Eye On Housing
According to a report by the Mortgage Bankers’ Association (MBA) the delinquency rate for first-lien mortgage loans on 1-4 unit residential properties decreased to a seasonally adjusted rate of 5.54% of all loans outstanding at the end of the first quarter of 2015, 14 basis points less than its level in the fourth quarter of 2014 and 57 basis points… Read More ›
This morning, the Federal Housing Finance Agency (FHFA) reported that interest rates on home mortgages increased slightly in March. The same was true for the subset of mortgages used to purchase new homes. On conventional mortgages used to purchase newly built homes, the average contract rate and average initial fees and charges each increased by 2 basis points. The contract… Read More ›
Last month we reported that the contract rate on new home loans dipped below 4 percent in January, based on data released by the Federal Housing Finance Agency (FHFA). In February, the rate continued to decline, from 3.92 to 3.79 percent, as did the average initial fees and charges on the loans, from 1.18 to 1.11. In both cases, the… Read More ›
Earlier today, the Federal Housing Finance Agency (FHFA) reported a 10 basis point decline in mortgage interest rates for the month of January. Looking into the data a little further shows that the story was essentially the same for the subset of mortgages used to purchase newly built homes, On conventional mortgages for new homes, FHFA tables show the average… Read More ›
According to the most recent release of the Mortgage Bankers Association’s National Delinquency Survey, the share of mortgages that are considered delinquent continued to fall. On a seasonally adjusted basis, the share of mortgages past due declined to 5.68% in the fourth quarter of 2014, 17 basis points from the third quarter of 2014 and 71 basis less than its… Read More ›
According to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report, total household debt outstanding rose by $306 billion, 2.7%, between the fourth quarter of 2013 and the fourth quarter of 2014. At the end of 2014 there was $11.8 trillion in household debt outstanding. By virtue of its size, the increase in mortgage debt outstanding… Read More ›
On average, the contract rate on conventional mortgages used to purchase newly-built homes, remained a constant 4.03 percent in December, according to data released yesterday by the Federal Housing Finance Agency (FHFA). However, initial fees and charges on the loans dropped form 1.23 percent in November down to 1.16 percent. As a result, the average effective rate on new home… Read More ›
An interesting new paper published by economists at the Federal Reserve Bank of New York demonstrates the important role downpayment and wealth constraints play in shaping housing demand, particularly for lower-income homebuyers. Using survey data, the authors (Andreas Fuster and Basit Zafar) employ a strategy to measure housing demand impacts that contrasts with the often used user cost model of housing in… Read More ›
Interest rates on conventional mortgages used to buy newly built homes declined in November, based on data released earlier today by the Federal Housing Finance Agency (FHFA). The data show the average contract interest rate declining by 7 basis points to 4.03 percent, the lowest it’s been since May, while the average initial fees and charges increased by a scant… Read More ›
Earlier today, the Federal Housing Finance Agency (FHFA) reported a 5 basis point increase in mortgage interest rates for the month of October. However, the increase was due entirely to loans on existing homes. The effective interest rate on conventional loans used to purchase newly built homes, meanwhile, remained unchanged. In fact, the average contract rate on the new home loans actually inched… Read More ›