Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

Trends

Builder Confidence Remains Flat for Third Consecutive Month

ConstructionofHomePic

Builder confidence in the market for newly built, single-family homes rose one point to 47 in April, from a downwardly revised March reading of 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). "Builder confidence has been in a holding pattern the past three months," said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del.Click to continue

Consumer Credit Default Rates Continue to Decline in March

Credit Cards Pic

Data through March 2014 by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices showed a decline in national default rates during the month of March. In March, all five national indices showed a drop-off for the second consecutive month. The national composite recorded its lowest post-recession rate; it posted 1.20 percent in March, the lowest rate since July 2006. The first mortgage default rate was 1.13 percent in March, its lowest level since September 2006. The second mortgage posted 0.60 percent in March, down from 0.69 percent in February.Click to continue

Mortgage Mergers on the Rise in 2014

Handshake Building Pic

Although the number of mortgage-related casualties has significantly declined this past year, wholesale lenders are disappearing at a brisk pace. Meanwhile, mortgage mergers are on the rise. From Jan. 1 through March 31, Mortgage Daily tracked 13 mortgage-related businesses that either failed or were closed. The data was collected for the Mortgage Graveyard, a journal of mortgage-related entities that have either failed, closed or been acquired since 1998.Click to continue

JPMorgan Chase and Wells Fargo Take Q1 Hits on Drops in Mortgage Production

Stock Market Pic

On Friday, two of the Big Four banks have unveiled their quarterly earnings reports. Overall, the first quarter seems to have had a noticeable ding on JPMorgan Chase and Wells Fargo’s mortgage production, with both companies posting significant losses in both areas.Click to continue

Monthly Foreclosure Activity Rises Four Percent in March

Foreclosure for Sale

RealtyTrac released its U.S. Foreclosure Market Report for March and the first quarter of 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 117,485 U.S. properties in March, a four percent increase from February but still down 23 percent from a March 2013.Click to continue

Zillow: Minor Renovations Outweigh Major Remodels When Selling a Home

Mansion_Pic

Today's home sellers should focus on curb appeal and home staging above larger-scale home renovations, according to a new survey from Zillow Digs. Zillow asked real estate agents and interior designers nationwide to identify the most valuable home improvements for sellers, and the experts agree that minor improvements like landscaping and painting walls in neutral colors save money and attract buyers faster.Click to continue

Fixed-Rate Mortgages Drop to 4.34 Percent

House Keys Pic

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving down slightly with the 30-year fixed-rate mortgage (FRM) averaging 4.34 percent with an average 0.7 point for the week ending April 10, 2014, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year FRM averaged 3.43 percent.Click to continue

HSH.com: Popular Mortgage Product Rates Slip

For Sale/Credit: Stockbyte

Rates on the most popular types of mortgages dipped slightly according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by just one basis point (0.01 percent) to 4.45 percent. Conforming 5/1 Hybrid ARM rates also fell by a single basis point, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.21 percent.Click to continue

Mortgage Apps Dip 1.6 Percent Week-Over-Week

House Money Rays Pic

Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 4, 2014. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased one percent compared with the previous week. The Refinance Index decreased five percent from the previous week and is at its lowest level since the end of 2013.Click to continue

Commercial and Multifamily Bankers Closed $358 Billion-Plus in 2013

Commercial Property Photo

Commercial and multifamily mortgage bankers closed $358.5 billion of loans in 2013 according to the Mortgage Bankers Association’s (MBA) 2013 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation. Commercial bank and savings institutions were the leading investor group for whom loans were originated in 2013, responsible for $100.5 billion of the total.Click to continue