Mortgage Bankers Cut 3-Yr Purchase Forecast
A $65 billion reduction has been made to the three-year outlook for the origination of loans to finance the acquisition of residential properties. The good news is that the bulk of hit is two years from now.
|5-Month High for Weekly Rate-Term Refis|
The share of prospective borrowers who sought to refinance their existing mortgages jumped to the highest weekly level in five months. What's unusual is that the share of adjustable-rate mortgages also swelled.
2018-2019 Home Lending Outlook Cut By $26 Billion
The forecasted volume of residential loans to be originated this year and next year has been reduced by $26 billion. Home purchase financing took the biggest hit.
New Low for GSE Refinances
Monthly refinances of government-sponsored enterprise loans sank to the lowest level on recent record. Refinances of Federal Home Loan Mortgage Corp. loans suffered most.
Jump in USA Mortgage Originations
The quarterly volume of home lending turned sharply higher at USA Mortgage. Also expanding was the number of people on the mortgage banking firm's payroll.
Refi Share Stays at Record Low, Closing Rate Up
As refinances continue to make up the smallest monthly share of mortgage originations during recent years, the closing rate has strengthened, and conventional share has widened.
Purchases Pull Down Mortgage Applications
Loan originators were less busy last week completing mortgage applications on behalf of prospective borrowers thanks to slowing purchase financing. Government share was unchanged, and the jumbo-conforming spread thinned.
Regions Bank's Home Lending, Delinquency Improve
In Regions Financial Corp.'s mortgage business, earnings were lower and the servicing portfolio diminished. New originations and delinquency improved, however.
Q2 Mortgage Metrics Strong, HELOC Weak
Although quarterly mortgage debt outstanding ascended, home-secured credit lines contracted. As mortgage originations increased, lenders were more restrictive than a year ago.