Picture a mortgage program that seems to defy many of the
lessons of the housing bust:

– 91 percent of its borrowers make zero down payments.
– Loan amounts go well into the jumbo range — to $1 million
and sometimes above, even with little or nothing down.
– Credit standards are flexible and generous. Underwriting
rules encourage loan officers to look for ways to approve
applications rather than to reject them.

– Mortgage originations are up — almost triple what they were
just three years ago and are on track this year to exceed 2010′s
volume. The rest of the loan industry, by contrast, is down by
anywhere from 25 percent to 30 percent. [more]

Mortgage applications increased 13 percent nationwide in the week ending June 10, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, released today. Refinance applications also jumped 16.5 percent from the previous week.

“Mortgage rates have declined for eight of the past nine weeks. Coming off of the Memorial Day holiday weekend, refinance application volume increased significantly, as borrowers jumped to lock in the lowest mortgage rates since last November,” said Michael Fratantoni, MBA’s vice president of research and economics. TRD [more]

Fewer Americans sought to refinance their mortgages last week, even as interest rates fell to seven-month lows, according to the Mortgage Bankers Association, which suggested that many homeowners probably have too little equity in their homes to qualify. For the week that ended May 27, data from the MBA shows that refinance applications declined by 5.7 percent from the week prior, while purchase applications remained flat. Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages declined to 4.58 percent — its lowest rate since November 2010 — from 4.69 percent one week ago. TRD Comments

Mortgage activity rose across the U.S. last week as mortgage rates continued along their downward trend.

According to data from the Mortgage Bankers Association, released today, mortgage loan application volume rose by 8.2 percent during the week that ended May 6.

Refinance applications were up 9 percent week-over-week, though they are still more than 50 percent below levels seen last fall. Meanwhile, purchase applications rose by 7.1 percent last week, but are down 25.8 percent from their level during same week last year. TRD [more]

Mortgage applications for home purchases declined nationwide last week as a long-anticipated hike in insurance premiums from the Federal Housing Administration took effect, according to data from the Mortgage Bankers Association through April 22. While applications for refinancing remained relatively steady — down 0.6 percent from the week earlier — purchase applications declined by 13.6 percent from the previous week, reaching their lowest level since February. That drop-off was driven by a 26.6 percent fall in government purchase applications, the MBA said. TRD [more]

U.S. mortgage refinance applications declined by 6.2 percent last week to their lowest level since February, while mortgage applications for purchase rose by 6.7 percent to their highest level of the year, according to new data from the Mortgage Bankers Association through April 1. The MBA said the rise in purchase applications was spurred by a 10.3 percent spike in applications for government loans from the week prior, which brought government loan applications to their highest level since May 2010. Last week’s surge, said Michael Fratantoni, vice president of research and economics for the MBA, was likely due to borrowers who were “motivated to apply [for government loans] before a scheduled increase in
FHA insurance premiums that became effective last Friday.” TRD [more]

Refinance activity fell by 10.5 percent last week as mortgage rates rose, the Mortgage Bankers Association said today. Purchase activity was also down by 1.5 percent compared to one week earlier. According to Michael Fratantoni, vice president of research and economics for the MBA, the shift came “as global markets calmed following the recent crises in Japan and the Middle East.” The response to the global turmoil resulted in an increase in mortgage interest rates, and indeed, the average contract interest rate for the 30-year mortgage rose to 4.92 percent for the week that ended March 25, up from 4.8 percent in the week prior, and the interest rate for the 15-year mortgage rose to 4.16 percent, up from 4.02 percent one week ago. TRD [more]

U.S. mortgage application volume surged by 15.5 percent last week as interest rates hovered below 5 percent, according to data from the Mortgage Bankers Association through March 4. Applications for refinancing led the drive, with volume up 17.2 percent on a week-over-week basis, while applications for purchase rose 12.5 percent week-over-week to their highest level of the year, the MBA said today. TRD [more]

Mortgage application volume rose 13.2 percent last week as Middle East unrest pushed interest rates downward, according to the latest data from the Mortgage Bankers Association. During the week that ended Feb. 18, the number of Americans looking to refinance surged by 17.8 percent over the previous week, and the number of purchase applications rose by 5.1 percent. Meanwhile, the average contract interest rate for the 30-year fixed-rate mortgage declined to 5 percent, from 5.12 percent one week earlier. TRD [more]

Mortgage application volume declined by 9.5 percent nationwide last week as interest rates remained above the key 5-percent threshold, according to data from the Mortgage Bankers Association through Feb. 11. Refinance applications declined the most, by 11.4 percent, to their lowest level since early July 2009. Purchase applications dropped by 5.9 percent week-over-week. The average contract interest rate for the 30-year fixed-rate mortgage remained relatively steady, at 5.12 percent last week. The 15-year mortgage’s average rate rose to 4.34 percent — its highest since last April. TRD [more]