Refinance

Just a week after commenting that the bottom on mortgage rates was possibly reached, Freddie Mac reported that they fell 6 basis points to another record low.

Mortgage applications decreased 0.7% from one week earlier, but lending activity should continue strong for the remainder of the year as rates stay low, according to the Mortgage Bankers Association.

Mortgage applications decreased 4.8% from one week earlier, as refinance activity was down even as average rates fell to a new record low, according to the Mortgage Bankers Association.

Mortgage applications increased 6.8% from one week earlier as this summer's surprise purchase demand has carried over to the fall, according to the Mortgage Bankers Association.

The loans, which are not federally guaranteed, are refinancings of student-loan debt held by prime borrowers primarily with advanced medical degrees.

Low rates, along with increased new and existing home sales activity drives the latest forecast.

Mortgage applications decreased 2.5% from one week earlier as refinance activity appears to decelerating, according to the Mortgage Bankers Association.

Only 18% of refinance borrowers returned to the same lender in the second quarter, the second lowest rate since 2005.

The guidelines are somewhat similar to those the Federal Housing Finance Agency established for the government-sponsored enterprise market in response to the high number of loans impacted by coronavirus-related hardships.

The new reality for investors and originators accounts for forbearances and ability-to-repay.

Mortgage application volume decreased 6.5%, falling for the second consecutive week with refinance activity at its lowest since early July, according to the Mortgage Bankers Association.

The mortgage giants were criticized earlier this month for a plan to charge an "adverse market fee" to protect against losses resulting from the pandemic.

Lenders initially won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in.

Dana Wade, a former OMB official, says a strong capital footing will help the Federal Housing Administration weather an uptick in delinquencies and ensure the mortgage market is viable once the economy recovers.

But the 30-year fixed remains below 3%, which should continue to support increased demand.

The new “adverse market fee” for refinanced mortgages resembles steps the companies took to combat the 2008 mortgage crisis. But critics charge it isn’t necessary and will hurt borrowers’ ability to tap into low rates.

Conditions have improved for the first time since November.

Rates are forecasted to remain at the current low levels for the rest of 2020, driving steady refinance volume.

Mortgage applications increased 4.1% from one week earlier as consumers continued to pursue both purchases and refinancings even as conforming rates rose from their record lows, according to the Mortgage Bankers Association.

The Federal Housing Finance Agency will extend the same GSE benchmarks of the past three years into 2021.