Interested in seeing where the hot spots are in mortgage originations? Here are some interesting stats that we are seeing in the data right now.
MB Insider June 9th: Refis, Refis, and Refis…
Disclaimer: These are numbers that we are seeing in the MonitorBase platform and does not necessarily represent stats for the entire country. Although, this should give you a good idea of some interesting trends, and hopefully helps in your current origination efforts.
Week over week, Mortgage Inquiries are up about 18%. We are seeing a higher trend in mortgage inquiries (mortgage application credit pulls) this week over the previous.
Most of the increased activity is focused on current homeowners with mortgages under 12 months old. In the past week, 22.68% of mortgage inquiry alerts had an underlying mortgage aged between 1-12 months old.
|
Age of mortgage |
% of total inquiry alerts |
|
1-12 months |
22.68% |
|
13-24 months |
13.30% |
|
25-36 months |
11.55% |
|
37-48 months |
7.23% |
|
49-60 months |
4.21% |
Older mortgages are gaining ground. The largest change here has been an uptick in some of the older mortgages jumping back into the market.
First Time Homebuyers and Homebuyers took one step forward, and one step back... Over our last report, the first time buyer and buyer market stuttered, falling back to the previous week's numbers:
|
Number of Open Mortgaes |
% of total inquiry alerts |
|
0 Open Mortgages |
25.99% |
|
1 Open Mortgage |
62.33% |
|
2 Open Mortgages |
8.81% |
All warnings continue to point to surging risk zone for Early Payoff Penalties.
Still a trend, the higher score... higher app rates? Let's look back on this because it is a new trend and it’s showing no sign of stopping. We aren’t seeing a normal spread with scores ranging from a 620 score up to 850; recent credit pulls are disproportionately higher among high credit borrowers.
|
Score Range |
% of total inquiry alerts |
|
700+ |
73.69% |
|
640-699 |
15.27% |
|
620-639 |
3.10% |
|
580-619 |
4.21% |
|
350-579 |
3.74 % |
Right along with that, in the past two months of tracking average loan balances, there is a trend line that says home owners with values over 550K, are seeing a modest but steady increase in mortgage balances. Homeowners with mortgages below that are seeing a decrease, most heavily weighted in the $250-350K range, which let’s be honest, is typically first time home buyers.
Are fist time homebuyers spending less, or are home values just down with lower demand?
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