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Tag Archives: Refinance

New Head of FHFA Expected

Analysts expect to see a new face at the helm of the Federal Housing Finance Agency (FHFA) now that Senate Democrats have changed the rules so that a filibuster can't be used to block presidential appointments. Now only needing a simple majority for confirmation, Mel Watt's 56 votes in the Senate's first decision on his nomination mean he has enough support to become director of the FHFA--a change analysts say raises policy risk but also credit availability.

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Yellen’s Likely Confirmation Puts the Brakes on Rising Interest Rates

After two straight weeks moving upward, mortgage rates reversed course following Federal Reserve chair nominee Janet Yellen's comment to lawmakers that ""there is more the Fed can do."" Investors expect Yellen's retraction of the central bank's stimulus measures to be slow and measured, and both bond yields and mortgage rates came in lower in response. Freddie Mac puts the average 30-year rate at 4.22 percent.

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Negative Equity: A New Way of Life in the Recovery

Fast-paced price increases helped bring 1.4 million homeowners to the surface in the third quarter as their home values finally clipped their equity, according to the latest Negative Equity Report from Zillow. The third-quarter drop in negative equity was the largest on record for Zillow, dating back to early 2011. The negative equity rate now stands at 21 percent, down about one-third from a peak of 31.4 percent.

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Borrowers Refinancing in Q3 Expected to Save $6B Next Year

Despite a steady climb in mortgage interest rates since May, borrowers continued to take advantage of low rates to refinance into lower monthly payments, Freddie Mac reported Tuesday. According to the results of the company's latest quarterly refinance analysis, the average interest rate reduction among those who refinanced in Q3 was about 1.8 percentage points, representing a savings of about 30 percent ($3,500 over 12 months on a $200,000 loan).

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Execs from Lending Community Hash Out QM Questions

When it comes to next year's regulatory obstacles, CEOs and senior executives from the mortgage industry's biggest players agree on one thing: Education will be key to keeping business going smoothly. In a panel at the 2013 Realtors Conference and Expo, high-level names from Quicken Loans, Wells Fargo Home Mortgage, JPMorgan Chase, and Bank of America discussed the qualified mortgage (QM) guidelines, which go into effect in January 2014.

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FHA Program Offers Financing Solution for Stock of Aging Homes

Seventy-one percent of single-family homes in the United States were built before 1990, according to a new industry report. So far this year, 60 percent of residential transactions involved homes built prior to 1990. This older housing stock comes with less competition from other buyers and lower price points, and the Federal Housing Administration's 203(k) program allows owner-occupants to roll the cost of minor and major renovations into the financing for a home purchase or a mortgage refinancing.

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FBR Expects $1.6B in Mortgage Volume for 2013

With third-quarter numbers from most of the industry's heavy-hitters in, analysts with FBR Capital Markets say their forecasts--$1.6 billion in mortgage volume for 2013 followed by $1.4 billion in 2014--are still well within reach, even though they argue that declining interest rates and lower overall loan volume translated to disappointing mortgage numbers last quarter.

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Lawmakers’ Eleventh Hour Budget Deal Lifts Mortgage Rates

Mortgage rates broke their streak of declines this week. Analysts say while the potential drag from the government shutdown and looming debt ceiling deadline had pulled rates lower in recent weeks, hopes that a promising deal was in the works served to ease those concerns and push rates higher. Freddie Mac reports the 30-year rate rose from 4.23 percent to 4.28 percent over the last week.

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BofA Weathers Mortgage Losses, Reports $2.5B Profit

Bank of America exhibited healthy growth during the third quarter despite an expected weakening in its mortgage banking operations, according to the company's Q3 earnings report released Wednesday. BofA's third-quarter net income was $2.5 billion, a significant increase compared to $340 million reported for Q3 2012. Its consumer real estate services division, though, reported a net loss of $1 billion.

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Mortgage Rates Hold Steady Amid Stalemate on Capitol Hill

Fixed mortgage rates held more or less steady this week as Capitol Hill remained locked in debate over budgetary concerns. According to data in Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 4.23 percent for the week ending October 10, and the 15-year fixed rate came in at 3.31 percent.

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