Mortgage
Equity-rich homeowners in the housing market malaise still have plenty of options available.
American homeowners have a record $16 trillion in home equity, with the average homeowner having $299,000 in equity, $193,000 of which is tappable while still maintaining a 20% equity stake. Mortgage holders gained $1.6 trillion of equity in 2023. HELOC rates range from 9% to 12%, while credit card interest rates are at 27.89%. Household debt is at $17.5 trillion. Some homeowners use equity for ADUs, home improvements, debt consolidation, or to buy another property. HELOC lending fell in the fourth quarter of 2023. Qualifying for HELOCs can be difficult, with some lenders requiring a DTI of 43% or lower. The 30-year fixed rate mortgage is at 6.79%. Some lenders are offering cash-out HELOCs up to 95% of the property value. Some programs allow for qualification based on bank statement deposits or minimum interest-only payments. For those 55 and over, a reverse mortgage second loan is available.
– Record $16 trillion in home equity
– Average homeowner has $299,000 in equity
– Mortgage holders gained $1.6 trillion in equity in 2023
– HELOC rates range from 9% to 12%, credit card interest rates at 27.89%
– Household debt at $17.5 trillion
– Some homeowners use equity for ADUs, home improvements, debt consolidation, or to buy another property
– HELOC lending fell in Q4 2023
– Qualifying for HELOCs can be difficult, with some lenders requiring DTI of 43% or lower
– 30-year fixed rate mortgage at 6.79%
– Some lenders offering cash-out HELOCs up to 95% of property value
– Some programs allow for qualification based on bank statement deposits or minimum interest-only payments
– Reverse mortgage second loan available for those 55 and over
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Mortgage
CENTUM Canada has revolutionized client engagement with the introduction of Mortgage Monitor™.
Centum Financial Group has launched Mortgage Monitor™, a platform designed to empower homeowners and prospective buyers to make informed financial decisions and build wealth. This platform automatically enrolls clients into a communication system, providing monthly home value updates, personalized product and rate analysis, and mortgage protection support. It also serves as a lead generation tool for brokers. Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide. Mortgage Monitor™ is currently in pilot with a full release planned for later in Q2 2024.
– Centum Financial Group launches Mortgage Monitor™ to empower homeowners and prospective buyers
– Platform provides monthly home value updates, personalized product and rate analysis, and mortgage protection support
– Serves as a lead generation tool for brokers
– Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide
– Mortgage Monitor™ currently in pilot with full release planned for later in Q2 2024
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Mortgage
Mortgage applications experienced a slight decline last week, even with a decrease in rates.
In the week ending March 29, mortgage application volume decreased by 0.6%, with the average rate for a 30-year fixed-rate mortgage dropping to 6.91%. Refinance applications decreased by 2% compared to the previous week and were down 5% from the same week last year. Purchase applications also decreased by 0.1% compared to the previous week and were down 13% from the same week last year. The refinance share of mortgage activity decreased to 30.3% of total applications, while the adjustable-rate mortgage share remained unchanged at 7.0%. Overall, mortgage rates decreased slightly, but did not significantly impact overall application activity.
– Mortgage application volume decreased by 0.6%
– Average rate for a 30-year fixed-rate mortgage was 6.91%
– Refinance applications decreased by 2%
– Purchase applications decreased by 0.1%
– Refinance share of mortgage activity decreased to 30.3%
– Adjustable-rate mortgage share remained unchanged at 7.0%
– Mortgage rates decreased slightly but did not significantly impact application activity.
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– Mortgage rates declined slightly last week, with the 30-year fixed rate at 6.91% and the 15-year fixed rate at 6.35%
– Refinance share of total applications decreased to 30.3%
– ARM share remained steady at 7% of total applications
– FHA share of total applications decreased to 11.7%
– VA share increased to 12.1%
– USDA share remained unchanged at 0.5%
– Purchase applications were unchanged overall, with FHA purchases increasing slightly
– Refinance applications fell 5% below last year’s pace
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