Mortgage Bankers Association for the week of 6/15/2010

Fixed rate mortgages are changed little this week, the 30-year fixed-rate mortgage inching up to 4.5% from last week’s 4.49% average rate. 
The MBAA reports their  Market Composite Index:Loan application volume increased 13% over last weeks number. 

Their Refinance Index: increased 16.5 percent from the previous week and made of the bulk of mortgage activity this week.However,  Mortgage applications decreased 4% from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their  Purchase Index  increased 4.5 percent from one week earlier, a slight uptick in purchase volume.

Key to better numbers is growth, especially job growth. The MBAA forecasts a slower, but positive growth situation. 4th quarter 2010 GDP growth was 3.1%. After a dip to 1.8% this quarter,  they see growth through 2012 largely around 2.8%. Not likely a strong scenario for enough job growth to help the housing markets push forward. 

30-year fixed-rate mortgage:
averaged 4.50 percent with an average 0.7 point for the week ending June 16, 2011, up from last week when it averaged 4.49 percent. Last year at this time, the 30-year FRM averaged 4.75 percent.  

The 15-year fixed-rate mortgage: t his week averaged 3.67 percent with an average 0.7 point, down from last week when it averaged 3.68 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.     

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.27 percent this week, with an average 0.6 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 3.89 percent.

One-year Treasury-indexed ARMs: averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.82 percent.  

Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac

Mortgage rates were little changed this week as financial market participants shrugged off the recent inflation reports. The  core producer price index  rose just 0.2 percent in May while the  core consumer price index  increased 0.3 percent, both near the market consensus forecast.

Much of the run down in home mortgage debt so far has been through second mortgages, according to the  Federal Reserve Board. Household mortgage balances fell by more than $930 billion between the peak set at the end of March 2008 and March of this year, of which, second mortgages accounted for $820 billion of the decline

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30-year fixed-rate mortgage:
averaged 4.55 percent with an average 0.6 point for the week ending June 2, 2011, down  from last week when it averaged 4.60 percent. Last year at this time, the 30-year FRM averaged 4.79 percent.  

The 15-year fixed-rate mortgage: this week averaged 3.74 percent with an average 0.7 point, down from last week when it averaged 3.78 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.  

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.41 percent this week, with an average 0.6 point, the same from last week when it averaged 3.41 percent. A year ago, the 5-year ARM averaged 3.94 percent .

One-year Treasury-indexed ARMs: averaged 3.13 percent this week with an average 0.6 point, up from last week when it averaged 3.11 percent. At this time last year, the 1-year ARM averaged 3.95 percent.  

Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac

Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing. First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to theBureau of Economic Activity,  consumer confidence  in May was weaker than the market consensus forecast, and the  manufacturing industry slowed for the third straight month in May

The housing market is showing strain as well. The S&P/Case-Shiller National Home Price Index  fell 5.1 percent between the first quarters of 2010 and 2011, representing the largest annual decline since the third quarter of 2009. In addition, the  index of pending existing home sales dropped 11.6 percent from March to April, led by the Midwest and South regions where the tornados and flooding occurred

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Mortgage Bankers Association for the week of 6/1/2010

Fixed rate mortgages continue to decline this week, with the 30-year loan averaging 4.55% its lowest average this year. The MBAA reports their  Market Composite Index: ( Loan application volume) Decreased 4%. 

Their Refinance Index:  Decreased 5.7% from the previous week on further declines in the interest rate.

However, this isnt helping sell homes.  Mortgage applications decreased 4% from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their  Purchase Index  decreased 1.2% compared with the previous week

The recent Fed meeting indicates that lower rates will continue as the economic  recovery is unremarkable. Thats Bernakes word for this...unremarkable

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Mortgage Bankers Association for the week of  5/18/2010

Fixed rate mortgages continue to decline this week, with the 30-year loan averaging 4.61% its lowest average this year. The MBAA reports their Market Composite Index: (loan application volume) increased 7.8 percent.

Their Refinance Index: increased 13.2 percent from the previous week and is at its highest level since the week ending December 10, 2010. Rates continue to decline and people are taking advantage of low rates.

However, this isnt helping many sell homes. Mortgage applications increased 7.8 percent from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their  Purchase Index: increased 1.1 percent compared with the previous week and was 36.9 percent lower than the same week one year ago. However The Refinance Index did increase by 3% to 66.7%

Although low rates are not translating into many home sales, I do think these refis are helping people fix their personal balance sheets and hopefully, this is keeping some people out of the foreclosure cycle.

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30-year fixed-rate mortgage:
averaged 4.61 percent with an average 0.7 point for the week ending May 19, 2011, down  from last week when it averaged 4.63 percent. Last year at this time, the 30-year FRM averaged 4.84 percent

The 15-year fixed-rate mortgage: this week  averaged 3.80 percent with an average 0.7 point, down  from last week when it averaged 3.82 percent.  A year ago at this time, the 15-year FRM averaged 4.24 percent. 

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.48 percent this week, with an average 0.6 point ,  up from last week when it averaged 3.41 percent. A year ago, the 5-year ARM averaged 3.91 percent .

One-year Treasury-indexed ARMs: averaged 3.15 percent this week with an average 0.6 point, upfrom last week when it averaged 3.11 percent. At this time last year, the 1-year ARM averaged 4.00 percent.  

Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac

Fixed mortgage rates inched down for the fifth consecutive week as financial markets try to ascertain the current strength of the economy.  Industrial production  was unchanged in April owing to disruptions in automobile parts supplies due to the earthquake and tsunami in Japan. Netting out automobiles and gasoline,  retail sales  rose 0.2 percent in April, which was less than a third of the increase in March and the weakest growth since December 2010. However,consumer confidence, as measured by the University of Michigan, rose above the market consensus in May to the highest reading since February

Data on the housing market was also mixed.  New construction  on single-family homes fell 5.1 percent in April, with the largest declines occurring in the Midwest and South regions where tornados hit the hardest. Homebuilder confidence remained unchanged in May and near its January 2009 historical low, according to the  NAHB/Wells Fargo Housing Market Index. However,conventional mortgages applications rose for the past five straight weeks ending May 13^th, buoyed by lower mortgage rates and stronger refinancing activity

 

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Mortgage Bankers Association for the week of  5/04/2010 Market Composite Index: (loan application volume) decreased 5.6 percent from one week earlier Refinance Index:  increased 6.0 percent from the previous week Purchase Index:  increased 1.1 percent compared with the previous week and was 36.9 percent lower than the same week one year ago. Refinance Share of Mortgage Activity: increased to 62.7 percent of total applications from 61.6 percent the previous week.  MBA outlook: (Excerpted from mbaa.org)   Mortgage originations The MBAA expects rate to rise this year, largely due to the Fed announcement that they will begin to back away from their mortgage buyback program, allowing the markets to begin to price the cost of loans. This is a hit to affordability and will likely impact sales a bit. Thanks For Reading www.yourpropertypath.com

 

30-year fixed-rate mortgage:
averaged 4.78 percent with an averaged 4.71 percent with an average 0.7 point for the week ending May 5, 2011, down  from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.00 percent.  .

The 15-year fixed-rate mortgage: this week  averaged 3.89 percent with an average 0.7 point, down  from last week when it averaged 3.97 percent.  A year ago at this time, the 15-year FRM averaged 4.36 percent.

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.47 percent this week, with an average 0.6 point, down from last week when it averaged 3.51 percent. A year ago, the 5-year ARM averaged 3.97 percent .

One-year Treasury-indexed ARMs: averaged 3.14 percent this week with an average 0.5 point, down from last week when it averaged 3.15 percent. At this time last year, the 1-year ARM averaged 4.07 percent.  

Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac

Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week. For instance,  real economic growth  in the first quarter fell short of the market consensus forecast and represented the slowest pace since the second quarter of 2010. In addition, both the  manufacturing  and  service sectors  exhibited growth at a slower rate in April.

Data reports on the housing market, on the other hand, were a little more uplifting. The  National Association of Realtors reported pending home sales rose in March for the second month in a row to the highest index reading since November 2010. Also, the  Federal Reserve  reported credit standards among commercial banks for prime mortgages were unchanged on net in the second quarter of the year, following two quarters of tightening

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30-year fixed-rate mortgage:
averaged 4.78 percent with an average 0.7 point for the week ending April 28, 2011, down  from last week when it averaged 4.80 percent. Last year at this time, the 30-year FRM averaged 5.06 percent.

The 15-year fixed-rate mortgage:  this week  averaged 3.97 percent with an average 0.7 point, down  from last week when it averaged 4.02 percent.  A year ago at this time, the 15-year FRM averaged 4.39 percent.  

Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.51 percent this week, with an average 0.6 point ,  down from last week when it averaged 3.61 percent. A year ago, the 5-year ARM averaged 4.00 percent .

One-year Treasury-indexed ARMs: averaged 3.15 percent this week with an average 0.6 point, downfrom last week when it averaged 3.16 percent. At this time last year, the 1-year ARM averaged 4.25 percent.  

Freddie Sayz

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac

Mortgage rates followed Treasury bond yields lower this week amid weak local economic data reports on business conditions and house prices. Regional Federal Reserve Banks reported that business and manufacturing activities declined in Philadelphia, Dallas and Richmond in April. In addition, the S&P/Case-Shiller 20-city composite home price index recorded year-over-year declines through February in 19 of the 20 markets.

Declining home prices and a high level of foreclosures continue to affect housing tenure decisions. Between the third quarter of last year and the first quarter of 2011, the housing stock experienced a decline of nearly 400,000 homeowners on net, according to the Census Bureau. However, the National Association of Realtors reported that during the same period there were almost 700,000 first-time homebuyers, which suggests gross losses may have been closer to 1.1 million homeowners over the October-through-March timeframe