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Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 25.7 percent in October compared to a 17.5 percent gain in September. The portfolio balance at the end of the period was $2.625 trillion compared to $2.579 trillion the prior month and $2.301 trillion a year earlier. The growth rate for the year to date is 15.2 percent. Purchases and Issuances totaled $137.285 billion and Sales were ($1.706) billion. The September numbers were $114.386 billion and ($3.064) billion, respectively. Single-family refinance loan purchase and guarantee volume was $89.7 billion in October compared to $70.9 billion in September, representing a 71 percent share of total single-family mortgage portfolio purchases and issuances compared to 69 percent the previous month. ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Sales of newly constructed single-family homes slipped slightly in October; the second month sales have declined. The U.S. Census Bureau and Department of Housing and Urban Development reported that the month's sales were at a seasonally adjusted annual rate of 999,000, a decrease of 0.3 percent compared to September's revised sales of 1,002,000. New home sales in October were 41.5 percent higher than those in October 2019. Both August and September sales numbers were revised higher in this month's report. September's sales were originally reported at 959,000 and August sales, which had been revised down to 994,000 from a much higher original rate, were boosted back up to 1,001,000. October's sales were higher than expected. Analysts polled by Econoday had forecasts over a range of 935,000 to 1,035,000 with a consensus of 975,000. The forecast from Trading Economics was 970,000. ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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. ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.