MBA Newslinks Archive

“The decline was driven by a sharp decrease in the conventional credit space, as we saw expiration of the Home Affordable Refinance Program. Expiration of HARP also significantly impacted the availability of credit for both conforming non-jumbo and jumbo loans.”–MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

“[The] drop in rates spurred a flurry of refinance activity–particularly for borrowers with larger loans. The surge in refinance activity also brought the refinance index to its highest level since last July.”–MBA Associate Vice President of Economic and Industry Forecasts Joel Kan.

“Mortgage bankers look to 2019 as another strong year for the commercial and multifamily mortgage markets. The majority of top firms expect that strong appetites from both lenders and borrowers will drive commercial mortgage originations higher.”–MBA Vice President for Research and Economics Jamie Woodwell.

“Every aspect of the December jobs report was strong: more jobs, more people looking for work, and the fastest wage growth since 2009. This is good news for the housing market, where the strong job market boosts the confidence of potential homebuyers. The strong reading was certainly needed, given the incredible stock market volatility this past month.”–Mike Fratantoni, Chief Economist with the Mortgage Bankers Association.

“The outlook for 2019 is certainly both cloudier and blurrier than the outlook a year ago. Housing wealth may have touched new highs this year, but home value gains don’t translate into dollars in the bank account unless homeowners opt to sell or borrow against their home and, in contrast to previous housing booms, many Americans have been more reluctant in recent years to spend against their home’s worth.”–Zillow Senior Economist Aaron Terrazas.

“Mortgage applications fell over the past two weeks–even as the 30-year fixed-rate mortgage decreased to 4.84 percent, its lowest since September. Investors continued to show a preference for safer U.S. Treasuries, as concerns over U.S. and global economic growth, along with uncertainty over the current government shutdown, drove rates lower.”–MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

“Consumer demand for both personal loans and auto loans is expected to remain high, and lenders are expected to continue looking to expand their books of business by providing more subprime and near prime borrowers with loans. This is a positive for both lenders and consumers.”–Matt Komos, vice president of research and consulting with TransUnion.

“Mr. Otting’s background in banking and mortgage finance will provide strong leadership at FHFA until a new Director is confirmed. We look forward to working with him on the variety of important issues facing the housing markets.”–MBA President and CEO Robert Broeksmit, CMB, on the White House announcement Friday that it intends to appoint Joseph Otting as Acting Director of the Federal Housing Finance Agency.

“It’s looking increasingly unlikely that we’ll see a meaningful upward surge in inventory any time soon. Building activity has been sluggish at best. And potential sellers may now be thinking twice about listing their home for sale in a rapidly rising interest rate environment, when a similar home to the one they’re already in–let alone a larger or more expensive one–is likely to cost them more per month. This is a step in the right direction, but there’s a long march to go.”–Zillow Senior Economist Aaron Terrazas.

“Access to affordable, sustainable housing is a necessity for all Americans, and as such, it requires a system of financing that is robust in all parts of the country, through all parts of the credit cycle. Legislative reforms of the Enterprises offer the best path to reach this desired end state.”–MBA President and CEO Robert Broeksmit, CMB, in testimony this morning before the House Financial Services Committee.