- Mortgage News Headlines

    Mortgage Bankers Nudge Up Q1 Refi Forecast
    Over the past month, mortgage bankers have grown more optimistic about the volume of refinances that will be originated during the first-three months of this year.

    Total single-family production by all U.S. lenders, including purchase financing and refinances, is forecasted to reach $346 billion during the first-quarter 2018.

    Mortgage originations are then projected to jump to $450 billion during both the following three months and during the third quarter.

    Pool of Investor Mortgages Being Auctioned
    A pool of non-owner occupied home loans with a three-state concentration are being auctioned off to the highest bidder.

    Bids are being taken on a pool of roughly 780 performing residential loans that have an aggregate unpaid principal balance of $39 million.

    The non-recourse mortgages are investor transactions. No losses have been recorded for the portfolio since the program began.

    Mortgage Biz Up From Yr Ago, Rate-Term Share Sinks
    Compared to a year ago, more borrowers locked in rates on their home loans this holiday week. A slowdown in refinance activity continued, with rate-term transaction share at its most narrow point on record. Government business also saw a big decline.

    A more than 7 percent decrease from last week was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven days that ended on Feb. 23. The drop was insignificant given that the week included Presidents Day.

    The index increased 6 percent from the same-seven days last year. No adjustments are made for seasonal factors to the MMI, which is based on average per-user rate-lock volume by OpenClose clients.

    Mortgage Delinquency Sinks, Foreclosure Starts Soar
    As last year's hurricanes continue to have an impact on the performance of mortgages, delinquency tumbled and new foreclosure filings soared.

    At the conclusion of January, there were 2.539 million U.S. residential loans that were either 30 days or more past due or in foreclosure.

    Included in the non-current mortgage inventory were 2,202,000 mortgages that were not in foreclosure and 337,000 loans in the foreclosure pre-sale inventory.

    Weekly, Monthly Rates Up Again, Likely to Continue
    Mortgage rates increased on a weekly and monthly basis to the highest level since 2014, and more ascension is expected. Rising rates are driving more borrowers into adjustable-rate mortgages.

    Average 30-year note rates on single-family loans that were closed during January 2018 were 4.33 percent, according to Ellie Mae Inc.'s January 2018 Origination Insight Report.

    Rates have risen for three consecutive months and stand at their highest level since May 2017. Thirty-year note rates were 4.28 percent the prior month and 4.31 percent a year prior.