Mortgage News

• Happy Thanksgiving from NREP

  We hope you all have a great holiday weekend! We’ll be back on Tuesday, but we’ll find interesting stuff to send along the way!

  The post Happy Thanksgiving from NREP appeared first on National Real Estate Post.

• September Home Price Gains Blow Away Forecasts

  Annual price increases in September were quite literally off the charts. Both the S&P CoreLogic Case-Shiller National Index and the Housing Market Index from the Federal Housing Finance Agency (FHFA) recorded annual appreciation of at least 7 percent. The Case-Shiller National Index, which covers all nine U.S. census divisions, reported a 7.0 percent annual gain in September, up from the August increase of 5.8 percent.   The National Index posted 1.2 percent month-over-month growth before seasonal adjustment and 1.4 percent afterward. As has been the case since the beginning of the pandemic, housing data from Wayne County, Michigan where Detroit is located has been insufficient to include the city in the indices. The 10-City Composite annual increase came in at 6.2 percent and the 20 City at 6.6 percent. The two composites had appreciated in August by 4.9 percent and 5.3 percent, respectively. On a monthly basis the 10-City increased 1.3 percent before adjustment and 1.2 percent afterward, while the 20 City's gains were the reverse, rising 1.2 percent before adjustment and 1.3 percent afterward. In September, all 19 cities (excluding Detroit) reported increases before and after seasonal adjustment.

   

• Refi Applications Hit 7 Month Highs

  Refinancing increased its already overwhelming dominance of the mortgage market during the week ended November 20. The Mortgage Bankers Association (MBA) said the refinancing share of mortgage applications topped 70 percent and refinancing accounted for most of the weeks increased volume. MBA's Market Composite Index, a measure of mortgage loan application volume, increased 3.9 percent on a seasonally adjusted basis from one week earlier and was 3 percent higher unadjusted. After being essentially flat since the end of October, the Refinance Index increased 5 percent last week and was 79 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 71.1 percent of total applications from 69.8 percent the previous week.