Daily Mortgage News

This section of Home Buying Institute will help you keep informed about the mortgage industry, mortgage loans and related news. Being well-informed is the first step to making good financial decisions.

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Mortgage Industry News for the Mortgage Industry

$1 Billion in HELs Sold
Irwin Financial Corp. announced an agreement to sell $1.0 billion in home-equity loans. The sale will result in unspecified losses this year. The sale is expected to be completed by Sept. 30.
Cashout Share Rises, Dollar Volume Falls
During the second quarter, two-thirds of refinances included cashout, Freddie Mac reported in its quarterly refinance review. The share of cashouts rose from a revised 58 percent in the first quarter. However, the level of activity worked out to around $38 billion in extracted equity -- less than half the dollar amount cashed out during the same period in 2007.
Exec Shakeup, Soaring Delinquency at Downey
Delinquency of at least 30 days was a whopping 11.2 percent at the end of June, Downey Financial Corp. reported. Late payments soared from the end of March and rose by more than a five-fold increase over a year earlier. The company replaced its chairman, vice-chairman and chief executive officer.
30-year At Highest Level in Nearly 1 Year
The average 30-year fixed-rate mortgage climbed 37 basis points from the prior week to 6.63%, Freddie Mac reported in its Primary Mortgage Market Survey for the week ending July 24. A year earlier, the 30-year averaged 6.69%. The 30-year is at its highest point since Aug. 2, 2007, when it stood at 6.68%.
Results Worsen at National City
Second-quarter production at National City Mortgage was $5.3 billion, according to earnings data. Fundings fell from the prior quarter and a year earlier. The rate of residential mortgages past due more than 30 days was 4.7 percent at the end of June, climbing from the end of March and a year earlier. The mortgage banking business had an $0.4 billion loss, worse than the loss in the first quarter and the profit a year earlier.

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