We’ll add more market news briefs throughout the day. Check back to read the latest.
Most recent market news
Wednesday, May 24
Black Knight’s First Look at April 2017 Mortgage Data
- First-lien mortgage delinquencies rose by 13 percent, the largest monthly increase since November 2008
- Month-over-month, the number of borrowers past due on mortgage payments increased by 241,000
- April’s delinquency rate increase was primarily calendar-driven (due to both the month ending on a Sunday and March being the typical calendar-year low) and largely isolated to early-stage delinquencies
- The inventory of loans in active foreclosure continues to decline, hitting a 10-year low in April
- At just 52,800, April saw the fewest monthly foreclosure starts since January 2005
- Prepayment speeds (historically a good indicator of refinance activity) fell by 11 percent from March
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”]
News from earlier this week
Tuesday, May 23
First American Financial Corporation April 2017 Potential Home Sales
- Potential existing-home sales decreased to a 5.69 million seasonally adjusted, annualized rate (SAAR), a 0.2 percent decline over last month’s revised data.
- This represents an 89.3 percent increase from the market potential low point reached in December 2008.
- In April, the market potential for existing-home sales fell by 0.1 percent compared with a year ago, a decline of 5,000 (SAAR) sales.
- Currently, potential existing-home sales is 674,000 (SAAR), or 11.8 percent below the pre-recession peak of market potential, which occurred in July 2005.
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