Inventory, Interest Rates, And Opportunities In The Market

Barry Habib, chairman of Mortgage Success Source, says the rush to take advantage of the tax credit has inflated recent housing data but believes low rates provide ongoing opportunities in real estate for buyers looking to stay in a home long-term.

Filed under: Uncategorized, Federal Programs, Foreclosures, Housing Market, Interest Rates, Inventory, Real-Estate, Tax Credit, Video, Views

Interest Rates Lowest Since November

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.80 percent last week, sparking a 17 percent increase in refinance application volume. Michael Fratantoni, MBA’s vice president of research and economics, said though low rates and refinance activity pushed total mortgage application volume up, purchase applications fell 3.3 percent to their lowest level in 13 years. More here and here.

Filed under: Uncategorized, Housing Market, Interest Rates, MBA, News, Real-Estate, Trends

Tax Credit Sends Existing Home Sales Soaring

Existing home sales surged to a five-month high in April, according to The National Association of Realtors. Sales of previously owned homes were up 22.8 percent over last year’s pace and 7.6 percent above the month before. Though the gains were expected, Lawrence Yun, NAR’s chief economist, said there are other factors supporting the market such as stabilizing prices, an improving economy, and low interest rates. Total housing inventory also rose, climbing 11.5 percent to an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March. More here, here, and here.

Filed under: Uncategorized, Existing Home Sales, Housing Market, Interest Rates, Inventory, News, Prices, Real-Estate, Tax Credit

Rates Fall To Lowest Level Since Last November

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.83 percent last week. But despite rates dropping to their lowest level since November 2009, requests for home purchase loans plummeted 27.1 percent. Michael Frantantoni, MBA’s vice president of research and economics, said purchase applications have declined nearly 20 percent over the past month, adding that the expiration of the tax credit may have pulled sales into April, cutting short the spring buying season. Refinance activity, on the other hand, was at its highest level in nine weeks after a 14.5 percent jump. More here, here, and here.

Filed under: Uncategorized, Housing Market, Interest Rates, MBA, News, Real-Estate, Tax Credit, Trends

Interest Rates, Purchase Demand Fall

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for a 30-year fixed-rate mortgage fell to 4.96 percent last week from 5.02 percent the week before. As a result of rates being at their lowest level since mid-March, refinance activity increased 14.8 percent from the previous week. The seasonally adjusted Purchase Index, however, dropped 10 percent in the first week following the expiration of the home buyer tax credit. Michael Frantantoni, MBA’s vice president of research and economics said the tax credit likely pulled some sales into April that would’ve otherwise occurred later. More here and here.

Filed under: Uncategorized, Housing Market, Interest Rates, MBA, News, Real-Estate, Sales, Tax Credit

Tax Credit Boosts Loan Demand To Highest Level Since October

In the final week of the home buyer tax credit, demand for loan applications jumped 13 percent to a seven-month high. According to The Mortgage Bankers Association’s Weekly Applications Survey, purchase applications were up for the third consecutive week, rising almost 24 percent over the month before. Also, the average contract interest rate for 30-year fixed-rate mortgages fell to 5.02 percent, the lowest rate since mid-March. More here and here.

Filed under: Uncategorized, Housing Market, Interest Rates, MBA, News, Real-Estate, Sales, Tax Credit

Mortgage Purchase Applications At Six Month High

According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, purchase activity last week reached its highest level since October 2009. But while the Purchase Index increased 7.4 percent, the Refinance Index fell 8.8 percent. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.08 percent from 5.04, likely causing the dip in refinancing activity. Michael Fratantoni, MBA’s vice president of research and economics, said purchase applications are up largely because of the home-buyer tax credit. More here and here.

Filed under: Uncategorized, Interest Rates, MBA, News, Tax Credit, Trends

Housing Fundamentals More Up Than Down

James O’Sullivan, chief economist at MF Global Ltd., argues that, though recent spikes in sales are exaggerated by the tax credit, the housing market’s fundamentals are more up than down.

Filed under: Uncategorized, Housing Market, Interest Rates, Sales, Tax Credit, Video, Views

Interest Rates Down, Demand Up

According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell from 5.17 percent to 5.04 percent last week. Total loan application volume was up 13.6 percent from the week before, with the Refinance Index up 15.8 percent and the Purchase Index increasing 10.1 percent. Michael Fratantoni, MBA’s vice president of research and economics, said purchase applications continue to rise as the expiration of the home-buyer tax credit approaches. More here and here.

Filed under: Uncategorized, Interest Rates, MBA, Tax Credit, Trends News

Rates Fall, Demand Lowest In Three Months

According to The Mortgage Bankers Association’s Weekly Applications Survey, demand for purchase and refinancing loans both fell last week. The Market Composite Index, which measures total loan application volume, decreased 9.6 percent on a seasonally adjusted basis from a week earlier. Mike Fratantoni, MBA’s Vice President of Research and Economics, said an increase in FHA mortgage insurance premiums caused the drop, which brought loan demand to its lowest level since the week ending January 1. The average contract interest rate for 30-year fixed-rate mortgages also fell, from 5.31 the previous week, to 5.17 last week. More here.

Filed under: Uncategorized, Interest Rates, MBA, News, Trends