Mortgage Market News

Fannie Mae released its Home Purchase Sentiment Index (HPSI) for October showing a slight decrease from September, falling to 83.2 from 83.8. The survey revealed consumers volatile outlook on both household income improvement and mortgage interest rates which kept housing sentiment relatively flat. The HPSI Household Income component declined and the "Good Time to Buy" and "Good Time to Sell" components also decreased, after picking up in September. These dips suggest hesitancy by some consumers to make long-term financial commitments such as buying or selling a home.
Mortgage rates edged higher this week ahead of a possible Federal Reserve interest rate hike next month. Freddie Mac reported that the 30-year fixed conventional mortgage rate rose. Mortgage rates continue to hover just above the all-time lows.
RealtyTrac reported on Thursday that foreclosure filings, which include default notices, scheduled auctions and bank repossessions, rose 6% in October from September. The rise in filings was due primarily to a 12% increase in foreclosure starts, the largest month-over-month increase since August 2011. The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month, broken out by the type of filing.
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