FHA Mortgage Applications Continue to Decline

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FHA Mortgage Applications Continue to Decline

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

READY TO SPEAK TO A PROFESSIONAL?

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FHA Mortgage Applications Continue to Decline

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

FHA Mortgage Applications Continue to Decline

August 22, 2011 (Shirley Allen)

Mortgage loan applications to the Federal Housing Administration (FHA) were 33 percent lower in July than they were a year ago as refinance applications declined 63 percent from last year according to the agency’s Single-Family Outlook report.

The FHA had a total of 115,263 loan applications in July of this year compared to 173,068 in July of 2010, a decrease of 33.4 percent. Monthly applications also declined from 131,796 in June.

The most significant cause of the decline was due to a large drop in refinance applications compared to a year ago. In July of last year, the FHA recorded 83,711 refinance loan applications, while in July of this year, there were only 31,081 refinance applications, a decrease of 52,630 applications.

Year-over-year, purchase loan applications were down 4.8 percent, with July 2011 registering 76,543 purchase applications compared to 80,396 purchase loan applications in July 2010. Compared to June, purchase loan applications declined 12.7 percent from 87,674 applications.

The number of completed FHA insured loans also dropped nearly 37 percent in July compared to last year. In July 2010, the FHA insured 144,514 loans, while in July of this year, the FHA insured 91,533 mortgages.

Completed purchase money mortgages were down 37.1 percent from 108,608 in July 2010 to 68,336 in July 2011. Similarly, completed refinance transactions dropped 41.1 percent from 30,005 in July of last year to 17,683 in July 2011.

The average FICO score for a homebuyer securing a FHA loan in July was 699. The average FICO score a year ago was 697. For refinanced transactions, the average FICO score in July was 696, while the average score a year earlier was 695.

At the end of July, the FHA had 7,202,951 insured single-family mortgages in its portfolio with an amortized balance of $1,003.2 billion.

The serious delinquency rate, homes that were 90 days or more past due, was 8.3 percent in July, up from 8.2 percent in June, but down from 8.6 percent in July 2010.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

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August 22, 2011 (Shirley Allen)

The FHA had a total of 115,263 loan applications in July of this year compared to 173,068 in July of 2010, a decrease of 33.4 percent. Monthly applications also declined from 131,796 in June.

At the end of July, the FHA had 7,202,951 insured single-family mortgages in its portfolio with an amortized balance of $1,003.2 billion.

The serious delinquency rate, homes that were 90 days or more past due, was 8.3 percent in July, up from 8.2 percent in June, but down from 8.6 percent in July 2010.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 22, 2011 (Shirley Allen)

The FHA had a total of 115,263 loan applications in July of this year compared to 173,068 in July of 2010, a decrease of 33.4 percent. Monthly applications also declined from 131,796 in June.

At the end of July, the FHA had 7,202,951 insured single-family mortgages in its portfolio with an amortized balance of $1,003.2 billion.

The serious delinquency rate, homes that were 90 days or more past due, was 8.3 percent in July, up from 8.2 percent in June, but down from 8.6 percent in July 2010.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

HOME SELLING TIPS

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS