May 4, 2011 (Shirley Allen)
The number of proprietary loan modifications declined in the first quarter of 2011 according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization reports that 209,806 homeowners received permanent, proprietary loan modifications compared to 261,445 in the fourth quarter of 2010.
Of the proprietary loan modifications completed, 81 percent included reduced monthly principal and interest payments, with 57 percent of those receiving a reduction of more than 10 percent.
For the month of March, a total of 76,675 loan modifications were completed which was an increase of 26 percent from February’s 60,903 completed loan modifications.
HOPE NOW also reports that fixed rate mortgages (fixed for a period of 5 years or more) accounted for 76 percent of the completed proprietary modifications.
Although there was a reduction in 60+ days delinquencies for the month of March, 2.63 million compared to February’s 2.78 million, the number of foreclosure starts increased 21 percent to 217,000, which was up from 180,000 in February.
Completed foreclosure sales were also up 35 percent for the month of March as 85,000 foreclosure sales were counted compared to 62,000 in February.
Faith Schwartz, Executive Director, issued this statement:
“We were pleased to see the increase in proprietary loan modifications from the previous month, despite the challenges facing the industry. This reversed a downward trend in proprietary modifications seen in the previous few months.
While it’s encouraging to see a continued decline in 60 day delinquency we realize many homeowners continue to be at risk of foreclosure, as evidenced by the increase in foreclosure sales in March. Homeowners need the ongoing focus and support of loan servicers and non-profit housing counselors as they continue to move through the resolution process. This includes explaining all options, which may include a short sale or deed-in-lieu of foreclosure.
HOPE NOW and its partners remain committed to ramping up their efforts to reach struggling families and working together to use all tools at their disposal, including aggressive local and regional outreach and leading-edge technology, such as HOPE LoanPort® to help these families find alternatives to foreclosure.”
You can read the entire report on the HOPE NOW website.
Tags: HOPE NOW, private sector alliance, mortgage servicers, loan modifications, fixed rate mortgages, delinquencies, proprietary modifications, foreclosure starts, foreclosure sales
Wednesday, May 4, 2011
Tuesday, May 3, 2011
Mortgage Relief Extended to Southern Storm Victims
May 3, 2011 (Chris Moore)
Freddie Mac is extending its full menu of disaster relief policies for borrowers whose homes were damaged or destroyed by the recent storms in the South that are located in counties that the President has declared to be Major Disaster Areas.
Mortgage servicers at their discretion can reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac owned mortgages.
Servicers are also encouraged to help borrowers with Freddie Mac-backed mortgages to waive the assessment of penalties or late fees against borrowers with damaged homes and to not report forbearance or delinquencies caused by the disaster to the nation’s credit bureaus.
"Freddie Mac and the nation's mortgage servicers will work together to advance available mortgage relief to homeowners affected by these devastating storms," said Freddie Mac Executive Vice President of Single-Family Business, Operations and Technology, Anthony Renzi. "We have instructed our servicers to work with borrowers with Freddie Mac-owned mortgages affected by these terrible storms to grant forbearance on their mortgage payments for up to one year."
If you have a Freddie Mac-backed mortgage and you need more information, contact your mortgage servicer, the company you send your mortgage payment to, or you can call Freddie Mac at 800-FREDDIE.
Additional information on Freddie Mac’s disaster relief policies is available online at http://www.freddiemac.com/singlefamily/service/disastermgmt.html.
Tags: Freddie Mac, disaster relief policies, Southern Storms, Major Disaster Areas, mortgage payment relief, credit bureaus, mortgage servicer
Freddie Mac is extending its full menu of disaster relief policies for borrowers whose homes were damaged or destroyed by the recent storms in the South that are located in counties that the President has declared to be Major Disaster Areas.
Mortgage servicers at their discretion can reduce or suspend mortgage payments for up to 12 months for borrowers with Freddie Mac owned mortgages.
Servicers are also encouraged to help borrowers with Freddie Mac-backed mortgages to waive the assessment of penalties or late fees against borrowers with damaged homes and to not report forbearance or delinquencies caused by the disaster to the nation’s credit bureaus.
"Freddie Mac and the nation's mortgage servicers will work together to advance available mortgage relief to homeowners affected by these devastating storms," said Freddie Mac Executive Vice President of Single-Family Business, Operations and Technology, Anthony Renzi. "We have instructed our servicers to work with borrowers with Freddie Mac-owned mortgages affected by these terrible storms to grant forbearance on their mortgage payments for up to one year."
If you have a Freddie Mac-backed mortgage and you need more information, contact your mortgage servicer, the company you send your mortgage payment to, or you can call Freddie Mac at 800-FREDDIE.
Additional information on Freddie Mac’s disaster relief policies is available online at http://www.freddiemac.com/singlefamily/service/disastermgmt.html.
Tags: Freddie Mac, disaster relief policies, Southern Storms, Major Disaster Areas, mortgage payment relief, credit bureaus, mortgage servicer
Foreclosure Inventory at an All-Time High
May 3, 2011 (Chris Moore)
Foreclosure inventory stood at an all-time high at the end of March according the March Mortgage Monitor released by Lender Processing Services (LPS). At 2.2 million properties, foreclosure inventories are 8 times historic norms. Delinquencies continued to decline to the lowest levels since 2008.
The report also shows that foreclosure starts increased by 33 percent since the end of February to 270,681. That was the largest amount of foreclosure starts since the beginning of the foreclosure moratorium following the “robo-signing” controversy. Foreclosure sales increased significantly, also reaching levels prior to the “robo-signing” controversy, which suggests that the slowdown in foreclosure activity due to the moratorium may be passing.
Delinquencies declined in March to the lowest level since 2008, dropping more than 11 percent compared to February, and down nearly 20 percent since March of 2010.
Early-stage delinquencies led the decline as 30-day and 60-day delinquent inventories are approaching pre-housing crisis levels. The report notes however, that March is historically the month with the largest delinquency declines.
The reduction in refinance activity led to a decline in mortgage originations as rising interest rates and tighter credit requirement means that a majority of homeowners who were eligible to refinance may have already done so.
Other key results from LPS’s Mortgage Monitor report include:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.78% compared to 8.80% in February 2011
Month-over-month change in delinquency rate: -11.6% compared to -1.2% in February 2011
Year-over-year change in delinquency rate: -19.4% compared to -18.4% in February 2011
Total U.S foreclosure pre-sale inventory rate: 4.21% compared to 4.15% in February
Month-over-month change in foreclosure presale inventory rate: 1.4% compared to -0.2% in February 2011
Year-over-year change in foreclosure presale inventory rate: 11.0% compared to 7.4% in February 2011
Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,111,000 compared to 4,659,000 in February 2011
Number of properties that are 90 or more days delinquent, but not in foreclosure: 21,989,000 compared to 2,165,000 in February 2011
Number of properties in foreclosure pre-sale inventory: (B) 2,222,000 compared to 2,196,000 in February 2011
Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,333,000 compared to 6,856,000 in February 2011
States with highest percentage of non-current* loans: FL, NV, MS, NJ, GA (FL, NV, MS, NJ, GA in February 2011)
States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in February 2011)
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.
You can read LPS’ full report on their website.
Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans, foreclosure starts, delinquencies, robo-signing controversy, Mortage Monitor report
Foreclosure inventory stood at an all-time high at the end of March according the March Mortgage Monitor released by Lender Processing Services (LPS). At 2.2 million properties, foreclosure inventories are 8 times historic norms. Delinquencies continued to decline to the lowest levels since 2008.
The report also shows that foreclosure starts increased by 33 percent since the end of February to 270,681. That was the largest amount of foreclosure starts since the beginning of the foreclosure moratorium following the “robo-signing” controversy. Foreclosure sales increased significantly, also reaching levels prior to the “robo-signing” controversy, which suggests that the slowdown in foreclosure activity due to the moratorium may be passing.
Delinquencies declined in March to the lowest level since 2008, dropping more than 11 percent compared to February, and down nearly 20 percent since March of 2010.
Early-stage delinquencies led the decline as 30-day and 60-day delinquent inventories are approaching pre-housing crisis levels. The report notes however, that March is historically the month with the largest delinquency declines.
The reduction in refinance activity led to a decline in mortgage originations as rising interest rates and tighter credit requirement means that a majority of homeowners who were eligible to refinance may have already done so.
Other key results from LPS’s Mortgage Monitor report include:
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.78% compared to 8.80% in February 2011
Month-over-month change in delinquency rate: -11.6% compared to -1.2% in February 2011
Year-over-year change in delinquency rate: -19.4% compared to -18.4% in February 2011
Total U.S foreclosure pre-sale inventory rate: 4.21% compared to 4.15% in February
Month-over-month change in foreclosure presale inventory rate: 1.4% compared to -0.2% in February 2011
Year-over-year change in foreclosure presale inventory rate: 11.0% compared to 7.4% in February 2011
Number of properties that are 30 or more days past due, but not in foreclosure: (A) 4,111,000 compared to 4,659,000 in February 2011
Number of properties that are 90 or more days delinquent, but not in foreclosure: 21,989,000 compared to 2,165,000 in February 2011
Number of properties in foreclosure pre-sale inventory: (B) 2,222,000 compared to 2,196,000 in February 2011
Number of properties that are 30 or more days delinquent or in foreclosure: (A+B) 6,333,000 compared to 6,856,000 in February 2011
States with highest percentage of non-current* loans: FL, NV, MS, NJ, GA (FL, NV, MS, NJ, GA in February 2011)
States with the lowest percentage of non-current* loans: MT, WY, AK, SD, ND (MT, WY, AK, SD, ND in February 2011)
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
(1) Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.
(2) All whole numbers are rounded to the nearest thousand.
You can read LPS’ full report on their website.
Tags: LPS, mortgage delinquency rate, foreclosure inventory, non-current loans, foreclosure starts, delinquencies, robo-signing controversy, Mortage Monitor report
Homeownership Rates Continue to Decline in First Quarter
May 2, 2011 (Brian Michael)
Homeownership rates in the United States continued to decline and now stand at levels not seen since the end of 1998. The Census Bureau reports that 66.4 percent of Americans owned homes, down from 67.1 percent the year before, and down from 69.2 percent seen during the housing boom.
The lowest homeownership rates were experienced out West as only 60.9 percent of householders owned homes. California, Nevada, and Arizona have consistently had the highest foreclosure rates in the country, a result of the hangover in over-building and a run up in pricing during the housing boom. A year ago the homeownership rate was 61.9 percent. During the housing boom, homeownership rates reached as high as 72 percent.
Homeownership rates in the Northeast region were 63.9 percent, in the Midwest region the rate was 70.4 percent, and in the South, the homeownership rate was 68.5 percent. All of the regions suffered declines in quarter-over-quarter and year-over-year comparisons. A year ago, homeownership rates were 64.4 percent, 70.9 percent, and 69.2 percent respectively.
Seniors, 65 and above, continued to have the highest homeownership rates, while those less than 35 years old continued to have the lowest. The homeownership rate for householders under 35 years old was 37.9 percent, from 35 to 44 years old the rate was 64.4 percent, from 45 to 54 years old the rate was 73.1 percent, from 55 to 64 years old the rate was 78.6 percent and from 65 years and older the rate was 81 percent.
The homeownership rate for the first quarter 2011 for non-Hispanic White householders reporting a single race was highest at 74.1 percent. The rate for All Other Races householders was second at 56.7 percent and Black Alone householders was lowest, at 44.8 percent. The Homeownership rates for Hispanic householders was 46.8 percent. All Other Races householders includes people who reported Asian, Native Hawaiian or Other Pacific Islander, or American Indian or Alaska Native regardless of whether they reported any other race, as well as all other combinations of two or more races.
You can read the report in its entirety on the Census Bureau’s website.
Tags: Census Bureau, homeownership rates, high foreclosure rate, householders, housing boom
Homeownership rates in the United States continued to decline and now stand at levels not seen since the end of 1998. The Census Bureau reports that 66.4 percent of Americans owned homes, down from 67.1 percent the year before, and down from 69.2 percent seen during the housing boom.
The lowest homeownership rates were experienced out West as only 60.9 percent of householders owned homes. California, Nevada, and Arizona have consistently had the highest foreclosure rates in the country, a result of the hangover in over-building and a run up in pricing during the housing boom. A year ago the homeownership rate was 61.9 percent. During the housing boom, homeownership rates reached as high as 72 percent.
Homeownership rates in the Northeast region were 63.9 percent, in the Midwest region the rate was 70.4 percent, and in the South, the homeownership rate was 68.5 percent. All of the regions suffered declines in quarter-over-quarter and year-over-year comparisons. A year ago, homeownership rates were 64.4 percent, 70.9 percent, and 69.2 percent respectively.
Seniors, 65 and above, continued to have the highest homeownership rates, while those less than 35 years old continued to have the lowest. The homeownership rate for householders under 35 years old was 37.9 percent, from 35 to 44 years old the rate was 64.4 percent, from 45 to 54 years old the rate was 73.1 percent, from 55 to 64 years old the rate was 78.6 percent and from 65 years and older the rate was 81 percent.
The homeownership rate for the first quarter 2011 for non-Hispanic White householders reporting a single race was highest at 74.1 percent. The rate for All Other Races householders was second at 56.7 percent and Black Alone householders was lowest, at 44.8 percent. The Homeownership rates for Hispanic householders was 46.8 percent. All Other Races householders includes people who reported Asian, Native Hawaiian or Other Pacific Islander, or American Indian or Alaska Native regardless of whether they reported any other race, as well as all other combinations of two or more races.
You can read the report in its entirety on the Census Bureau’s website.
Tags: Census Bureau, homeownership rates, high foreclosure rate, householders, housing boom
Mortgage Interest Rates Decline for Second Consecutive Week
April 28, 2011 (Shirley Allen)
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates falling for the second consecutive week amid the reporting of weak economic data. The 30-year fixed-rate stands at 4.78 percent; the 15-year fixed at 3.97 percent, the lowest since December 9, 2010.
And…
"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."
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates falling for the second consecutive week amid the reporting of weak economic data. The 30-year fixed-rate stands at 4.78 percent; the 15-year fixed at 3.97 percent, the lowest since December 9, 2010.
- 30-year fixed-rate mortgage (FRM) 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.
- 15-year FRM 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.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) 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.
- 1-year Treasury-indexed ARM averaged 3.15 percent this week with an average 0.6 point, down from last week when it averaged 3.16 percent. At this time last year, the 1-year ARM averaged 4.25 percent.
And…
"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."
| 30-Year Fixed Rate Mortgages | US | NE | SE | NC | SW | W |
|---|---|---|---|---|---|---|
| Average | 4.78 | 4.81 | 4.79 | 4.80 | 4.81 | 4.71 |
| Fees & Points | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | 0.8 |
| 15-Year Fixed Rate Mortgages | US | NE | SE | NC | SW | W |
|---|---|---|---|---|---|---|
| Average | 3.97 | 4.01 | 3.98 | 3.98 | 4.06 | 3.90 |
| Fees & Points | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | 0.8 |
| 5/1-Year Adjustable Rate Mortgages | US | NE | SE | NC | SW | W |
|---|---|---|---|---|---|---|
| Average | 3.51 | 3.70 | 3.46 | 3.55 | 3.47 | 3.36 |
| Fees & Points | 0.6 | 0.6 | 0.7 | 0.3 | 0.6 | 0.8 |
| Margin | 2.75 | 2.76 | 2.75 | 2.72 | 2.76 | 2.74 |
| 1-Year Adjustable Rate Mortgages | US | NE | SE | NC | SW | W |
|---|---|---|---|---|---|---|
| Average | 3.15 | 3.25 | 2.97 | 3.56 | 3.10 | 2.91 |
| Fees & Points | 0.6 | 0.6 | 0.5 | 0.3 | 0.9 | 0.6 |
| Margin | 2.76 | 2.79 | 2.75 | 2.73 | 2.77 | 2.75 |
| The National Mortgage Rate Snapshot | One Year Ago | One Week Ago | ||||||
|---|---|---|---|---|---|---|---|---|
| 30-YR | 15-YR | 5/1-YR | 1-YR ARM | 30-YR | 15-YR | 5/1-YR | 1-YR ARM | |
| Average | 5.06 | 4.39 | 4.00 | 4.25 | 4.80 | 4.02 | 3.61 | 3.16 |
| Fees & Points | 0.7 | 0.7 | 0.6 | 0.5 | 0.7 | 0.7 | 0.6 | 0.6 |
| Margin | N/A | N/A | 2.75 | 2.75 | N/A | N/A | 2.74 | 2.76 |
LendingTree Weekly Mortgage Rate Pulse: Mortgage Rates Continue to Decline
April 27, 2011 (Shirley Allen)
According to the data collected on April 26, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.97 percent (5.19% APR) for 30-year fixed mortgages, which is down from 5.00 percent from the previous week, 4.15 percent (4.49% APR) for 15-year fixed mortgages, which is down from 4.20 percent reported in the previous week, and 3.59 percent (3.61% APR) for 5/1 adjustable rate mortgages (ARM), which was also down from 3.60 percent reported in the previous weeks survey.
The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.625 percent (4.76% APR) for a 30-year fixed mortgage, which was the same rate offered the previous week, 3.75 percent (3.99% APR) for a 15-year fixed mortgage, which was the same rate offered the previous week, and 3.00 percent (3.21% APR) for a 5/1 ARM, which was also the same rate offered last week.
"Home affordability continues to break new records," said Cameron Findlay, LendingTree Chief Economist. "The latest Case-Shiller numbers showing further home price declines, combined with consistently low mortgage rates translate to a favorable environment for homebuyers. The concern moving forward Is that this environment may not last long, as evidenced by fluctuations in the bond market in anticipation of the Fed's comments this afternoon."
The LendingTree Weekly Mortgage Rate Pulse is a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders and is compiled every Wednesday from data that is gathered from the previous day to reflect the most up to date information on current mortgage rates.
See how your state compares below by comparing mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders on the LendingTree network, average loan-to-value ratio and percentage of consumers with negative equity:
Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower's loan details and credit profile.
More information is available here:
Tags: lendingtree, mortgage rates, mortgage loans, average home rates, 30 year fixed, 15 year fixed, 5/1 arm, adjustable rate mortgage, fixed mortgage, freddie mac, lenders
According to the data collected on April 26, 2010, for LendingTree’s Weekly Mortgage Rate Pulse, average home loan rates offered by network lenders was 4.97 percent (5.19% APR) for 30-year fixed mortgages, which is down from 5.00 percent from the previous week, 4.15 percent (4.49% APR) for 15-year fixed mortgages, which is down from 4.20 percent reported in the previous week, and 3.59 percent (3.61% APR) for 5/1 adjustable rate mortgages (ARM), which was also down from 3.60 percent reported in the previous weeks survey.
The lowest mortgage rates offered on the same day by lenders on the LendingTree network were 4.625 percent (4.76% APR) for a 30-year fixed mortgage, which was the same rate offered the previous week, 3.75 percent (3.99% APR) for a 15-year fixed mortgage, which was the same rate offered the previous week, and 3.00 percent (3.21% APR) for a 5/1 ARM, which was also the same rate offered last week.
"Home affordability continues to break new records," said Cameron Findlay, LendingTree Chief Economist. "The latest Case-Shiller numbers showing further home price declines, combined with consistently low mortgage rates translate to a favorable environment for homebuyers. The concern moving forward Is that this environment may not last long, as evidenced by fluctuations in the bond market in anticipation of the Fed's comments this afternoon."
The LendingTree Weekly Mortgage Rate Pulse is a snapshot of the lowest and average home loan rates available within the LendingTree network of lenders and is compiled every Wednesday from data that is gathered from the previous day to reflect the most up to date information on current mortgage rates.
See how your state compares below by comparing mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders on the LendingTree network, average loan-to-value ratio and percentage of consumers with negative equity:
STATE-BY-STATE MORTGAGE DATA 4/27/11 *Updated Quarterly |
|||
| STATE | LOWEST MORTGAGE RATE | LOAN-TO-VALUE RATIO* | % WITH NEGATIVE EQUITY* |
| US Average | 4.63% (4.76% APR) | 70.2% | 35.0% |
| Alabama | 4.50% (4.62% APR) | 67.0% | 28.9% |
| Alaska | 4.75% (4.95% APR) | 66.3% | 17.3% |
| Arizona | 4.50% (4.62% APR) | 94.6% | 39.4% |
| Arkansas | 4.50% (4.62% APR) | 72.6% | 43.9% |
| California | 4.50% (4.62% APR) | 70.6% | 34.8% |
| Colorado | 4.63% (4.76% APR) | 71.9% | 22.2% |
| Connecticut | 4.50% (4.62% APR) | 59.5% | 43.3% |
| Delaware | 4.38% (4.48% APR) | 67.6% | 50.3% |
| District of Columbia | 4.50% (4.74% APR) | 58.3% | 25.5% |
| Florida | 4.50% (4.59% APR) | 90.8% | 41.1% |
| Georgia | 4.63% (4.77% APR) | 80.9% | 25.8% |
| Hawaii | 4.75% (4.88% APR) | 54.2% | 25.4% |
| Idaho | 4.63% (4.76% APR) | 73.4% | 29.8% |
| Illinois | 4.63% (4.75% APR) | 72.4% | 31.7% |
| Indiana | 4.50% (4.69% APR) | 69.4% | 28.5% |
| Iowa | 4.63% (4.82% APR) | 66.7% | 42.9% |
| Kansas | 4.63% (4.82% APR) | 70.5% | 31.8% |
| Kentucky | 4.63% (4.76% APR) | 67.6% | 53.1% |
| Louisiana | 4.63% (4.82% APR) | 78.5% | 75.5% |
| Maine | 4.50% (4.62% APR) | 58.6% | 30.1% |
| Maryland | 4.50% (4.74% APR) | 70.4% | 25.6% |
| Massachusetts | 4.63% (4.75% APR) | 60.7% | 46.0% |
| Michigan | 4.50% (4.62% APR) | 84.3% | 32.2% |
| Minnesota | 4.50% (4.62% APR) | 65.6% | 22.2% |
| Mississippi | 4.63% (4.82% APR) | 78.4% | 30.1% |
| Missouri | 4.50% (4.62% APR) | 71.6% | 31.0% |
| Montana | 4.75% (4.95% APR) | 60.2% | 33.4% |
| Nebraska | 4.63% (4.82% APR) | 72.3% | 46.5% |
| Nevada | 4.75% (4.95% APR) | 118.0% | 55.3% |
| New Hampshire | 4.63% (4.75% APR) | 69.8% | 25.2% |
| New Jersey | 4.50% (4.59% APR) | 62.2% | 29.0% |
| New Mexico | 4.63% (4.78% APR) | 66.4% | 45.8% |
| New York | 4.50% (4.61% APR) | 50.1% | 42.1% |
| North Carolina | 4.63% (4.76% APR) | 71.2% | 33.2% |
| North Dakota | 4.63% (4.82% APR) | 60.1% | 37.7% |
| Ohio | 4.63% (4.75% APR) | 75.4% | 27.0% |
| Oklahoma | 4.50% (4.62% APR) | 71.0% | 52.4% |
| Oregon | 4.63% (4.79% APR) | 69.6% | 19.6% |
| Pennsylvania | 4.50% (4.59% APR) | 62.5% | 75.7% |
| Rhode Island | 4.63% (4.82% APR) | 62.6% | 36.6% |
| South Carolina | 4.63% (4.75% APR) | 71.0% | 29.0% |
| South Dakota | 4.50% (4.62% APR) | N/A | N/A |
| Tennessee | 4.63% (4.76% APR) | 71.2% | 30.7% |
| Texas | 4.50% (4.63% APR) | 68.8% | 30.6% |
| Utah | 4.63% (4.87% APR) | 73.7% | 22.2% |
| Vermont | 4.63% (4.82% APR) | N/A | N/A |
| Virginia | 4.50% (4.74% APR) | 71.7% | 25.0% |
| Washington | 4.63% (4.78% APR) | 67.9% | 21.4% |
| West Virginia | 4.75% (4.95% APR) | 67.0% | 68.0% |
| Wisconsin | 4.75% (4.95% APR) | 68.3% | 35.6% |
| Wyoming | 4.63% (4.76% APR) | 64.2% | 23.0% |
Home loan rates above are reflective of actual rates offered to borrowers by lenders on the LendingTree network. Lowest rates shown reflect the payment of one discount point. Rates will vary based on the borrower's loan details and credit profile.
More information is available here:
Tags: lendingtree, mortgage rates, mortgage loans, average home rates, 30 year fixed, 15 year fixed, 5/1 arm, adjustable rate mortgage, fixed mortgage, freddie mac, lenders
Mortgage Applications Decrease Following Fee Increases
April 27, 2011 (Chris Moore)
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 22, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.6 percent on a seasonally adjusted basis from last week. The MBA attributed the decrease in activity to a 20 percent drop in government purchase applications from the previous week as prospective borrowers rushed to beat the increase in FHA fees.
On an unadjusted basis, the Index decreased 5.6 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.4 percent.
The seasonally adjusted Purchase Index decreased 13.6 percent from one week earlier, driven by a 26.6 percent decrease in government purchase applications from the week before. The four week moving average is down 0.8 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index decreased 12.8 percent compared with the previous week and was 28.8 percent lower than the same week one year ago.
"Purchase applications fell last week, driven primarily by a sharp decrease in government purchase applications as new, higher FHA premiums went into effect," said Michael Fratantoni, MBA’s Vice President of Research and Economics. “This decrease reverses a 20 percent increase in government purchase applications over a four week period, which was likely driven by borrowers attempting to beat this deadline.”
The Refinance Index decreased 0.6 percent from the previous week. The four week moving average is down 3.2 percent.
The refinance share of mortgage activity increased to 61.6 percent of total applications from 58.5 percent last week.
The adjustable-rate mortgage (ARM) share of activity remained the same as the previous week, which was 6.5 percent
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.80 percent from 4.83 percent last week, with points decreasing to 1.01 from 1.06 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.03 from 4.07 percent last week, with points decreasing to 0.96 from 1.02 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate
Sources:
MBA
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 22, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.6 percent on a seasonally adjusted basis from last week. The MBA attributed the decrease in activity to a 20 percent drop in government purchase applications from the previous week as prospective borrowers rushed to beat the increase in FHA fees.
On an unadjusted basis, the Index decreased 5.6 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is down 2.4 percent.
The seasonally adjusted Purchase Index decreased 13.6 percent from one week earlier, driven by a 26.6 percent decrease in government purchase applications from the week before. The four week moving average is down 0.8 percent for the seasonally adjusted Purchase Index. The unadjusted Purchase Index decreased 12.8 percent compared with the previous week and was 28.8 percent lower than the same week one year ago.
"Purchase applications fell last week, driven primarily by a sharp decrease in government purchase applications as new, higher FHA premiums went into effect," said Michael Fratantoni, MBA’s Vice President of Research and Economics. “This decrease reverses a 20 percent increase in government purchase applications over a four week period, which was likely driven by borrowers attempting to beat this deadline.”
The Refinance Index decreased 0.6 percent from the previous week. The four week moving average is down 3.2 percent.
The refinance share of mortgage activity increased to 61.6 percent of total applications from 58.5 percent last week.
The adjustable-rate mortgage (ARM) share of activity remained the same as the previous week, which was 6.5 percent
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.80 percent from 4.83 percent last week, with points decreasing to 1.01 from 1.06 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.03 from 4.07 percent last week, with points decreasing to 0.96 from 1.02 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate
Sources:
MBA
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