Stacie Hartman

The Mortgage Blog of Stacie Hartman

Loan Demand Falls As Mortgage Rates Rise

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages jumped from 4.28 percent to 4.46 percent last week. Michael Fratantoni, MBA’s vice president of research and economics, said the rate increase was due to stronger economic data and uncertainty about the impact of the Federal Reserve’s latest purchase of Treasury securities. Because of the increase in mortgage rates, the Refinance Index dropped 16.5 percent and the Purchase Index was down 5.0 percent. More here and here.

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A Brighter Forecast for Housing in 2011

The National Association of Realtors’ chief economist Lawrence Yun says the housing market has regained stability and expects further gains in 2011. Pointing to positive trends in the overall economy, as well as housing prices, sales, and affordability, Yun predicted existing-home sales will reach 5.5 million units next year, home prices will rise 1.0 percent, and GDP will be up 2.5 percent. Consumer confidence, business spending, and job growth are the keys to continued economic growth and recovery according to Yun. Also, NAR’s U.S. Economic Outlook for October forecasts a significant increase in sales in 2011 and continued improvements for residential construction. More here and here.

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The Housing Market & The Economy

Paul Nolte, Managing Director at Dearborn Partners, says, despite excess inventory in the housing market, the overall economy will continue healing at very slow pace.

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Default Notices Fall For 9th Straight Month

Default notices fell 2.0 percent in October and were 19 percent below year-before levels, according to RealtyTrac’s U.S. Foreclosure Market Report. It was the ninth-straight month they’ve decreased on a year-over-year basis. Total foreclosure activity was down 4.0 percent from the previous month and repossessions were down 9.0 percent. James J. Saccacio, chief executive officer at RealtyTrac, said the declines were probably due to the foreclosure freeze, which may lead to further decreases in November. More here and here.

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Home Loan Demand Up 5.8 Percent

According to The Mortgage Bankers Association’s Weekly Mortgage Applications Survey, total loan application volume was up 5.8 percent last week, due to increases in both the Purchase and Refinance Index. The Purchase Index was up 5.5 percent, while the Refinance Index rose 6.0 percent from the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said the increases in purchase applications over the last couple of weeks align with better than expected employment reports and data indicating some improvement in the economy’s growth prospects. The average contract interest rate for 30-year fixed-rate mortgages was unchanged from the week before at 4.28 percent. More here and here.

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NY Fed Releases 3rd Quarter Report

The New York Federal Reserve’s Quarterly Report On Household Debt And Credit finds new foreclosures fell in the third quarter while the number of mortgages that became delinquent rose slightly. About 2.7 percent of current mortgage balances transitioned into delinquency during the third quarter, up from 2.6 percent in the second quarter. The number of individuals with a new foreclosure notice added to their credit report fell 5.5 percent from the second quarter. Also in the report, mortgage originations rose 4.3 percent to $380 billion, 26 percent above their low in the fourth quarter of 2008. More here, here, and here.

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First-Time Buyers Half Of All Home Sales

From July 2009 to June 2010, first-time buyers accounted for 50 percent of all home sales, up from 47 percent in 2009. The 2010 National Association of Realtors Profile of Home Buyers and Sellers shows a record number of entry-level buyers, largely due to the success of the home buyer tax credit. The survey also found that the typical seller who purchased a home eight years ago experienced a median equity gain of $33,000, a 24 percent increase. Sellers who were in their homes for 11-to-15 years saw a median gain of 40 percent. Vicki Cox Golder, NAR’s president, said despite turmoil in the housing market, most long-term owners saw an increase in the value of their property. 85 percent of buyers said buying a home is a good investment. More here.

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Pending Home Sales Slip In September

The National Association of Realtors’ Pending Home Sales Index dipped 1.8 percent based on signed contracts in September. The drop follows two month of gains and puts the index 24.9 percent below last year’s levels, when first-time buyers were rushing to take advantage of the tax credit before its initial deadline last November. Lawrence Yun, NAR’s chief economist, said the foreclosure moratorium is likely to cause some disruption in sales numbers but he believes there will be a surge of pent-up demand once the banks resolve their issues. More here and here.

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The Foreclosure Market Forecast

Rick Sharga, senior vice president of RealtyTrac, says uncertainty in the foreclosure market will lead to slower sales this quarter, followed by an accelerated rate of activity in the first quarter of 2011.

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Purchase Demand, Mortgage Rates Rise

According to The Mortgage Bankers Association’s Weekly Applications Survey, applications for purchase loans rose 1.4 percent last week. Despite the gain in purchase demand, the Market Composite Index, which measures total loan application volume, fell 5.0 percent, due to a 6.4 percent drop in the Refinance Index. The average contract interest rate for 30-year fixed-rate mortgages was also up, rising to 4.28 percent from 4.25 percent the week before. More here.

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About Me:

Stacie Hartman is a wholesale mortgage Account Executive working with loan officers in Oregon and SW Washington. She has 18 years in the mortgage industry, an extensive knowledge of financing options, and a commitment to open communication and client service that make her stand out in her field. Her goals begin with uncompromising service and end with excellent results and repeat business.

Contact:

Stacie Hartman
360 Mortgage Group
Account Executive
Oregon and SW Washington
Phone: 503.757.9565
Email: shartman@360mortgagegroup.com
website: www.360mortgagegroup.com

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