Tag Archives: MBA

Mortgage rates moved lower this week after a dismal jobs report, sparking buyers to rush to the market and take out a mortgage loan.

Rates held firm at 2016 lows, but buyers were in no hurry to take out a mortgage loan this week after the Fed left the option of a June ...

Mortgage rates and applications had been on a continuous trend of low rates and high applications, but they have now changed course and are heading in an opposite direction.

Interest rates for home loans remained near 3-year lows this week, while coincidentally, mortgage applications experienced a jump. Are consumers finally taking advantage of historically low rates?

According to data they used from the American Housing Survey, over 14 million single-family homes in the U.S. were renter occupied in 2013. This represents 12 percent of the entire U.S. housing stock, or in other words, 1 in 8 U.S. households, and more than one-third of the rental housing stock.

Average production volume was $417 million per company in the fourth quarter of 2014, down from $437 million per company in the third quarter of 2014, but up from $367 million per company in the fourth quarter of 2013. The volume by count per company averaged 1,769 loans in the fourth quarter of 2014, down from 1,901 loans in the third quarter of 2014 but up from 1,641 loans in the fourth quarter of 2013.

“Purchase application volume picked up for the week and on a seasonally adjusted basis reached its highest level since January 30, 2015, and continues to run about 3 percent ahead of last year’s pace,” MBA Chief Economist Mike Frantantoni said. “Low mortgage rates and more importantly continued improvements in the job market are the likely drivers behind this increase.”

MBA filed complaint in the Federal District Court challenging the Administrator’s Interpretation, saying the document was inconsistent with 2004 regulation. More important to the case, the MBA argued the administrative ruling was procedurally invalid in light of the D.C. decision in the Paralyzed Veterans case, which ruled rule amendments can’t be made without notice and opportunity for comment because it violated the Administrative Procedure Act (ACA).