HousingWire, Apr. 6, 2017–Ben LaneThe bipartisan House and Senate bills received support from both the Mortgage Bankers Association and the California Association of Realtors.
Category: Top National News
Mortgage Rates Tumble But May Be Headed Back Up
Washington Post, Apr. 6, 2017–Kathy OrtonMortgage rates fell for the third week in a row, but their downward trend may be short-lived. “Markets appeared to hit pause last week as rates held steady on average, with little new information emerging about upcoming administrative or legislative policy changes,” said Lynn Fisher, MBA vice president of research and economics.
Surge in Jumbo Offerings Increase Credit Availability
National Mortgage News, Apr. 6, 2017–Brad Finkelstein (subscription)The Mortgage Credit Availability Index increased by 3.2% month to month in March to 183.4, as jumbo loan programs offered by lenders grew by 7.2%, according to the Mortgage Bankers Association.
Fixed-Rate Mortgages Drop, Availability Rises
National Mortgage Professional, Apr. 6, 2017–Phil HallIt was another week of declining fixed-rate mortgages, according to Freddie Mac’s Primary Mortgage Market Survey. Meanwhile, the Mortgage Bankers Association said mortgage credit availability increased.
Millennials Closing Loans at Fastest Pace in Nearly a Year
HousingWire, Apr. 6, 2017–Kelsey RamirezMillennials are now closing loans at the fastest pace since March 2016, according to Ellie Mae’s latest Millennial Tracker. The average time taken to close a loan in February dropped to 44 days.
The New Sears Home Is an Affordable Apartment
Bloomberg, Apr. 6, 2017–Patrick Clark; Kim BhasinIn February, a nonprofit called Mercy Housing Lakefront opened 181 units of affordable rental apartments in a building that once housed Sears’s catalog printing plant.
U.S. Weekly Jobless Claims Post Largest Drop in Almost Two Years
Reuters, Apr. 6, 2017–Lucia MutikaniInitial claims for state unemployment benefits declined 25,000 to a seasonally adjusted 234,000 for the week ended April 1, the Labor Department said on Thursday.
Delinquency Up on HELs, Soars on Mobile Home Loans
Mortgage Daily, Apr. 6, 2017Past-due payments rose on three-out-of-four housing-related consumer loan types at banks–with mobile-home loan delinquency exploding.
Mortgage Rates Near 2017 Low, Might Stay Down
Mortgage Daily, Apr. 6, 2917–Sam GarciaLong-term mortgage rates declined for the third week in a row and now stand at the second-lowest level this year. The outlook is for little change next week.
Multifamily and Commercial Originations Approach Past Highs
National Mortgage News, Apr. 6, 2017–Bonnie Sinnock (subscription)Commercial and multifamily mortgage bankers originated $490.6 billion closed loans in 2016, making it the third strongest year on record despite the pressure higher rates have put on volume, the Mortgage Bankers Association said.