Mortgage volumes dropped for a fourth consecutive week, with the pace of both purchase and refinance originations slowing, the Mortgage Bankers Association reported.Overall, new mortgage applications inched downward 1.8% from the previous week on a seasonally adjusted basis and came in 63% below volumes of a year ago, according to the MBAโs Market Composite Index, a measure of weekly activity based on surveys of association members. Volumes have fallen to a level not seen since February 2000,...
Mortgage volumes dropped for a fourth consecutive week, with the pace of both purchase and refinance originations slowing, the Mortgage Bankers Association reported.Overall, new mortgage applications inched downward 1.8% from the previous week on a seasonally adjusted basis and came in 63% below volumes of a year ago, according to the MBAโs Market Composite Index, a measure of weekly activity based on surveys of association members. Volumes have fallen to a level not seen since February 2000,...
Despite rising interest rates, alternative lender Home Capital saw its mortgage originations jump over 40% in Q2 compared to last year. While total loans under administration rose 17% year-over-year to $26.7 billion, the company experienced a 31.7% decrease in net income over the same period. โWe have built our business to be resilient in the face of challenging conditions,โ said President and CEO Yousry Bissada. โWe are better prepared than ever to manage through any market environment a...
Despite rising interest rates, alternative lender Home Capital saw its mortgage originations jump over 40% in Q2 compared to last year. While total loans under administration rose 17% year-over-year to $26.7 billion, the company experienced a 31.7% decrease in net income over the same period. โWe have built our business to be resilient in the face of challenging conditions,โ said President and CEO Yousry Bissada. โWe are better prepared than ever to manage through any market environment a...
Launch by Kensington Mortgages comes amid expectations that era of ultra-low interest rates will endA mortgage offering fixed monthly payments for 40 years was launched this week โ and it could mean that some homebuyers will be able to borrow more money than with a standard deal. The Flexi Fixed for Term deal from Kensington Mortgages allows borrowers to fix their interest rate for the full term of the loan, which can be set anywhere between 11 and 40 years. Continue reading...
Launch by Kensington Mortgages comes amid expectations that era of ultra-low interest rates will endA mortgage offering fixed monthly payments for 40 years was launched this week โ and it could mean that some homebuyers will be able to borrow more money than with a standard deal. The Flexi Fixed for Term deal from Kensington Mortgages allows borrowers to fix their interest rate for the full term of the loan, which can be set anywhere between 11 and 40 years. Continue reading...
This raging inflation will keep dishing up a lot more surprises. Byย Wolf Richterย forย WOLF STREET. On Sunday at the Mortgage Bankers Association Annual Convention & Expo in Nashville, the MBAโs chief economist Mike Fratantoni forecast that by the end of 2023, the average 30-year fixed mortgage rate would drop to 5.4%. And this made some headlines in the news. In its regular monthly forecast, the MBA predicted the same: Mortgage rates would drop to 5.4% by the end of 2023. But it also forecas...
This raging inflation will keep dishing up a lot more surprises. Byย Wolf Richterย forย WOLF STREET. On Sunday at the Mortgage Bankers Association Annual Convention & Expo in Nashville, the MBAโs chief economist Mike Fratantoni forecast that by the end of 2023, the average 30-year fixed mortgage rate would drop to 5.4%. And this made some headlines in the news. In its regular monthly forecast, the MBA predicted the same: Mortgage rates would drop to 5.4% by the end of 2023. But it also forecas...
