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HARP Refinancing Continues to Surge, High LTV Share Skyrockets

By Bill Ladewig

Mortgage and Lending with LoanOfficerSchool.com NMLS 291249

August 07, 2012 11:35 PM

DailyMORTGAGE LOCK ADVISORY

August 8, 2012, 6:30 am PST

Click for Lock Advice Updated Several Times Daily

7 day Mortgage Interest Rate lock or Float Advice: LOCK

Mortgage Points based on 3.5% Mortgage Backed Securities are down 0.07 point.

30 Day Mortgage Interest Rate Lock or Float Advice: LOCK.

Rates could easily move higher or lower, but given the nearness to all time lows, there's generally more risk than reward regarding floating so my advice is to lock.

MORTGAGE MARKET INDICATORS

National Average Fixed Rate Mortgage 3.55%
MBS (3.5%) - 105.775, High: 105.77, Low: 105.69
DJI Stocks currently $13,140.37, Down $-28.23, Change -0.215%
Asian & European Stock Market Indexes Down -0.532%
Nymex Crude Oil Currently $93.79 Up $0.12
Gold 1 Once - $1,610.69

MORTGAGE NEWS BRIEFS

HARP Refinancing Continues to Surge, High LTV Share Skyrockets
by Jann Swanson
Refinancing through the revised Home Affordable Refinancing Program (HARP 2.0) grew to a 33 percent share of all Fannie Mae and Freddie Mac refinancing in June, surging from the 20 percent share the program posted in April. The proportion of those refinancings with very high loan to value (LTV) ratios also increased significantly.
Read More Mortgage News Daily

Housing recovery could lift jobs, spending
Home prices and new construction have started to pick up in recent months, suggesting the housing market may finally be starting to recover.
After years of depressed activity, home prices and new construction have started to pick up in recent months as foreclosures have slowed, suggesting the housing market may have finally bounced off the bottom.
"It feels very much like we've hit a bottom and we're starting to come off of that bottom," Stuart Miller, CEO of homebuilder Lennar told analysts in June. >> Read More CNN Money

As Libor Fault-Finding Grows, It is Now Every Bank for Itself

Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum. With billions of dollars and their reputations on the line, financial institutions have been spreading the blame >>Read More CNBC

Mortgage Rates Tick Up After Three Months

Freddie Mac announced Thursday that after more than three months of record-low drops, mortgage rates slid up this week. Freddie Mac's survey showed that the 30-year fixed-rate mortgage averaged 3.55 percent (0.7 point) for the week ending August 2, up from 3.49 percent the previous week. Before this week, the average 30-year FRM had fallen to or matched record-low levels for 13 of the past 14 weeks. The 15-year FRM also slid up, averaging 2.83 percent (0.6 point) from 2.80 percent last week. » Read More MReport