Michael Fratantoni

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Last quote by Michael Fratantoni

Purchase application volume was little changed for the week, dropping 1.5 percent, but remains about 10 percent ahead of last year's pace.feedback
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Aug 17 2017
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Michael Fratantoni is associated, including Federal Reserve, December, and rate. Most recently, Michael Fratantoni has been quoted saying: “Last week, mortgage rates dropped to their lowest level since the week of the November 2016 election as investors sought safety given the tense geopolitical environment, especially the concerns with respect to North Korea.” in the article Mortgage rates drop to lowest since election, but borrowers barely budge.
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Michael Fratantoni quotes

Jul 12 2017

We saw a 2.7 percent increase in government purchase applications, which contributed to a decrease in the average purchase application loan size.feedback

Jul 12 2017

Rates continued to increase last week given increasing evidence that the Fed and other central banks are more likely to raise rates given the pickup in economic growth in their respective economies. Additionally, minutes from the June FOMC meeting showed clear plans to start reducing the size and scope of the Fed's balance sheet and to continue raising the fed funds rate, a signal of confidence in the U.S. economy and job market.feedback

Jun 28 2017

We're seeing indications that entry level buyers continue to come into the market as jumbo borrowers looking at bigger homes step back. Last week, the average loan size for home purchase dropped to its lowest level since January.feedback

Jun 15 2017

The Fed will begin to reduce the securities held on its balance sheet later this year, limiting the amount of securities that will be allowed to runoff each month. With lower caps for mortgage backed securities compared to Treasurys, it is possible that there will be less widening in mortgage spreads than previously estimated.feedback

May 31 2017

Home sales remain constrained by a lack of inventory across the country, as evidenced by home price growth running almost three times the pace of overall inflation.feedback

May 18 2017

Mortgage application volume dipped as interest rates rose through the course of last week. Purchase volume is running more than 9 percent above last year's pace, with conventional purchase application volume up more than 12 percent. The faster growth for conventional loans, which tend to be larger, led to another record high for the average purchase loan size at $322 thousand. The relative weakness in government application volume suggests that many potential first-time buyers remain on the sidelines due to the lack of entry-level homes on the market.feedback

May 17 2017

The survey saw relative weakness in the growth of government application volume, suggesting that many potential first-time buyers remain on the sidelines due to the lack of entry-level homes on the market. The year-over-year increase was driven by conventional loans, which tend to be larger, leading to a record high for the average purchase loan size.feedback

Apr 19 2017

Mortgage rates dropped to their lowest level since November 2016, as geopolitical tensions continued to rise. Rates are still too high to attract much interest from homeowners looking to refinance, and purchase activity was relatively weak.feedback

Apr 19 2017

We do expect a pickup in purchase activity through the remainder of the spring season. With a strong job market and signs of continuing economic growth, we are forecasting roughly 9 percent growth in purchase origination volume for 2017 relative to 2016.feedback

Apr 13 2017

The spring housing market is off to a solid start, with conventional purchase applications reaching their highest level on a seasonally adjusted basis since October 2015.feedback

Apr 12 2017

The spring housing market is off to a solid start. Despite the relatively weak job report for March, job growth is averaging almost 180,000 [a month] so far this year, providing a strong support for the home purchase market.feedback

Apr 12 2017

Mortgage rates dropped over the course of last week as global tensions increased surrounding events in the Middle East and the Korean peninsula.feedback

Mar 23 2017

Rates can come up as quickly as they've gone down. With the increasing trend in rates and increasing loan balances, more so on the purchase side, borrowers have started to move to ARMs for lower monthly payments. The overall ARM share is now at 9 percent of all applications, which is the highest level since 2014. It is important to note that the qualified mortgage regulation simply prohibits many riskier ARM products that were available before the financial crisis.feedback

Mar 22 2017

Homebuyers in a strong housing market are looking for ways to extend their purchasing power, and ARMs are one way to do that. While the ARM share got as high as 35 percent precrisis, it is really unlikely it will get nearly as high now given [new] regulations, which effectively prohibit many types of ARMs that were prevalent then.feedback

Mar 15 2017

February's job report showed strong job growth and faster wage growth. We expect that the benefits from growing household incomes will continue to outweigh the headwind of slightly higher mortgage rates. We continue to forecast strong growth in home sales this year.feedback

Mar 15 2017

Surprisingly, refinance application volume increased for the week, perhaps a sign that homeowners see rates moving away from them and are moving to lock in now before rates increase further.feedback

Feb 15 2017 - Interest rates

One driver of the drop in volume last week was a sharp decrease in VA refinance applications, which fell more than 17 percent. On Feb. 1, Ginnie Mae implemented new criteria regarding the inclusion of VA-streamlined refinances in certain mortgage-backed-security pools, and this likely led to a decrease in streamlined refinances last week.feedback

Feb 01 2017

Following the decision to suspend a proposed decrease in the FHA mortgage insurance premium, FHA refinance applications dropped more than 25 percent, while FHA purchase applications fell almost 6 percent.feedback

Feb 01 2017

We do expect that home sales will grow this year relative to 2016, although lack of inventory remains a constraint in many markets.feedback

Jan 23 2017

I think we will need another couple of weeks of data to have a clear read on the impact of the rollback, but I expect that FHA volumes will return to their prior level for both purchase and refinance.feedback

Jan 18 2017

Refi volume is still down sharply from the end of last year, remaining 13 percent below the level from four weeks ago.feedback

Jan 04 2017

Mortgage application volume typically drops sharply over the holidays. However, this year, as mortgage rates continued their upward climb reaching the highest levels in more than two years, overall application volume fell even more than the holiday slowdown would suggest.feedback

Jan 04 2017

The composition of application activity continued to shift away from refinance towards purchase. The refinance share of applications was around 52 percent over the last two weeks, the lowest level since July, 2015.feedback

Dec 21 2016

Mortgage rates increased at least partially as a result of the Federal Reserve's rate hike and move to a slightly more hawkish stance. Borrowers may have gotten applications into their lender in advance of the FOMC announcement, as most observers anticipated an increase in the Fed's rate target at the December meeting.feedback

Dec 21 2016

Purchase activity remains skewed towards the higher end, with the average purchase loan size at its second highest level in the history of the survey.feedback

Dec 07 2016

Refinances are almost entirely driven by mortgage rates, while purchase activity is a function of a broader set of variables including the state of the job market, demographics, and consumer confidence.feedback

Dec 07 2016

Over the last month, going back to the week prior to the election, mortgage rates on 30-year loans have increased 50 basis points, and refinance application volume has dropped by 28 percent. Over the same time period, purchase application volume is up almost 12 percent.feedback

Nov 30 2016 - Thanksgiving

First-time buyers and buyers of lower priced units may have stepped away from the market to some extent given the jump in rates.feedback

Nov 30 2016 - Thanksgiving

Mortgage lenders have been very thankful for a strong 2016 in terms of origination activity. However, mortgage application volume in the Thanksgiving week dropped sharply to the lowest level since early January, as mortgage rates increased to their highest point since July, 2015.feedback

Nov 23 2016

The increase in purchase activity was driven by borrowers seeking larger loans, with applications for purchase loans above $417,000 increasing 16.8 percent for the week.feedback

Nov 23 2016

This change led to the average purchase application loan amount reaching a new record of $310,000. One factor that likely contributed to this boom in jumbo purchase applications is that the jumbo rate is now 12 basis points below the conforming rate for a 30-year fixed rate loan. This is the widest spread between these rates since March 2016.feedback

Nov 23 2016

Mortgage rates have continued to move higher in the postelection period, as investors worldwide are looking for increases in growth and inflation.feedback

Nov 23 2016

The increase in purchase activity was driven by borrowers seeking larger loans and that drove up the average loan amount on home purchase applications to $310,000, the highest in the survey, which dates back to 1990.feedback

Nov 02 2016

Globally, rates have begun to creep upwards as investors anticipate less aggressive monetary policies from central banks, and U.S. rates are being pushed upwards in response. Additionally, new data show continued positive signals regarding the job market and rising inflation, indicating that the Fed is likely to hike in December and will continue increasing rates next year.feedback

Oct 26 2016

Strong household formation coupled with further job growth, rising wages, and continuing home price appreciation will drive strong growth in purchase originations in the coming years.feedback

Oct 19 2016

Refinance applications dropped to the lowest level since the week of the Brexit vote, as mortgage rates reached their highest level since then.feedback

Oct 12 2016

As incoming economic data reassured investors regarding U.S. growth, and financial markets returned to viewing a December Fed hike as increasingly likely, mortgage rates rose to their highest level in a month last week. Total and refinance application volume dropped to their lowest levels since June as a result.feedback

Sep 28 2016

Average purchase loan size increased again, indicating that the strength is at the higher end of the market.feedback

Sep 28 2016 - Japan

Treasury rates fell through the course of last week, as the Fed left their target rate unchanged, and concerns grew again about global growth, particularly in Europe and Japan.feedback

Sep 21 2016 - Federal Reserve

Mortgage rates increased to their highest level since June last week as comments by some Fed officials made it appear that the Federal Reserve is closer to raising rates. The average refi loan size fell to its lowest level in three months as more jumbo borrowers left the market.feedback

Sep 21 2016

Higher rates appeared to have a bigger impact on entry-level buyers, as the average purchase loan size increased to its highest level since June.feedback

Sep 07 2016

Although the pace of job growth slowed in August, purchase volume continues to run strong at 7 percent above last year at this time. This strength is broad based, with growth at both the high and low ends of the market.feedback

Aug 31 2016

The last time rates were at these levels, the refi index was almost twice as high. At these rate levels, there are borrowers who still stand to benefit, but there are many homeowners who have already taken advantage of refinancing and are not yet incentivized to do it again.feedback

Aug 31 2016

As the economy reaches full employment, the pace of job growth is slowing, and this will slow the growth in purchase activity as well, but we do continue to expect growth in home sales going forward.feedback

Aug 17 2016

Refinance volume continues to tail off as markets recover post Brexit.feedback

Aug 17 2016

A strong job market and low rates continue to support home sales.feedback

Aug 16 2016

The underwriting decisions in today's world are an automated system that's evaluating the applications.feedback

Jul 27 2016

Despite the 30 year fixed mortgage rate being almost 50 basis points lower than a year ago, refinance activity has been extremely sensitive to rate increases as the pool of borrowers who can benefit from refinancing continues to diminish.feedback

Jul 20 2016

Recent swings in mortgage rates have been relatively muted compared to Treasury rates, although on net both remain below their levels from just prior to the Brexit vote. Refinances fell slightly with rising rates last week, but the refinance share of 64.2 percent of applications was the highest since February of this year, as purchase volume was slow to come back following the July 4th holiday.feedback

Jul 06 2016

Mortgage rates have been low for years, but the impact of Brexit has brought us close to record lows once again, with jumbo rates already at their lowest levels, giving more borrowers a larger incentive to refinance.feedback

Jun 29 2016

MBA now predicts that the Fed will hike only once this year, likely in December. If the financial market disruption from Brexit persists, the likelihood of even a December hike would be reduced.feedback

Jun 08 2016

Given the weak employment report for May, we think it is unlikely that the Fed will raise rates in June. However, as other economic data are pointing to continued economic growth, we do expect that they will increase rates following their July meeting.feedback

May 04 2016

Refinance activity decreased for the second-straight week because fewer borrowers have an incentive to refi at the current level of rates, but there are still some who respond to the small changes we have seen in recent weeks.feedback

Apr 13 2016

Rates dropped last week in response to concerns about further slowing in global growth, despite the fact that the U.S. job market continues to show real strength. Rates also are increasingly volatile as markets react to different signals regarding the future path for the Fed. This drop in rates is providing what will likely be only a temporary boost in re-fi activity.feedback

Feb 03 2016 - Winter storm

Mortgage rates fell below 4 percent in our survey for the first time since October 2015. The jumbo rate also decreased and was at its lowest level since April 2015. Despite the fall in rates, mortgage application activity was likely muted by the major East Coast snowstorm, although refinance activity increased very slightly.feedback

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