Mortgage Bankers Association

However, the number of borrowers who failed to remit payment but were not yet 30 days overdue increased.

Volumes were at a record high in the final quarter of 2020 but lenders didn’t make quite as much since gains on loan sales to the secondary market fell.

Mortgage applications decreased 1.9% from one week earlier as rising rates started to affect refinance activity, according to the Mortgage Bankers Association.

Following similar decisions by big banks, the Consumer Bankers Association and Mortgage Bankers Association said they will halt all political contributions to elected officials as some lawmakers face harsh criticism for comments that incited the storming of the U.S. Capitol.

The organizations renewed pledges to work with the incoming Biden administration.

But late payments for all other investor types rose compared with the second quarter.

Mortgage applications slipped 0.3% from one week earlier, as refinance volume, particularly for Federal Housing Administration and Veterans Affairs loans, shrank significantly, according to the Mortgage Bankers Association.

Rates could be 50 basis points steeper than the MBA’s current projections, which anticipate the 30-year mortgage will average 3.3% next year, up from nearly 3% this year.

Lenders also increased jumbo product availability as well as rolling out new SOFR-indexed ARMs.

The overall mortgage delinquency rate improved in the third quarter as the economy got healthier while late-stage delinquencies hit a decade high, according to the Mortgage Bankers Association.