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FHA Mortgage Applications Decline Ten Percent in September
HOW LOANRATEUPDATE WORKS
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It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
FHA Mortgage Applications Decline Ten Percent in September
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
FHA Mortgage Applications Decline Ten Percent in September

October 24, 2011 (Shirley Allen)

Monthly mortgage loan applications to the Federal Housing Administration (FHA) declined 9.6 percent last month while refinance activity continues to be sharply less than a year ago according to the agency’s Single-Family Outlook report for September.

The FHA had a total of 129,045 loan applications in September, down from 142,793 applications in August. Applications were also down from September of last year when 255,938 applications were submitted, a decline of 49.6 percent.

Refinance loan applications declined by 2.8 percent from August to September with a total of 48,368 applications submitted in September compared to 49,773 submitted in August.

Refinance applications was significantly lower compared to last year despite the record low interest rates in September. Applications were 66.9 percent lower than September 2010 which posted 146,014 submitted applications.

Purchase loan applications were also lower in September declining by 13.9 percent compared to August. A total of 73,283 purchase applications were submitted in September, down from 85,080 applications submitted in August. Purchase applications were 24.0 percent lower than the 96,446 applications that were submitted in September 2010.

The number of completed FHA insured loans decreased 8.5 percent to 91,963 in September compared to 100,490 in August, and was 27.2 percent lower lower than the 126,326 completed applications in September 2010.

Purchase money mortgages accounted for 72.4 percent of all completed FHA insured loans in September with 66,602 completed, a decline of 12.1 percent from August, and 6.4 percent lower than the 71,145 purchase money mortgages in September 2010.

Completed FHA insured refinance loans only accounted for 21.5 percent of all completed loans, which was 59.8 percent lower than last year. The 19,771 completed loans in September was still 4.7 percent higher than in August.

The average FICO score for a homebuyer securing an FHA loan in September was 697, unchanged from August but down from 700 a year ago. For refinanced transactions, the average FICO score in September was 698, while the average score a year earlier was virtually unchanged at 699.

At the end of September, the FHA had 7,304,368 insured single-family mortgages in its portfolio with an amortized balance of $1,019.7 billion.

The number of loans insured by the FHA has increased by 10.3 percent in the last year while the amortized balance has increased by 13.6 percent.

The serious delinquency rate, homes that were 90 days or more past due, was 8.7 percent in September, up from 8.4 percent in August and also up from 8.4 percent in September 2010.

For the fiscal year 2011, the FHA insured 1,271,211 mortgages for $236 billion. This included 777,521 purchase mortgages, 420,561 refinanced mortgages as well as 73,129 reverse mortgages.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

October 24, 2011 (Shirley Allen)

Monthly mortgage loan applications to the Federal Housing Administration (FHA) declined 9.6 percent last month while refinance activity continues to be sharply less than a year ago according to the agency’s Single-Family Outlook report for September.

The FHA had a total of 129,045 loan applications in September, down from 142,793 applications in August. Applications were also down from September of last year when 255,938 applications were submitted, a decline of 49.6 percent.

Refinance loan applications declined by 2.8 percent from August to September with a total of 48,368 applications submitted in September compared to 49,773 submitted in August.

Refinance applications was significantly lower compared to last year despite the record low interest rates in September. Applications were 66.9 percent lower than September 2010 which posted 146,014 submitted applications.

Purchase loan applications were also lower in September declining by 13.9 percent compared to August. A total of 73,283 purchase applications were submitted in September, down from 85,080 applications submitted in August. Purchase applications were 24.0 percent lower than the 96,446 applications that were submitted in September 2010.

The number of completed FHA insured loans decreased 8.5 percent to 91,963 in September compared to 100,490 in August, and was 27.2 percent lower lower than the 126,326 completed applications in September 2010.

Purchase money mortgages accounted for 72.4 percent of all completed FHA insured loans in September with 66,602 completed, a decline of 12.1 percent from August, and 6.4 percent lower than the 71,145 purchase money mortgages in September 2010.

Completed FHA insured refinance loans only accounted for 21.5 percent of all completed loans, which was 59.8 percent lower than last year. The 19,771 completed loans in September was still 4.7 percent higher than in August.

The average FICO score for a homebuyer securing an FHA loan in September was 697, unchanged from August but down from 700 a year ago. For refinanced transactions, the average FICO score in September was 698, while the average score a year earlier was virtually unchanged at 699.

At the end of September, the FHA had 7,304,368 insured single-family mortgages in its portfolio with an amortized balance of $1,019.7 billion.

The number of loans insured by the FHA has increased by 10.3 percent in the last year while the amortized balance has increased by 13.6 percent.

The serious delinquency rate, homes that were 90 days or more past due, was 8.7 percent in September, up from 8.4 percent in August and also up from 8.4 percent in September 2010.

For the fiscal year 2011, the FHA insured 1,271,211 mortgages for $236 billion. This included 777,521 purchase mortgages, 420,561 refinanced mortgages as well as 73,129 reverse mortgages.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

October 24, 2011 (Shirley Allen)

Monthly mortgage loan applications to the Federal Housing Administration (FHA) declined 9.6 percent last month while refinance activity continues to be sharply less than a year ago according to the agency’s Single-Family Outlook report for September.

The FHA had a total of 129,045 loan applications in September, down from 142,793 applications in August. Applications were also down from September of last year when 255,938 applications were submitted, a decline of 49.6 percent.

Refinance loan applications declined by 2.8 percent from August to September with a total of 48,368 applications submitted in September compared to 49,773 submitted in August.

Refinance applications was significantly lower compared to last year despite the record low interest rates in September. Applications were 66.9 percent lower than September 2010 which posted 146,014 submitted applications.

Purchase loan applications were also lower in September declining by 13.9 percent compared to August. A total of 73,283 purchase applications were submitted in September, down from 85,080 applications submitted in August. Purchase applications were 24.0 percent lower than the 96,446 applications that were submitted in September 2010.

The number of completed FHA insured loans decreased 8.5 percent to 91,963 in September compared to 100,490 in August, and was 27.2 percent lower lower than the 126,326 completed applications in September 2010.

Purchase money mortgages accounted for 72.4 percent of all completed FHA insured loans in September with 66,602 completed, a decline of 12.1 percent from August, and 6.4 percent lower than the 71,145 purchase money mortgages in September 2010.

Completed FHA insured refinance loans only accounted for 21.5 percent of all completed loans, which was 59.8 percent lower than last year. The 19,771 completed loans in September was still 4.7 percent higher than in August.

The average FICO score for a homebuyer securing an FHA loan in September was 697, unchanged from August but down from 700 a year ago. For refinanced transactions, the average FICO score in September was 698, while the average score a year earlier was virtually unchanged at 699.

At the end of September, the FHA had 7,304,368 insured single-family mortgages in its portfolio with an amortized balance of $1,019.7 billion.

The number of loans insured by the FHA has increased by 10.3 percent in the last year while the amortized balance has increased by 13.6 percent.

The serious delinquency rate, homes that were 90 days or more past due, was 8.7 percent in September, up from 8.4 percent in August and also up from 8.4 percent in September 2010.

For the fiscal year 2011, the FHA insured 1,271,211 mortgages for $236 billion. This included 777,521 purchase mortgages, 420,561 refinanced mortgages as well as 73,129 reverse mortgages.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS