Refinance Activity Increases to Highest Level Since May 2009 in Latest MBA Weekly Survey
press release
8/18/2010

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 13, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 13.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 12.4 percent compared with the previous week.

The Refinance Index increased 17.1 percent from the previous week and was the highest Refinance Index observed in the survey since the week ending May 15, 2009. The seasonally adjusted Purchase Index decreased 3.4 percent from one week earlier. The unadjusted Purchase Index decreased 4.6 percent compared with the previous week and was 38.6 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is up 2.6 percent. The four week moving average is up 0.1 percent for the seasonally adjusted Purchase Index, while this average is up 3.2 percent for the Refinance Index.

Homeowners are more pessimistic about the short-term future of home values in their local market than they have been in the past three quarters, according to the Zillow second quarter Homeowner Confidence Survey. One-third (33 percent) believe home values in their local housing market have not yet reached a bottom, while 38 percent believe they have already reached a bottom.

More than one-quarter (28 percent) of U.S. homeowners said home values in their local real estate market will decrease in the next six months, up from 20 percent in the first quarter. Additionally, less than one-third (30 percent) believe home values in their local market will increase, down from 42 percent in the first quarter.

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Exclusive: N.Y. has highest closing costs

August 18, 2010 admin

Big jump in fees?

On average, the origination and third-party fees on a $200,000 purchase mortgage added up to $3,741 in this year’s survey. That’s a 36.6 percent increase over last year’s average of $2,739.

Fees charged directly by lenders went up 22.8 percent, while fees charged by third parties — for things such as appraisals and title insurance — rose 47.2 percent.

Did fees really go up that much? Probably not. Lenders say fees did rise — but modestly. A more fundamental change happened this year: The government began requiring lenders to provide accurate good faith estimates of closing costs, or GFEs.

via bankrate.com

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Continuing Ed for Title Agents