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New Credit for Revolving Home Equity Loans Rises More Than 21 Percent Year-Over-Year

Home Block Wood/Credit: Phil Ashley

Equifax has announced its latest National Consumer Credit Trends Report, the total balance of new credit for revolving home equity loans year-to-date in July 2014 is $65.9 billion, a six-year high and a year-over-year increase of 21.4 percent.Click to continue

U.S. Housing Production Rises 6.3 Percent in September

Housing Rise/Credit: Comstock Images

For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau. Total housing production in September rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million units.Click to continue

Fixed-Rates Hit Lowest Mark Since June 2013

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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates hitting new lows for the year as 10-year bond yields briefly dipped below two percent. At 3.97 percent the average 30-year fixed rate is at its lowest level since the week of June 20, 2013 when it averaged 3.93 percent. This was also the last time the 30-year fixed averaged below four percent in the PMMS until this week.Click to continue

Cash Sales Comprise 33 Percent of Total Sales in July 2014

Cash Money/Credit: Adam Gault

Cash sales made up 32.9 percent of total home sales in July 2014, the lowest share since August 2008, and down from 35.9 percent in July 2013. Month over month, the cash sales share was mostly flat, falling only one tenth of a percentage point from June 2014, however, cash sales share comparisons should be made on a year-over-year basis due to the seasonal nature of the housing market.The year-over-year share has fallen each month since January 2013.Click to continue

HSH.com: Drop in Rates to Signal Refi Rebirth?

House Atop Money/Credit: Creatas

Rates on the most popular types of mortgages declined substantially according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 10 basis points (0.10 percent) to 4.09 percent. Conforming 5/1 Hybrid ARM rates decreased by 12 basis points (0.12 percent), closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.10 percent.Click to continue

U.S. Mortgage Apps Rise Nearly Six Percent

Mortgage Applications

On the heels of news that mortgage rates are hitting, in some cases, 16-month lows, mortgage applications increased 5.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 10, 2014.Click to continue

Study Finds More Millennials Turning to Community Banks

Bank Exterior/Credit: John Foxx

Millennials are interested in learning more about local banks, and a majority of Americans across the Baby Boomer, Gen Xer and Millennial generations prefer locally-owned and operated community banks—according to a new national study released by the Independent CommunitClick to continue