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Falling Mortgage Rates Boost Purchase Apps 18% YoY

CoreLogic Expects 2021 to see First Home Price Decline in 9 Years

April Construction Spending Still Besting 2019 Numbers

Builder Incentives Kept April Home Sales Strong

UI Takes a Deep Dive Into May's Mortgage Market

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2021 to see First Home Price Decline in 9 Years; Only Reason Rates Have Been Moving Lower

Published: 6/2/2020

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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Falling Mortgage Rates Boost Purchase Apps 18% YoY

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by Jann Swanson on June 03 2020, 8:10 AM

Refinancing volume continued to slide but purchase mortgage activity partially compensated during the holiday shortened week that ended May 29. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application...
CoreLogic Expects 2021 to see First Home Price Decline in 9 Years

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by Jann Swanson on June 02 2020, 10:27 AM

CoreLogic's report on April home prices, the first for that month, says that despite fears that home prices would "bottom out like they did in the Great Recession," they continued to accelerate reaching their highest annual growth since August 2018. The...
April Construction Spending Still Besting 2019 Numbers

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by Jann Swanson on June 01 2020, 8:13 PM

Overall spending on construction fell in April, down 2.9 percent to a seasonally adjusted annual rate of $1.346 trillion from 1.387 trillion. This still left the rate 3.0 percent higher than it was in April 2019. On a non-adjusted basis, spending was...
Builder Incentives Kept April Home Sales Strong

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by Jann Swanson on June 01 2020, 11:52 AM

As was reported last week, new home sales in April were much, much better than expected. There may or may not be a cause and effect going on here, but two recent posts in the National Association of Home Builders' (NAHB's) Eye on Housing blog indicate...
UI Takes a Deep Dive Into May's Mortgage Market

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by Jann Swanson on June 01 2020, 9:53 AM

The Urban Institute (UI) releases a regular report, Housing Finance at a Glance , a "chartbook" loaded with charts and commentary on mortgage activity . Much of the May chartbook's material, is retrospective, reaching back as far as Q4 2019 where there...
April's Forbearance Requests Slow to a Relative Trickle

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by Jann Swanson on May 29 2020, 8:28 AM

Black Knight says its research is showing that the numbers of new forbearance plans for homeowners financially affected by the COVID-19 pandemic have slowed to a trickle compared to the tidal wave in early April. Only 7,000 new plans were put in place...
Pending Sales Rout May Signal a Bounce for Housing - Realtors

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by Jann Swanson on May 28 2020, 10:46 AM

Pending home sales cratered again in April, marking two straight months of declines that exceeded 20 percent. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) fell 21.8 percent to 69.0. The decline in March was...
Freddie's Loan Portfolio on Pace to Increase by 14.3 Percent This Year

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by Jann Swanson on May 27 2020, 10:35 AM

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 14.3 percent in April, up from a 9.2 percent gain in March and the largest rate since December. The portfolio balance at the end of the period was $2.396...
Home Purchase Apps Highest Since January

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by Jann Swanson on May 27 2020, 8:13 AM

Purchase mortgage applications rose for the 6 th straight week, driving the Mortgage Bankers Association's Market Composite Index back into positive territory. The Index, a measure of mortgage loan application volume, increased 2.7 percent on a seasonally...
April New Home Sales Crush Forecasts

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by Jann Swanson on May 26 2020, 11:18 AM

New home sales, rather than dropping like a rock, rose 0.6 percent in April according to the U.S. Census Bureau and the Department of Housing and Urban Development. Part of the gain is due to a revision of the March sales numbers from an original estimate...
Home Prices Still Moved Higher in March

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by Jann Swanson on May 26 2020, 10:15 AM

Even as the COVID-19 pandemic began to hobble home sales in many locations, home prices continued to increase. the Federal Housing Finance Agency's (FHFA's) House Price Index (HPI) held to its 5.7 percent gains the prior month while the S&P CoreLogic...
First Wave of Forbearances Almost Doubles Delinquency Rates

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by Jann Swanson on May 22 2020, 12:08 PM

The years-long downward trend of mortgage delinquencies appears to have come to an abrupt end in April. Black Knight, in its "first look" at the month's loan performance data, said the national delinquency rate shot up 90 percent compared to March and...
More Evidence That Forbearance is Widely Being Taken as a Precaution

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by Jann Swanson on May 22 2020, 9:30 AM

The number of homeowners in mortgage forbearance plans continues to increase, reaching 4.75 million by May 19. This is 9.0 percent of all active borrowers nationwide and represents a little more than $1 trillion in unpaid principal. The number of plans...
Existing Sales hit 10-Year Low, But Low Rates are a Silver Lining

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by Jann Swanson on May 21 2020, 11:02 AM

Existing home sales fell hard in April, the numbers coming in about where analysts expected them but breaking a nine-month string of annual gains. The National Association of Realtors® said total sales of single-family homes, townhouses, condos, and...
Refis Dominated April Closings as Lenders Tackle Constant Changes

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by Jann Swanson on May 21 2020, 9:40 AM

Interest rates on closed loans continued to decline in April, falling from 3.65 percent in March to 3.48 percent according to the Origination Insight Report from Ellie Mae. That prompted another surge in refinancing , with that portion of originations...

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