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Ellie Mae’s Origination Insight Trends report for October 2015:
- The average FICO score on a closed loan fell to 722.
- The average FHA refinance FICO score fell 7 points to 654.
- Front-end and back-end debt-to-income ratios have loosened to 25/39.
- Privately owned housing units authorized by building permits in October were up 4.1 percent month-over-month and 2.7 percent year-over-year.
- Privately owned housing starts in October were down 11.0 percent month-over-month and 1.8 percent down year-over-year.
- Privately owned housing completions were down 6.0 percent month-over-month and up 5.2 percent year-over-year.
Mortgage Bankers Association’s Weekly Applications Survey:
- The market composite index, which measures loan application volume, increased 6.2 percent week-over-week.
- The refinance share of mortgage activity decreased 1.2 percent week-over-week.
- The average contract interest rate for a 30-year fixed-rate mortgage with conforming loan balances increased to 4.18 percent from 4.12 percent week-over-week.
Mortgage rates:
[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
Home equity rates:
[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]
[graphiq id=”dP0v3iYOnH” title=”Average Home Equity Loan Credit Union Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/dP0v3iYOnH” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Credit Union Rates by State | Credio”]
Last week’s most recent market news:
FNC Residential Price Index for Q3 2015:
- The average home price rose 1.7 percent during the third quarter of 2015.
- This is down from a growth rate of 3.5 percent in the second quarter.
- September’s year-over-year growth was 6.1 percent.
Mortgage Bankers Association’s Q3 delinquency and foreclosure report:
- The serious delinquency rate for mortgage loans (90 or more days past due or in the process of foreclosure) was 3.57 percent, a decrease of 38 basis points from last quarter.
- This is the lowest serious delinquency rate since 2007.
- The percentage of loans on which foreclosure actions were started was 0.38 percent, a decrease of two basis points quarter-over-quarter.
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