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Mortgage applications jump 15%, mixed signals abound
Mixed signals continue to abound in the US housing market as the National Association of Realtors announced that March pending home sales fell 1% on the same day that the Mortgage Bankers Association announced a 15% jump in mortgage applications and a better than 12% jump in purchase mortgage applications. The increase in mortgage [...]
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Mortgage applications down again
Mortgage applications dropped for a second week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Fixed rate mortgage (FRM) and Adjustable Rate Mortgage (ARM) rates both dropped slightly and points increased for all loan terms.
1-Year ARM rates remained near 7% and 30-year FRM rates were still above 6%, while 15-year [...]
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New home inventory glut worsens
The big news in housing this week was the 8.5% drop in new home sales in March 2008, with sales down more than 36% from March 2007. The worse news was a $16,500 (6.8%) drop in new home prices from February. But the news buried a bit deeper and even more troubling is [...]
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Mortgage applications fall as rates jump
15-year and 30-year Fixed Rate Mortgage (FRM) rates rose more than a quarter percent last week, while Adjustable Rate Mortage (ARM) rates remained near 7%, pushing mortgage applications down by 14% from the previous week. Purchase applications fell 6.4%, while refinance applications, which are particularly sensitive to interest rates, fell more than 20%. [...]
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Single family sales down 2.7%
Existing home sales for all housing types - single family, condo, coop and townhome - fell 2% in March, while single family sales fell 2.7% according to the National Association of Realtors report issued Tuesday. This puts total sales 19.3% below year ago levels and single famliy sales 18.4% below year ago levels, in [...]
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Housing market still flat
Tuesday and Wednesday brought more mixed news and another mixed blessing for the housing market.
The Mortgage Banker’s Association’s Weekly Mortgage Applications Survey brought mixed news, with the purchase index down 0.8%, a relatively small weekly fluctuation, the Government Purchase Index (representing mostly FHA loans) up 3.5% and refinances up 5.2%. Strength in [...]
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