Originations, refinanceable population both go nose down

Mortgage applications increase 1.3% After increasing the previous two weeks, mortgage applications reversed course and decreased 1.3% on an adjusted basis during the week ended July 15, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The prior week’s results included an adjustment for the Fourth of July holiday.

Looking at the down payment that first-time buyers could afford, the analysis revealed that this group of homebuyers usually put down slightly smaller down payments. The median down payment for first-time buyers according to Zillow was 14.5 percent of a home price compared to the traditional 20 percent down.

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It estimates that would provide entry for another 2.1 million borrowers into the refinanceable population. At 8.8 million, that would make for the largest refinanceable population since 2012-2013.

Majority of Americans expect housing fundamentals to rise Survey: Americans upbeat about home prices. In a national poll conducted as part of Bankrate’s monthly Financial Security Index, a majority said they expect the value of American homes to increase over the next 12 months. Fifty-five percent say home prices will go up, compared to just 9 percent who think they will fall and 27 percent who say they will stay flat.

FHA loan share down to three-year low. residential loans backed by the Federal Housing Administration (FHA) accounted for 12.0 percent of all residential property loans originated in Q4 2017, down from 12.9 percent in the previous quarter and down from 12.3 percent a year ago to the lowest share since Q4 2014 – a three-year low.

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At the end of May there were 2.35 million properties that were 30 or more days past due or in foreclosure, down 379,000 from a year earlier.

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This is up 29% from the bottom, but still down 50% from last year. "As recently as last month, the size of the refinanceable population fell to a 10-year low as interest rates hit multi-year highs," said Graboske. "Rates have since pulled back, with the 30-year fixed rate falling to 4.55 percent as of the end of December.

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The total dollar volume of purchase originations in the first quarter was $136.6 billion, down 27 percent from the previous quarter and down 14 percent from a year ago to the lowest level since Q1 2014 – a three-year low.