MBA: September New Home Purchase Mortgage Applications Down 5% from August; Up 38.2 Percent from Year Ago
The Mortgage Bankers Association’s Builder Applications Survey data for September shows mortgage applications for new home purchases increased by 38.2 percent from a year ago, unadjusted, but fell by 5 percent from August.
ATTOM Data Solutions, Irvine, Calif., reported just 27,016 properties with foreclosure filings in the third quarter, down by 12 percent from the previous quarter and down by 81 percent from a year ago to the lowest level since it began tracking quarterly filings in 2008.
S&P Global Ratings, New York, said commercial mortgage-backed securities special servicers are working through a “surge” in borrower requests for relief, primarily on lodging and retail properties.
As COVID-19 and government responses continue to drive uncertainty around outcomes and outlooks, MBA Newslink interviewed senior professionals from a credit rating agency and several highly rated servicers to get their perspective on forbearance, loan workouts and portfolio management challenges for agency and non-agency CMBS.
Despite the lowest 30-year fixed rates in the history of the Mortgage Bankers Association’s Weekly Applications Survey, mortgage applicants appeared to step back for the week ending Oct. 9.