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Theresa Springer’s Blog

Loan Demand Falls As Mortgage Rates Rise

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages jumped from 4.28 percent to 4.46 percent last week. Michael Fratantoni, MBA’s vice president of research and economics, said the rate increase was due to stronger economic data and uncertainty about the impact of the Federal Reserve’s ... MORE

Default Notices Fall For 9th Straight Month

Default notices fell 2.0 percent in October and were 19 percent below year-before levels, according to RealtyTrac’s U.S. Foreclosure Market Report. It was the ninth-straight month they’ve decreased on a year-over-year basis. Total foreclosure activity was down 4.0 percent from the previous month and repossessions were down 9.0 percent. James J. Saccacio, chief executive officer ... MORE

Home Loan Demand Up 5.8 Percent

According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, total loan application volume was up 5.8 percent last week, due to increases in both the Purchase and Refinance Index. The Purchase Index was up 5.5 percent, while the Refinance Index rose 6.0 percent from the previous week. Michael Fratantoni, MBA’s vice president of research ... MORE

NY Fed Releases 3rd Quarter Report

The New York Federal Reserve’s Quarterly Report On Household Debt And Credit finds new foreclosures fell in the third quarter while the number of mortgages that became delinquent rose slightly. About 2.7 percent of current mortgage balances transitioned into delinquency during the third quarter, up from 2.6 percent in the second quarter. The number of ... MORE

First-Time Buyers Half Of All Home Sales

From July 2009 to June 2010, first-time buyers accounted for 50 percent of all home sales, up from 47 percent in 2009. The 2010 National Association of Realtors Profile of Home Buyers and Sellers shows a record number of entry-level buyers, largely due to the success of the home buyer tax credit. The survey also ... MORE

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