FHA Refinance Applications Increase Nearly 200 Percent
FHA Refinance Applications Increase Nearly 200 Percent
According to the Single-Family Outlook report for the month of June, there was an increase in the refinance applications for mortgage loans insured by the Federal Housing Administration (FHA) by almost 200 percent from May to June because of the rise in applications for streamline refinance loans.
There were 188,810 FHA loan applications for the month of June, which is up by 52.1 percent from the 124,125 applications submitted one month earlier, and 43.3 percent more than the 131,796 applications submitted in the same month of the previous year.
Moreover, loan applications for refinancing an existing mortgage increased 198.3 percent, from 34,407 applications submitted in May to 102,640 applications submitted in June. It was also up by 190.2 percent compared with 35,367 applications submitted in the same month of the previous year.
In contrast, the number of applications for purchasing a home declined 4.3 percent, from 82,726 applications submitted in May to 79,138 applications submitted in June. It is also decreased by 9.7 percent from 87,674 applications submitted in the same period a year ago.
In terms of completed applications, it decline by 5.7 percent, from 114,008 in May to 107,533 in June. However, June’s completed applications were still 6 percent higher than the 101,469 applications one year earlier.
The loans for purchased homes made up 63.9 percent of the overall completed FHA insured loans in June, which is up by 3.8 percent from May but 7.7 percent lower than June of the previous year.
Refinanced loans made up 31.3 percent of the overall completed loans in June, which is down by 22.3 percent from May but up by 58.5 percent from June last year.
For a home buyer securing FHA loan in June, the average FICO score was 695, which decreased four points from May and five points from the previous year. In addition, the average FICO score for refinanced loans in June was 707, which decreased by four points from May and increased by nine points from last year.
Related posts on loans for people with bad credit:
- Increase in Mortgage Applications Increase in Mortgage Applications Based on the information from Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, there was an increase in the mortgage application by 0.2 percent last week. The Market Composite Index, which is a gauge of the number of mortgage…...
- Mortgage Refinance Levels Reach High Levels as Mortgage Interest Rates Remain at Low Levels Mortgage Refinance Levels Reach High Levels as Mortgage Interest Rates Remain at Low Levels According to the latest records from the Mortgage Bankers Association or more famously known as the MBA as of July. 20, 2012, the applications for mortgage loans have…...
- Fannie Mae, Freddie Mac, and FHA is Profitable Again Fannie Mae, Freddie Mac, and FHA is Profitable Again These past few years, politicians, economists and Wall Street became concerned for Fannie Mae, Freddie Mac, and the Federal Housing Administration. They were anxious about the agencies’ respective ability to stay solvent.…...
- Rate Cut Expected by Borrowers Rate Cut Expected by Borrowers According to national loan approval data from Mortgage Choice, which is the largest mortgage broker in Australia, demand for variable rate home loans achieved an eleventh month high in July due to the rumors of another rate…...
- Decrease in Mortgage Lending Decrease in Mortgage Lending For the month of June, repayments of housing loans exceeded new lending for the first time since the same period of the previous year. Consequently, there was an increase in total lending to individuals by £0.3bn, which is the…...
Filed under: home loan • home loans • mortgage • mortgage loans
Like this post? Subscribe to my RSS feed and get loads more!