Home / Tag Archives: Refinance (page 9)

Tag Archives: Refinance

Freddie Mac: 28% of Refinancers Shortened Loan Term in Q1

Freddie Mac released the results of its first-quarter 2013 refinance analysis, showing more refinancers are interested in shortening their loans. Of borrowers who refinanced during Q1, 28 percent shortened their loan term, Freddie Mac reported--up from 27 percent in Q4 2012. The majority (68 percent) elected to keep the same term as the loan they had paid off, while 3 percent chose to lengthen their loan term.

Read More »

Refinance Demand Up to 3-Month High

The Market Composite Index in the Mortgage Bankers Association's (MBA) weekly applications survey rose a seasonally adjusted 1.8 percent for the week ending April 26, the group reported. Unadjusted, the index was up 2 percent week-over-week. The Refinance Index increased 3 percent from the previous week, rising to its highest level since the week ending January 18. The share of refinance applications done under the Home Affordable Refinance Program (HARP) increased to 34 percent, its highest recorded level.

Read More »

FHFA Extends HARP for Another Two Years

The Federal Housing Finance Agency (FHFA) granted the Home Affordable Refinance Program (HARP) a two-year extension, the agency announced Thursday. Under the direction of FHFA, Fannie Mae and Freddie Mac's regulator, the program will live on until December 31, 2015. ""More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,"" said FHFA Acting Director Edward J. DeMarco. ""We are extending the program so more underwater borrowers can benefit from lower interest rate.""

Read More »

FHFA: 47% of HARP Refis in January Were for Underwater Borrowers

In January, Fannie Mae and Freddie Mac refinanced about 97,600 loans through the Home Affordable Refinance Program (HARP), of which nearly half represented underwater borrowers, the Federal Housing Finance Agency (FHFA) reported Tuesday. The agency's report revealed 47 percent of loans refinanced through HARP in January had loan-to-value (LTV) ratios greater than 105 percent. In addition, a quarter of the borrowers were deeply underwater, with 25 percent of loans refinanced through HARP having LTVs greater than 125 percent.

Read More »

New England Mortgage Activity Improves to 5-Year High

Mortgage originations in the New England region hit a five-year high in 2012, The Warren Group reported. According to the company's Mortgage MarketShare Module, Massachusetts, Connecticut, and Rhode Island all recorded strong activity last year, with the Bay State showing the most strength.

Read More »

Industry Experts Predict Price Growth into 2017

Zillow and Pulsenomics surveyed a nationwide panel of 118 economists, real estate experts, and investment and market strategists to get their thoughts on future home values and housing market policies. On average, the panel forecasts price growth of 4.6 percent in 2013 and 4.2 percent in 2014. More moderate growth averaging 4.1 percent is expected to follow into 2017. The panel also responded to questions on refinance options for underwater borrowers, with the majority expressing support for proposals that would allow certain underwater borrowers to refinance

Read More »

HARP Refis Climb Over 1M Mark in 2012

According to FHFA, nearly 1.1 million HARP refinances were completed in 2012, bringing total volume to 2.2 million since the program's implementation in April 2009. The top five states for HARP refinances (since 2009) are California (which has reported 301,327 refinances under the program), Florida (175,686), Illinois (147,252), Michigan (144,709), and Arizona (106,387). In December, 18 percent of HARP refinances for underwater borrowers were for 15- and 20-year mortgages, which build equity faster than the traditional 30-year mortgage.

Read More »

Survey: Closing Costs, Misconceptions Keep Borrowers from HARP Refis

Borrowers who refinance through the Home Affordable Refinance Program (HARP) save an average of $83 per week, yet there are still hundreds of thousands of borrowers who are reluctant to refinance, according to a recent commentary authored by Tom Seidenstein, VP for financial markets and policy research at Fannie Mae&'s Economic and Strategic Research Group. To find out what drives borrowers, including those who are underwater, to refinance, the GSE's research group surveyed 2,400 borrowers with Fannie Mae loans who fit HARP eligibility criteria. The survey found 34 percent did not refinance because of closing costs, making it the most commonly cited reason.

Read More »

Report: Mortgage Banking to Stay Profitable; Refi Boom Not Over Yet

A new report from FBR Capital Markets asserts low rates and high demand will continue to boost profitability in the mortgage banking sector in 2013. In a research report released Wednesday, FBR notes that average rates on outstanding mortgages hover between 4.50 percent and 5.00 percent--well above today's historically low rates. According to the firm, this means there is a ""large portion of loans with an economic incentive to refinance.""

Read More »

Obama Highlights Housing in State of the Union Address

In his State of the Union Address, amid discussion of tackling the federal deficit and revising America's tax laws, President Barack Obama gave special attention to the nation's recovering but still-struggling housing market. ""Our housing market is healing, our stock market is rebounding, and consumers, patients, and homeowners enjoy stronger protections than ever before,"" he said

Read More »