Mortgage applications down, refinance loans up
Fewer mortgage applications were made in the week ending August 12 according to data from the Mortgage Bankers’ Association.
Its Market Composite Index slipped 4 per cent on an adjusted basis and 5 per cent unadjusted. The refinance index and purchase index were both down 4 per cent compared to the previous week.
The share of refinance loans increased to 62.6 per cent of the total from 62.4 per cent a week earlier.
Refinance loans also made up a higher percentage of closed loans in July. The Ellie Mae Origination Insight Report shows that they made up 37 per cent of all closed loans in the month, up from 34 per cent in June.
Purchases slipped to 62 per cent of all closed loans in July Ellie Mae says, down from 65 per cent in June.
“Average FICO scores were also on the rise, climbing back to 727, which is the highest average we’ve seen since June of 2015,” Jonathan Corr, president and CEO of Ellie Mae.
Fannie Mae extends help for manufactured housing communities
Fannie Mae has announced an extension of its support for manufactured housing communities with a $1 billion transaction that will provide workforce housing for 29,000 families across 13 states.
“We are pleased to have partnered with KeyBank and Wells Fargo, two of our Delegated Underwriting and Servicing Lenders, and YES! Communities on this important transaction that we believe will make a difference for families and communities across the nation,” said Jeffery Hayward, Executive Vice President for Multifamily, Fannie Mae.
Maryland home sales dipped in July
There was a slight dip in home sales in Maryland in July with 0.7 per cent fewer sales than in July 2015.
Maryland Association of Realtors reported 7,497 sales in the month with a sharp decline in Charles County (17.5 per cent) while Somerset County saw a huge surge of 133.3 per cent.
“July numbers reflect what we expect in the summer months, which is consumers are more focused on vacation than buying a house,” said MAR President Bonnie Casper. Casper added “we will see more listing and sales in the fall, which will result in a lot more activity for both sellers and buyers. We expect a vibrant autumn market.”
The statewide average price was up 2.5 per cent year-over-year to $332,096.