The coronavirus is beginning to affect the balance of the country’s large banks. The lengthening of the economic crisis and the current level of uncertainty led to first increases in bad debts in loans to companies in the third quarter of the year, according to Bankinter’s breakdown in the financial accounts presented to the […]
Tag: Mortgages
What exactly is the IRPH index and how can I know if my mortgage has it
The IRPH is the acronym for Index of Reference of Mortgage Loans. It is an indicator of interest rates on mortgage loans and is prepared from the Bank of Spain. This has been operating since 1994 and is officially called Average rate of mortgage loans over three years for the purchase of free housing. […]
Negative rates until 2031? EVO (Bankinter) anticipates and sinks the fixed cost of its 30-year mortgages to 1.67%
The forecast that negative interest rates will lengthen over the next decade is once again shaking up the mortgage market. EVO Banco, the digital subsidiary of the Bankinter group, announced this Tuesday that it will reduce the cost of its fixed-rate mortgages to 1.67% APR, including connections, for a period of up to 30 […]
February pending home sales jump over 9% annually, ahead of coronavirus impact
A single family home is shown for sale and in escrow in San Marcos, California. Mike Blake | Reuters Homebuyer demand was strengthening markedly just before COVID-19 began its spread across the U.S. Pending home sales, which measure signed contracts on existing homes, rose a stronger-than-expected 2.4% in February compared with January. Sales were up […]
Mortgage rates just hit 8-year low
Prospective home buyers arrive with a realtor to a house for sale in Dunlap, Illinois. Daniel Acker | Bloomberg | Getty Images As coronavirus fears send bond yields tumbling, the average rate on the popular 30-year fixed mortgage fell Friday morning to 3.23%, an 8-year low, according to Mortgage News Daily. The 30-year fixed loosely […]
Home prices increase 3.8% in December, per S&P Case-Shiller
A real estate agent readies a house for viewing in Venice, Calif. Anne Cusack | Los Angeles Times | Getty Images The housing market heated up at the end of 2019, and that was reflected in growing gains in home values. In December, home prices rose 3.8% annually on the S&P CoreLogic Case-Shiller National Home […]
Coronavirus fears could push mortgage rates past 4-year low
As coronavirus fears hit financial markets, U.S. bond yields are tanking, pushing mortgage rates that loosely follow the 10-year Treasury yield toward an eight-year low. They could sink even lower. The average rate on the popular 30-year fixed mortgage hit 3.34% on Monday, according to Mortgage News Daily. That is for borrowers with strong financials […]
Weekly mortgage refinance applications jump 15%
Homeowners rushed to take advantage of the sharp drop in interest rates last week. Refinance demand pushed mortgage application volume up 5% for the week to the highest level since 2013, according to the Mortgage Bankers Association’s seasonally adjusted index. Purchase demand, however, dropped. The average contract interest rate for 30-year fixed-rate mortgages with conforming […]
December pending home sales fall a wider-than-expected 4.9%
Pending home sales, which measure signed contracts, not closings, dropped 4.9% in December compared with November, as the supply of homes hit a record low during the month. Sales were projected to rise 1% month to month. December is historically the slowest month of the year in the housing market. Despite the month-to-month drop, though, […]
Weekly mortgage applications surge 30%
It was a seriously strong start to 2020 in the mortgage business for new home loans and refinances. Total mortgage application volume surged 30.2% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinancing led the surge, thanks to a drop in mortgage rates. Those applications jumped 43% for […]
