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Fueled by Low Rates, Prepayment Rate Continues to Rise

New Data Prompts Freddie Mac to Upgrade Their Forecast

Low Rates Stabilize Refinancing Share of Originations

MBA Betting on New Home Sales Surge

Permitting and Housing Starts are Finally Gaining Ground

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New Data Prompts Freddie Mac to Upgrade Forecast; Rates Hold Near Lows, But That Could Change

Published: 5/20/2019

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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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Fueled by Low Rates, Prepayment Rate Continues to Rise

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by Jann Swanson on May 21 2019, 9:47 AM

With interest rates remaining at 2019 lows and spring market home sales kicking in, the rate of prepayments continues to rise. Black Knight, in its "first look" at April mortgage performance data, says the rate is up 17.54 percent from March and 17.65...
New Data Prompts Freddie Mac to Upgrade Their Forecast

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by Jann Swanson on May 20 2019, 8:39 AM

Freddie Mac's May Forecast continues to look for a downward trending interest on the 30-year fixed-rate mortgage. The company's economists are project an average rate of 4.3 percent this year with a small increase to 4.5 percent in 2020. Coupled with...
Low Rates Stabilize Refinancing Share of Originations

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by Jann Swanson on May 16 2019, 1:56 PM

Refinancing held on to a 35 percent share of mortgage originations in April according to the Origination Insight Report from Ellie Mae as the 30-year note rate dropped for the fourth consecutive month. The rate was at its highest so far at 5.01 percent...
MBA Betting on New Home Sales Surge

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by Jann Swanson on May 16 2019, 11:44 AM

Applications for new home purchases jumped 15.6 percent in April compared to a year ago and were 3.0 percent higher than in March. The Mortgage Bankers Association said these non-seasonally adjusted numbers indicate there will be a strong increase in...
Permitting and Housing Starts are Finally Gaining Ground

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by Jann Swanson on May 16 2019, 9:43 AM

There was a small gain in residential construction permitting in April while housing starts rose strongly , both reversing their unexpected declines in March. Neither however has yet caught up with their year earlier numbers. The U.S. Census Bureau and...
Builders See Market Improvements

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by Jann Swanson on May 15 2019, 10:17 AM

New home builders finally got a little wind under their wings this month. The National Association of Home Builders (NAHB) said its NAHB/Wells Fargo Housing Market Index (HMI), a measure of builder confidence in the new home market, finally broke out...
Delinquencies Increased Slightly in First Quarter

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by Jann Swanson on May 15 2019, 9:42 AM

Delinquency rates popped up in the first quarter, pushing the percentage of mortgage loans that were behind by at least one payment up 36 basis points (bps) to 4.42 percent. The rate, derived from the Mortgage Bankers Association's (MBA's) quarterly National...
Home Owners Pull Back on Remodeling Work

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by Jann Swanson on May 15 2019, 9:07 AM

The National Association of Home Builders (NAHB) is seeing some softening in the residential remodeling sector. Carmel Ford noted in an article in NAHB's Eye on Housing blog several weeks ago that the association's Remodeling Market Index (RMI) fell three...
Mortgage Application Volume Returns to Downhill Track

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by Jann Swanson on May 15 2019, 4:53 AM

One week after posting the first positive results in five weeks, mortgage application activity fell off again. The Mortgage Bankers Association (MBA) said today that its Market Composite Index, a measure of application volume, decreased 0.6 percent on...
Homeowners Continue to Enjoy Price Gains

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by Jann Swanson on May 14 2019, 11:38 AM

According to Lawrence Yun, chief economist for the National Association of Realtors® (NAR), a typical homeowner in the U.S. saw his or her housing wealth increase by $9,500 over the past year. Yun commented in NAR's first quarter report on existing...
Loan Performance Continues its 14-Month Winning Streak

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by Jann Swanson on May 14 2019, 10:42 AM

With mortgage delinquencies continuing to be at historic lows, CoreLogic points to natural disasters as a significant cause of the slight deterioration of loan performance in a few local markets. The company's Loan Performance Insights report for February...
Slower Appreciation Taking a Toll on Equity in Some Markets

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by Jann Swanson on May 13 2019, 1:24 PM

Declining property values, while modest and localized, may be taking a toll on homeowner safety margins. ATTOM Data Solutions has released its first quarter 2019 Home Equity and Underwater Mortgage Report and notes that 5.22 million U.S. properties were...
Condo Mortgage Business - Poised for a Breakout

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by Jann Swanson on May 09 2019, 11:33 AM

Condominium loans represent only about 8 percent of total mortgages, a share that has remain fairly stable for several years. However, CoreLogic says they are poised to play a much larger role. Jacqueline Doty, writing in the company's Insights blog,...
Lower Rates Boost Jumbo Credit Access

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by Jann Swanson on May 09 2019, 9:44 AM

A big jump in jumbo loan lending drove an increase in mortgage credit availability in April. The Mortgage Bankers Association's Mortgage Credit Availability Index (MCAI) rose 2.1 percent in April to 186.1. An increase in the index indicates that lending...
VA Subpoenas Multiple Lenders

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by Jann Swanson on May 08 2019, 4:28 PM

Just days after Ginnie Mae issued a Request for Input seeking advice on ways to tighten its regulations in regard to VA loans, it appears the government is taking stronger action. Ginnie Mae was pointing to higher than acceptable prepayment rates among...

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