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Freddie Mac released its July U.S. Economic and Housing Market Outlook this week showing mixed data results for the housing recovery as we head into the second half of the year. The report said that after a disappointing first part of the year, expect home...
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In The News...

Freddie Mac released its July U.S. Economic and Housing Market Outlook this week showing mixed data results for the housing recovery as we head into the second half of the year. The report said that after a disappointing first part of the year, expect home sales to play catch up and accelerate for the remainder of the year. A Freddie Mac spokesman said that although the economic news for the first half of 2014 has been bittersweet, there is good news as the latter half of summer unfolds. Employment was up nearly 1.4 million in the first six months of the year, which could bolster household formations, resulting in positive gains almost immediately for the rental and housing markets.

Black Knight Financial Services reported that national foreclosure inventories declined by 1.5% in June from May and have fallen nearly 36% from June 2013. The June drop marked the 26th consecutive month of declines. The company went on to say that foreclosure starts rose for a second month in a row, though down 19% from this time last year.

Prospective home buyers and those borrowers looking to refinance edged higher in the latest week, as reported by the Mortgage Bankers Association (MBA). The MBAs Market Composite Index, a measure of total loan application volume, rose by 2.4% in the latest week after the recent peaks and valleys the index has seen. Refinance applications were higher by 4%, while the purchase index was 0.3%. Home loan rates remain near historical lows with the 30-year fixed conventional rate at 4.13% in the latest week when paying 0.6 in points/fees, which is near 12-month lows.

Brought to you, courtesy of The Mortgage Market Guide


  Americana Mortgage Group
NMLS# 22338
1615 Northern Boulevard, Suite 404
Manhasset, NY 11030
Phone (888) 262-6685
Fax (516) 627-0229

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