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FHA Refinance Applications Surge Almost 200 Percent
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?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
FHA Refinance Applications Surge Almost 200 Percent
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 Refinance Applications Surge Almost 200 Percent

August 7, 2012 (Shirley Allen)

Refinance applications for mortgage loans insured by the Federal Housing Administration (FHA) increased by nearly 200 percent from May to June primarily due to a surge in applications for streamline refinance loans according to the agency’s Single-Family Outlook report for June.

A total of 188,810 FHA loan applications were submitted in June, 52.1 percent higher than the 124,125 applications submitted in the previous month and 43.3 percent higher than the 131,796 applications submitted in June of last year.

Loan applications for refinancing a current mortgage surged 198.3 percent from May with a total of 102,640 applications submitted in June compared to 34,407 in May. Refinance applications were 190.2 percent higher than in June of last year when 35,367 applications were submitted.

The total number of applications submitted for the purpose of purchasing a home fell again in June, declining by 4.3 percent compared to May and follows a 6.1 percent decline in April. A total of 79,138 applications were submitted in June to purchase homes, down from 82,726 applications submitted in May. Purchase applications were 9.7 percent lower than in June of last year when 87,674 applications were submitted.

Completed applications fell by 5.7 percent from May to June, declining from 114,008 to 107,533. June’s loan completions were still 6.0 percent higher than the 101,469 loans completed a year ago.

Loans for purchased homes accounted for 63.9 percent of all completed FHA insured loans in June with 68,675 completed, an increase of 3.8 percent from May, but 7.7 percent lower than the 74,370 purchase money mortgages in June of 2011.

Refinanced loans accounted for 31.3 percent of all completed loans in June, which was 58.5 percent higher than last year. The 33,671 loans completed in June were 22.3 percent lower than in May.

The average FICO score for a homebuyer securing an FHA loan in June was 695, four points lower than in May and down from 700 a year ago. For refinanced loans, the average FICO score in June was 707, down four from the previous month and up from 698 a year earlier.

The number of seriously delinquent loans insured by the FHA increased by 1.1 percent from May to June and was 23.3 percent higher than a year ago.

Loans that were 90 days or more past due increased by 8,001 in June, bringing the total number of seriously delinquent loans in the FHA’s portfolio to 721,105. In the last year, the number of seriously delinquent loans has increased by 136,283.

The serious delinquency rate was 9.5 percent in June, up from 9.4 percent in May and up from 8.2 percent in June 2011.

At the end of June, the FHA had 7,635,893 insured single-family mortgages in its portfolio with an amortized balance of $1.072 trillion.

The number of loans insured by the FHA has increased by 6.8 percent in the last year while the amortized balance has increased by 7.7 percent.

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

Source:
HUD

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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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 7, 2012 (Shirley Allen)

Refinance applications for mortgage loans insured by the Federal Housing Administration (FHA) increased by nearly 200 percent from May to June primarily due to a surge in applications for streamline refinance loans according to the agency’s Single-Family Outlook report for June.

A total of 188,810 FHA loan applications were submitted in June, 52.1 percent higher than the 124,125 applications submitted in the previous month and 43.3 percent higher than the 131,796 applications submitted in June of last year.

Loan applications for refinancing a current mortgage surged 198.3 percent from May with a total of 102,640 applications submitted in June compared to 34,407 in May. Refinance applications were 190.2 percent higher than in June of last year when 35,367 applications were submitted.

The total number of applications submitted for the purpose of purchasing a home fell again in June, declining by 4.3 percent compared to May and follows a 6.1 percent decline in April. A total of 79,138 applications were submitted in June to purchase homes, down from 82,726 applications submitted in May. Purchase applications were 9.7 percent lower than in June of last year when 87,674 applications were submitted.

Completed applications fell by 5.7 percent from May to June, declining from 114,008 to 107,533. June’s loan completions were still 6.0 percent higher than the 101,469 loans completed a year ago.

Loans for purchased homes accounted for 63.9 percent of all completed FHA insured loans in June with 68,675 completed, an increase of 3.8 percent from May, but 7.7 percent lower than the 74,370 purchase money mortgages in June of 2011.

Refinanced loans accounted for 31.3 percent of all completed loans in June, which was 58.5 percent higher than last year. The 33,671 loans completed in June were 22.3 percent lower than in May.

The average FICO score for a homebuyer securing an FHA loan in June was 695, four points lower than in May and down from 700 a year ago. For refinanced loans, the average FICO score in June was 707, down four from the previous month and up from 698 a year earlier.

The number of seriously delinquent loans insured by the FHA increased by 1.1 percent from May to June and was 23.3 percent higher than a year ago.

Loans that were 90 days or more past due increased by 8,001 in June, bringing the total number of seriously delinquent loans in the FHA’s portfolio to 721,105. In the last year, the number of seriously delinquent loans has increased by 136,283.

The serious delinquency rate was 9.5 percent in June, up from 9.4 percent in May and up from 8.2 percent in June 2011.

At the end of June, the FHA had 7,635,893 insured single-family mortgages in its portfolio with an amortized balance of $1.072 trillion.

The number of loans insured by the FHA has increased by 6.8 percent in the last year while the amortized balance has increased by 7.7 percent.

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

Source:
HUD

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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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 7, 2012 (Shirley Allen)

Refinance applications for mortgage loans insured by the Federal Housing Administration (FHA) increased by nearly 200 percent from May to June primarily due to a surge in applications for streamline refinance loans according to the agency’s Single-Family Outlook report for June.

A total of 188,810 FHA loan applications were submitted in June, 52.1 percent higher than the 124,125 applications submitted in the previous month and 43.3 percent higher than the 131,796 applications submitted in June of last year.

Loan applications for refinancing a current mortgage surged 198.3 percent from May with a total of 102,640 applications submitted in June compared to 34,407 in May. Refinance applications were 190.2 percent higher than in June of last year when 35,367 applications were submitted.

The total number of applications submitted for the purpose of purchasing a home fell again in June, declining by 4.3 percent compared to May and follows a 6.1 percent decline in April. A total of 79,138 applications were submitted in June to purchase homes, down from 82,726 applications submitted in May. Purchase applications were 9.7 percent lower than in June of last year when 87,674 applications were submitted.

Completed applications fell by 5.7 percent from May to June, declining from 114,008 to 107,533. June’s loan completions were still 6.0 percent higher than the 101,469 loans completed a year ago.

Loans for purchased homes accounted for 63.9 percent of all completed FHA insured loans in June with 68,675 completed, an increase of 3.8 percent from May, but 7.7 percent lower than the 74,370 purchase money mortgages in June of 2011.

Refinanced loans accounted for 31.3 percent of all completed loans in June, which was 58.5 percent higher than last year. The 33,671 loans completed in June were 22.3 percent lower than in May.

The average FICO score for a homebuyer securing an FHA loan in June was 695, four points lower than in May and down from 700 a year ago. For refinanced loans, the average FICO score in June was 707, down four from the previous month and up from 698 a year earlier.

The number of seriously delinquent loans insured by the FHA increased by 1.1 percent from May to June and was 23.3 percent higher than a year ago.

Loans that were 90 days or more past due increased by 8,001 in June, bringing the total number of seriously delinquent loans in the FHA’s portfolio to 721,105. In the last year, the number of seriously delinquent loans has increased by 136,283.

The serious delinquency rate was 9.5 percent in June, up from 9.4 percent in May and up from 8.2 percent in June 2011.

At the end of June, the FHA had 7,635,893 insured single-family mortgages in its portfolio with an amortized balance of $1.072 trillion.

The number of loans insured by the FHA has increased by 6.8 percent in the last year while the amortized balance has increased by 7.7 percent.

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

Source:
HUD

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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.
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.
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 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.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
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