Mortgage Loans News & Info

Many new buyers are taking advantage of low interest mortgage loans now. A lot of home owners are refinancing their mortgage to also take advantage of the low rates.

U.S. mortgage lenders are expected to issue a record $3.4 trillion in new loans this year, a 36.5 percent increase over the prior record set last year

Check out our constantly changing information below in reference to mortgage loans, home mortgage and refinancing a mortage.

Mortgage applications plunge

Levels at one-year low, but mortgage rate spike subsides

NEW YORK, Aug. 13 — The number of applications Americans filed for mortgage loans dropped last week to its lowest level in more than a year, although mortgage rates subsided from their recent spike, according to an industry survey.

THE MORTGAGE BANKERS Association of America said on Wednesday its seasonally adjusted gauge of overall mortgage requests fell to 824.6 for the week ended Aug. 8, down 16.1 percent from the previous week’s 983.2.
The group’s weekly barometer of mortgage demand fell to its lowest level since 815.2 for the week of July 19, 2002.

The recent rise in mortgage rates has hit refinancing — down 67.5 percent since its peak in May — much harder than demand for loans to buy homes, down around 10 percent.
Mortgage rates have risen dramatically since June from their four-decade lows. Treasury yields, which dictate mortgage rates, have jumped in response to gains in the stock market and upbeat data on the economy, which has been propped up by a robust housing sector.
Strong housing demand has boosted consumer spending and construction jobs. Rising home prices have spurred homeowners to borrow against, or “cash out,” the value of their homes to spend more or to pay off more expensive personal debt like car loans and credit card bills.

The group’s index of demand for loans for home purchases fell to 409.6, down 10.3 percent from the prior week’s 456.4.
Its seasonally adjusted gauge for loan applications to refinance decreased 20 pct to 3,238.4 from the previous week’s 4,047.5. The weekly refinance index slid to its lowest level since the week of July 12, 2002, when it stood at 2,729.5.
The recent rise in rates will likely crimp mortgage demand during the second half of the year, but the U.S. mortgage industry is still poised to post its best year ever.

Interest rates, excluding fees, on 30-year fixed-rate mortgages, the home loan held by most Americans, fell to 6 percent from the prior week’s 6.37 percent but up from 5.33 percent four weeks ago.