Homebuilders Weak Following Continued Drop in Mortgage Apps (PHM) (HOV)
Tweet
Share
E-mailGet Alerts PHM Hot Sheet
Price: $130.73 -0.49%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.8%
EPS Growth %: -21.1%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.8%
EPS Growth %: -21.1%
Join SI Premium – FREE
Homebuilders are ticking slightly lower Wednesday following new data from the Mortgage Bankers Association (MBA).
According to the MBA, applications fell 2.5 percent from last week, narrowing a drop of 4.3 percent in the prior week.
Lower are names like PulteGroup (NYSE: PHM), Ryland (NYSEL RYL), Hovnanian (NYSE: HOV), and others.
Other data from the MBA:
The refinance share of mortgage activity remained unchanged at 79 percent from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.78 percent from 3.80 percent, with points decreasing to 0.37 from 0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.05 percent from 4.06 percent, with points decreasing to 0.32 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.54 percent from 3.60 percent, with points decreasing to 0.44 from 0.48 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.10 percent from 3.12 percent, with points decreasing to 0.37 from 0.44 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 2.64 percent from 2.68 percent, with points decreasing to 0.35 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
According to the MBA, applications fell 2.5 percent from last week, narrowing a drop of 4.3 percent in the prior week.
Lower are names like PulteGroup (NYSE: PHM), Ryland (NYSEL RYL), Hovnanian (NYSE: HOV), and others.
Other data from the MBA:
The refinance share of mortgage activity remained unchanged at 79 percent from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.78 percent from 3.80 percent, with points decreasing to 0.37 from 0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.05 percent from 4.06 percent, with points decreasing to 0.32 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.54 percent from 3.60 percent, with points decreasing to 0.44 from 0.48 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.10 percent from 3.12 percent, with points decreasing to 0.37 from 0.44 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 2.64 percent from 2.68 percent, with points decreasing to 0.35 from 0.36 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ADP data shows U.S. private hiring slowed to 21,000 jobs a week
- Natural Gas Inventory 87 bcf vs 81 bcf Expected
- Durable Goods (May F) -4.5% vs -4.5% Expected, Ex-Trans 1.4% vs 1.3%
Create E-mail Alert Related Categories
Economic Data, Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
