Fixed Rate Mortgages:

Interest rates on fixed rate mortgages increased for a third consecutive week with the 30-year fixed rate mortgage increasing eight basis points this week to 3.59 percent with an average of 0.7 points after rising by nine basis points last week. Mortgage rates for the 30-year fixed mortgage have been under four percent for 61 consecutive weeks and have increased by 24 basis points over the last three weeks. A year ago, the 30-year fixed rate mortgage averaged 3.78 percent.

Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.57 percent while the highest rates were reported in the Southeastern area of the country where interest rates averaged 3.63 percent.

The average rate for a 15-year fixed mortgage also increased this week climbing to 2.77 percent with an average of 0.7 points from an average of 2.69 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 52 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.04 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages stayed mostly near last week’s levels with the 5-year Treasury-indexed hybrid ARM rising slightly to 2.63 percent, with an average of 0.5 points, up from last week’s average of 2.62 percent. The 5-year adjustable rate mortgage averaged 2.83 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.55 percent with an average of 0.4 points, unchanged from last week. A year ago, the 1-year adjustable rate mortgage averaged 2.75 percent.

Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac

Reported by Shirley Allen

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 9.8 percent last week and follows a 7.3 percent decline from the previous week.

On an unadjusted basis, mortgage loan application volume fell by ten percent after falling by seven percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index declined by three percent after posting a four percent decline the week before. The unadjusted Purchase Index was four percent lower than the previous week but was still ten percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was 12 percent lower than last week after falling by eight percent the week before. The refinance share of mortgage activity fell to 74 percent of total application from 76 percent the week before.

Mortgage Interest Rates:
 

 
The adjustable-rate mortgage (ARM) share of activity increased to about five percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate, FHA mortgage rates

Source:
Mortgage Bankers Association

Reported by Chris Moore

There were 208,384 properties sold over the previous thirty-day rolling period ending May 16th, up 1.5 percent from the previous week’s total of 208,384 sold properties and 10.4 percent higher than the 188,680 properties sold four weeks ago.

Sales volume was still 6.0 percent below the current year’s cycle peak of 221,695 sales which occurred during the 30-day rolling period prior to September 13th of last year.

Last week’s home sales volume was 10.6 percent higher than the 191,208 homes sold during the same period a year ago and was 9.4 percent higher than during the same period three years ago when 193,262 homes were sold.

The median price of a home sold over the current thirty-day rolling period increased by $500 to $205,500. Four weeks ago the median home price was $200,000.

Home prices were 14.2 percent higher than the same period a year ago when the median price of a home was $180,000 and were 12.0 percent higher than what they were three years ago when the median price was $183,500. It was the 57th consecutive week that year-over-year home prices surpassed the previous year’s levels.

Over the last five years, median home prices nationwide have ranged from a high of $275,000 to a low of $168,500.

Home sales volume over the last five years has ranged from a high of 339,669 properties sold to a low of 124,051.

The National Home Sales Snapshot includes 98 out of the top 100 metropolitan statistical areas covering 66.25 percent of U.S. home sales.

Tags: DataQuick, home sales, median home price, sales volume

Source:
DataQuick

Reported by Chris Moore

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages increased for a second consecutive week with the 30-year fixed rate mortgage increasing nine basis points this week to 3.51 percent with an average of 0.7 points after rising by seven basis points last week. Mortgage rates for the 30-year fixed mortgage have been under four percent for 60 consecutive weeks. A year ago, the 30-year fixed rate mortgage averaged 3.79 percent.

Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.48 percent while the highest rates were reported in the Southeastern area of the country where interest rates averaged 3.53 percent.

The average rate for a 15-year fixed mortgage also increased this week climbing to 2.69 percent with an average of 0.7 points from an average of 2.61 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 51 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.04 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages were also on the rise this week with the 5-year Treasury-indexed hybrid ARM rising slightly to 2.61 percent, with an average of 0.5 points, up from last week’s average of 2.58 percent. The 5-year adjustable rate mortgage averaged 2.83 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.55 percent with an average of 0.4 points, up from last week’s average of 2.53 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.78 percent.

Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac

Reported by Shirley Allen

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined a seasonally adjusted 7.3 percent last week and follows a 7.0 percent increase from the previous week.

On an unadjusted basis, mortgage loan application volume fell by seven percent after increasing by the same amount the week before.

Purchase Applications:

The seasonally adjusted Purchase Index declined by four percent after posting a two percent increase the week before. The unadjusted Purchase Index was also four percent lower than the previous week but was still ten percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was eight percent lower than the previous week after rising by the same amount the week before. The refinance share of mortgage activity remained at 76 percent of total applications for the second consecutive week.

Mortgage Interest Rates:

*Survey record low

The adjustable-rate mortgage (ARM) share of activity remained at about four percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate, FHA mortgage rates

Source:
Mortgage Bankers Association

Reported by Chris Moore

In March, Fannie Mae completed 14,025 loan modifications, down slightly from 14,205 loan modifications in February. In 2012, Fannie Mae completed at total of 163,412 loan modifications for an average of 13,618 per month.

The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio declined to 3.02 percent from 3.13 percent the previous month. The last time Fannie Mae’s delinquency rate was that low was in Feburary of 2009 when the delinquency rate was 2.96 percent.

A year ago, Fannie Mae’s delinquency rate was 3.67 percent and has declined or remained unchanged from the previous month since March of 2010.

Delinquency rates for multi-family dwellings declined for the first time in three months, falling from 0.41 percent in February to 0.39 percent in March. The delinquency rate for multi-family dwellings in March of 2012 was 0.37 percent.

Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.

Fannie Mae’s total mortgage portfolio declined at a compounded annualized rate of 12.2 percent in March as their Gross Mortgage Portfolio decreased from $604.3 billion in February to $597.8 billion in March. Fannie Mae’s Book of Business declined at a compounded annualized rate of 1.5 percent in March to $3.177 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $691.7 billion and their Book of Business stood at $3.204 trillion.

Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications

Source:
Fannie Mae

Reported by Brian Michael

There were 208,384 properties sold over the previous thirty-day rolling period ending May 2nd, up 2.0 percent from the previous week’s total of 204,355 sold properties and 18.6 percent higher than the 175,691 properties sold four weeks ago.

Sales volume was still 6.0 percent lower than the current year’s cycle peak of 221,695 sales which occurred during the 30-day rolling period prior to September 13th of last year.

Last week’s home sales volume was 10.2 percent higher than the 189,115 homes sold during the same period a year ago and was 9.4 percent higher than during the same period three years ago when 190,463 homes were sold.

The median price of a home sold over the current thirty-day rolling period increased by $3,000 to $205,000. Four weeks ago the median home price was $198,000.

Home prices were 13.9 percent higher than the same period a year ago when the median price of a home was $180,000 and were 11.4 percent higher than what they were three years ago when the median price was $184,000. It was the 56th consecutive week that year-over-year home prices surpassed the previous year’s levels.

Over the last five years, median home prices nationwide have ranged from a high of $275,000 to a low of $168,500.

Home sales volume over the last five years has ranged from a high of 339,669 properties sold to a low of 124,051.

The National Home Sales Snapshot includes 98 out of the top 100 metropolitan statistical areas covering 66.25 percent of U.S. home sales.

Tags: DataQuick, home sales, median home price, sales volume

Source:
DataQuick

Reported by Chris Moore

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages increased for the first time in six weeks with the 30-year fixed rate mortgage increasing seven basis points this week to 3.42 percent with an average of 0.7 points. Mortgage rates for the 30-year fixed mortgage have been under four percent for 59 consecutive weeks. A year ago, the 30-year fixed rate mortgage averaged 3.83 percent.

Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.38 percent while the highest rates were reported in the Northeastern area of the country where interest rates averaged 3.45 percent.

The average rate for a 15-year fixed mortgage also increased this week after hitting a new record low last week, climbing to 2.61 percent with an average of 0.7 points from an average of 2.56 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 50 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.05 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages were mixed this week with the 5-year Treasury-indexed hybrid ARM rising slightly to 2.58 percent, with an average of 0.5 points, up from last week’s record low average of 2.56 percent. The 5-year adjustable rate mortgage averaged 2.81 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.53 percent with an average of 0.4 points, down from last week’s average of 2.56 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.70 percent.

Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac

Reported by Shirley Allen

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, increased a seasonally adjusted 7.0 percent last week and follows a 1.8 percent increase from the previous week.

On an unadjusted basis, mortgage loan application volume also increased by seven percent after increasing by two percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by two percent from last week after posting a three percent decline the week before. The unadjusted Purchase Index was three percent higher than the previous week and was 12 percent higher than during the same period last year.

Refinance Applications:

The Refinance Index was eight percent higher than last week after rising by three percent the week before. The refinance share of mortgage activity increased to 76 percent of total applications after spending three consecutive weeks at 75 percent.

Mortgage Interest Rates:

*Survey record low

The adjustable-rate mortgage (ARM) share of activity remained at about four percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate, FHA mortgage rates

Source:
Mortgage Bankers Association

Reported by Chris Moore

Freddie Mac completed a total of 6,511 loan modifications in March, a decline of 2.6 percent from the 6,686 loan modifications completed in February. In 2012, Freddie Mac completed a total of 69,581 loan modifications for an average of 5,798 per month.

The delinquency rate for single-family homes in Freddie Mac’s loan portfolio fell from 3.15 percent in February to 3.03 percent in March. Last year at this time, the delinquency rate for single-family homes was 3.51 percent and is at its lowest level since July of 2009.

Delinquency rates for multi-family dwellings in March remained unchanged from February at 0.16 percent. The delinquency rate in March of last year was 0.23 percent.

Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.

Freddie Mac’s total mortgage portfolio increased at an annualized rate of 4.0 percent from February to March as their total holdings climbed from $1.942 trillion to $1.948 trillion.

Single-family refinance-loan purchase and guarantee volume was $41.8 billion in March, reflecting 80 percent of total mortgage purchases and issuances. That was up from $35.1 billion in February, an increase of 19.1 percent.

Total refinance-loan purchase and guarantee volume was $52.0 billion, up 21.2 percent from $42.9 billion in February.

Tags: Freddie Mac, Monthly Volume Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications

Source:
Freddie Mac

Reported by Brian Michael