Wilshire Bancorp acquires Bank of Manhattan’s mortgage business Wilshire Customers get the Boot. BAC Loan Servicing to pick. – IBM bought Wilshire Credit Corporation, a mortgage servicing subsidiary now of Bank of America Corporation, which will allow them to acquire the core operating assets of WCC. This included the wilshire mortgage servicing platform and the hiring of Wilshire’s approximately 900 employees.
While the Fed’s magical money transmission mechanism in mortgages (and thus housing ‘wealth’) broke in the middle of last year, this last week’s move is a perfect summary of the sensitivity of whatever is left of the recovery. Mortgage rates rose a mere 5bps but this triggered a 7% plunge in refinancing activity.
Mortgage apps rise – and so do refis. According to the Weekly Mortgage Applications Survey, mortgage applications were up 4.1 percent last week. This morning we’ve had last week’s mortgage applications data. Overall apps were -1.6%, but refis were the bulk of that and continue to slide, down over 4% and are down 33% versus a year ago.
Mortgage Applications fell 1.8% during the Labor Day week as purchases increased 1% and refis fell 6%. The refi index is now at an 18 year low. We saw a 5 basis point increase in rates, which drove the drop in refis. As rates rise, cash-outs, fixed-for-ARM, and FHA for conventional are about the only game in town.
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fixed-rate mortgages fell 17 basis points to 3.82 percent this week according to Freddie Mac. This is the sixth straight week of declines, leaving mortgage rates at the lowest level since September 2017. Mortgage applications rose last week, driven by an increase in refinance applications in response to the steep decline in mortgage rates.
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Mortgage applications declined for the week ending August 23. Purchase apps were down by 4.0 percent and refi apps were down 7.6 percent, coming off a surge in early August. On a four-week moving-average basis, refis are up 165 percent over the same period a year ago. Purchase apps are up by 6.3 percent over the last year.
CNN produces HUD Secretary Castro ad, er, interview JULIAN CASTRO. The secretary of housing and urban development under President Barack Obama would be the first Hispanic to win a major U.S. party’s presidential nomination. Castro, 44, whose grandmother was immigrated to Texas from Mexico, has used his family’s personal story to criticise Trump’s border policies.Worse news, everyone: The economy shrunk 2.9%, the most since 1Q2009 Freddie Mac: mortgage interest rates rose again last week Monday Morning Cup of Coffee: Subprime lending is back Fannie Mae: 3 reasons why this oil glut won’t crash housing Here’s Why Fannie Mae and Freddie Mac Shares Are Falling Again Today. 3 Reasons Salesforce Is a Buy Twenty years ago this month, Salesforce.com (NYSE: CRM) opened for business, and in so many ways, it was a company ahead of its time.. average daily crude oil production slipped during the.Monday Morning Cup of Coffee takes a look at news coming across HousingWire. idea of inversion of the yield-curve on its own wouldn’t be enough for him to pull back from supporting further rate.. mortgages jumped this week to their highest levels in a year, signaling slightly higher costs for homebuyers.mortgage buyer freddie Mac says the average rate for the 30-year loan rose to 3.81.25 Jun 2014, Business News covering Stock Markets, Real Estate, Entrepreneurs, Investors and Economics from around the world brought to you by 15 Minute News
Turning to today, MBA mortgage applications for the week ending December 7 kicked off today: +1.6% (refis at 41.5% of apps), the Consumer Price Index for November came in flat, core +.2%, as expected.
But speaking of calendars, we end this week on. the remaining mortgage balance. It is this assumption of cash flows which determine your secondary marketing’s sell price, and sometimes a key.
The Market In 5 Minutes.. Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1. US MBA mortgage market applications 1.5% vs -1.6% prior;.