortgage application volume has fallen for the second straight week, led by a steep drop in home loan refinances even as mortgage interest rates edged downward again. The Mortgage Bankers Association reported Wednesday that its measure of new mortgage applications decreased 8.9 percent for the week ending September 10, 2010. That follows a 1.5 percent drop in home loan applications the week prior.

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Mortgage Bankers’ Per-Loan Profit Jumps 51%

Independent mortgage bankers and subsidiaries made an average profit of $917 on each loan they originated in the second quarter of 2010, up from $606 per loan in the first quarter of 2010, the Mortgage Bankers Association (MBA) reported Tuesday. The increase was driven by a rise in the average production volume for each firm, as more loans for home purchases were written thanks to the federal government's tax credit incentive.

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GSEs’ Short Sales and Deeds-in-Lieu up 27% in Q2

Nearly 31,000 borrowers with Fannie Mae and Freddie Mac loans forfeited their homes through a short sale or deed-in-lieu of foreclosure during the second quarter of this year. The figure represents a 27 percent increase over the previous three-month period. The GSEs also reported that their volume of permanent modifications under the administration's Home Affordable Modification Program (HAMP) increased 65 percent, but at the same time, foreclosure starts and foreclosure sales were also up by double digits.

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Beige Book Shows Slowdown in Recovery, Trouble Spots in Real Estate

Economic growth is still grinding along, but has slowed considerably since earlier in the year, according to the Federal Reserve's popular Beige Book report released Wednesday. Reports from the 12 Fed districts on their local economies painted a picture of ""widespread signs of a deceleration."" Real estate remains a drag on economic growth in regions across the country, with major trouble spots identified in poor home sales and weak demand for commercial space.

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Home Purchase Apps Increase, Refinances Slip as Rates Edge Up: MBA

The Mortgage Bankers Association (MBA) reported Wednesday that its index of home purchase applications jumped 6.3 percent for the week ending September 3, 2010, reaching its highest level since the end of May. Purchase activity, though, is still nearly 40 percent below what it was this time last year. Refinance applications, on the other hand, fell 3.1 percent as interest rates edged up slightly - their first drop in six weeks.

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FHA Program for Underwater Borrowers Now Underway

Tuesday marked the start of a new government housing program designed to help the millions of Americans who owe more on the mortgage than their home is worth. The Federal Housing Administration (FHA) is now offering certain non-FHA borrowers with negative equity the chance to refinance into a new FHA-insured loan, as long as existing lien holders will write off at least 10 percent of the unpaid principal balance. Officials suggest the program will provide 500,000 to 1.5 million underwater borrowers with new mortgages, but analysts say the number is closer to 250,000.

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Freddie Mac’s Streamlined Refi Program Is Nothing New: Barclays

Rock-bottom interest rates and less-than-encouraging economic data have kept mortgage-backed securities (MBS) investors worried about what the government could do next to prop up the ailing housing market, with the latest concern stemming from a recent announcement by Freddie Mac, according to Barclays Capital. The GSE has issued a new servicing guide detailing an ""easy refinance"" option with loan-to-value ratios up to 95 percent and $2,000 cash back to the borrower. Barclays says the program ""is everything but new.""

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Report: Q2 Title Insurance Premiums Decrease 8.5%

According to a report from the American Land Title Association (ALTA), title insurance premiums written during the second quarter of 2010 decreased 8.5 percent to an industry total of $2.3 billion. That's down from $2.5 billion in Q2 2009. The industry reported $4.4 billion in title insurance in the first half of 2010, a decline of 2.9 percent from the period a year prior. ALTA says the numbers reflect an on-going recession in the housing market with further downward pressure on home prices.

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Mortgage Applications Increase as Rates Hit New Low

Mortgage interest rates have dropped to their lowest level in decades, and even with tight credit conditions, more borrowers are beginning to take advantage. The Mortgage Bankers Association (MBA) reported Wednesday that its index measuring mortgage loan application volume increased 2.7 percent for the week ending August 27, 2010, after interest rates dropped yet again. Refinance activity was up 2.8 percent, while home purchase applications rose 1.8 percent.

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Refi Activity Leads to 4.9% Increase in Mortgage Apps: MBA

The Mortgage Bankers Association (MBA) reported Wednesday that its index of mortgage application volume climbed 4.9 percent for the week ending August 20. Refinance activity was the driving force behind the increase. Record-low interest rates are prompting existing homeowners to take out new loans and lower their monthly mortgage payments.

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