Category Archives: Refinance

Mortgage Apps Gaining Ground Despite Higher Rates

BY JANN SWANSON Labor Day typically marks the end of summer and the resumption of business as usual. Hopefully it also marked the beginning of a turnaround for mortgage applications, which increased across the board for the first time since mid-June. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage […]

Refinancing Expected to Lose Market Share in 2014

Analysis reports on refinancing by Freddie Mac have shown that during the fourth quarter of 2013, the refinance share of applications averaged 56% in its monthly refinance survey. But its economists foresee a drop in refinances to 38% this year. Many homeowners who refinanced through Freddie Mac in 2013 have been choosing fixed rate mortgages […]

Mortgage Originations Expected To Dwindle In 2014

The Mortgage Bankers Association lowered the projected mortgage originations in 2014 to $1.12 trillion—a $57 billion decrease. Despite high expectations for the economy, financial institutions believe originations will remain low due to the newly created Qualified Mortgage Rule and high interest rates. Home purchase originations are anticipated to be at $677 billion this year, dropping […]

Mortgage Market Index Reports Increase in Refinance Transactions

The U.S. Mortgage Market Index from Loan Sifter and Mortgage Daily reported an increase in inquiries for rates on refinance transactions as interest rates fell. As compared to the week ending on September 13, the average pricing inquiries were up 17%. The week ending on September 20th saw the biggest gains in the refinance sector, […]

Mortgage Bankers Association Reports Rise in Applications

Mortgage applications are up 1.3% this week, making some recovery after a 2.5% decline in the last week of August, according to the Mortgage Bankers Association. The Refinance Index saw a 2% increase this week, with refinance activity up 1%, from 60 to 61. Although the Purchase Index fell 3% this week, purchase applications remain […]

Demand for Refinancing Declines as Mortgage Rates Soar

Dropping to its lowest level in a year and a half, refinance demands fell for a fourth continuous week, while, the mortgage rates continued to climb. It was the weakest demand for refinancing since November 2011. According to the weekly Mortgage Bankers Association (MBA) survey, as the average interest rates on 30-year fixed-rate mortgages dropped […]

Home Purchase Applications Rise, But Refinancing Is Down

The Mortgage Bankers Association announced that overall mortgage application activity fell 4% the week ending March 29 to the lowest level since March 15. The number of applications for home purchases — a leading indicator of home sales — rose 1.4% but those gains were negated by the seasonally adjusted index of refinancing applications, which […]

Will Mortgage Refinancing Bill Be Made into Law?

There is a tug-of-war in Congress over a bill that would reduce up-front fees for homeowners with Fannie Mae and Freddie Mac loans who wish to refinance and eliminate appraisal costs. While Democrats argue this will save homeowners thousands of dollars a year in mortgage payments, Republicans say the best way for the housing market […]

Homeowners Saved 33% in Interest through Refinancing during Q4 2012

Freddie Mac announced today that homeowners who refinanced their mortgages during the fourth quarter of 2012 were able to reduce their interest rates by an average of 1.8 percentage points. That works out to a 33% reduction of their interest rates, which is the largest reduction ever recorded by Freddie Mac. As an example, a […]

Mortgage Rates Expected To Rise Through 2014

Mortgage rates are said to increase within the New Year, which will most likely cause refinancings and affect current homebuyers who are looking to make an upgraded purchase. The Mortgage Bankers Association predicts that the fixed rate on 30-year mortgages will grow to an average of 4.1% this year, and 4.5% next year, which is […]