Smart Borrower Blog

Archive for the ‘Mortgages’ Category

Mortgage Delinquency Rate Drops to 20-year Low

Jul 10th, 2019 @ 1:14 PM by Amber Nelson

American homeowners are staying current on their mortgage loans better today than they have for the past 20 years, according to data from CoreLogic. The national delinquency rate – the percentage of home loans that are past due by 30 days or more – fell to 3.6% in April. That is down 4.3% from one […]

more »

Mortgage Applications Stall as Rates Increase

Jul 3rd, 2019 @ 10:23 PM by Amber Nelson

Long-term U.S. mortgage interest rates rose in the latest week, according to data from Freddie Mac, without having much effect on home loan application volume. The average rate on a 30-year fixed-rate mortgage rose to 3.75% with 0.6 point, up from 3.73% the week before. One year ago, the average rate was much higher at […]

more »

Mortgage Rates Halt Decline in Latest Week

Jun 13th, 2019 @ 1:50 PM by Amber Nelson

As investor fears about international trade lessened, long-term U.S. mortgage interest rates held steady in the latest week after falling for the previous six, according to Freddie Mac. The average rate on a 30-year fixed rate mortgage (FRM) was 3.82%, with an average 0.6 point during the week ended June 13, 2019, unchanged from the […]

more »

Mortgage Delinquencies Grow in First Quarter, Still Near Record Lows

May 29th, 2019 @ 2:29 PM by Amber Nelson

Americans fell behind on their mortgage loans at a slightly higher rate in the first quarter, according to the Mortgage Bankers Association, but rates remained near all-time lows. The delinquency rate climbed to 4.42% in the first quarter of 2019, up from the 18-year low of 4.06% in the previous quarter, but still down from […]

more »

Auto Lenders Take on More Subprime Borrowers

May 23rd, 2019 @ 12:13 PM by Amber Nelson

While the majority of car loan borrowers continue to have high credit scores, lenders have increased their loans to subprime borrowers over the past year, according to the Federal Reserve Bank of New York. The New York Fed’s Quarterly Report on Household Debt and Credit for the 2019 first quarter found that those with credit […]

more »

Mortgage Originations Tumble to 5-Year Lows

May 15th, 2019 @ 11:58 AM by Amber Nelson

Even though mortgage interest rates have remained near record lows, total new mortgage originations fell to a 5-year low during the first quarter of 2019, according to data from the Federal Reserve Bank of New York. Total originations dropped $60 billion from the previous quarter to $344 billion, the lowest level since the third quarter […]

more »

Home Purchase Requests Jump to 9-Year Record High

Apr 17th, 2019 @ 9:30 PM by Amber Nelson

Even as interest rates continued to climb, the number of applications for home purchases rose to the highest level since April 2010, according to the Mortgage Bankers Association. Total mortgage application volume decreased 3.5% during the week ended April 17, 2019, but was up 14% from the previous year. Home purchase requests rose 1% in […]

more »

FHA Cracks Down on Riskier Loans

Mar 26th, 2019 @ 4:10 PM by Amber Nelson

After noticing worrisome trends in its loan portfolio, the Federal Housing Administration is tightening requirements on its mortgage loans. Starting with loans assigned a case number as of March 18, the FHA will start flagging high-risk loan applications and put them through a manual underwriting process. The rest of its applications will continue to be […]

more »

Mortgage Credit Availability Rises in February

Mar 13th, 2019 @ 1:59 PM by Amber Nelson

Lenders made mortgage credit slightly easier to obtain in February, according to the Mortgage Bankers Association, being led by a loosening of jumbo loan standards. The MBA’s Mortgage Credit Availability Index (MCAI) inched to 180.1, up 0.6% from January. Increases in the index indicate loosening of mortgage standards while decreases signal tighter underwriting. The MCAI […]

more »

Mortgage Delinquency Rate Falls to 18-Year Low

Feb 27th, 2019 @ 3:02 PM by Amber Nelson

U.S. mortgage borrowers kept up with their payments so well in the 2018 fourth quarter that the national mortgage delinquency rate fell to an 18-year low, according to the Mortgage Bankers Association. The seasonally adjusted delinquency rate on mortgages for one-to-four unit residential properties decreased to 4.06% of all home loans, down from 4.47% in […]

more »