Current mortgage interest rates 9/25/2012

Current mortgage interest rates 9/25/2012 : Current mortgage interest rates extended fall Tuesday as investors’ concerns began to increase on depressing economic news from Europe. The banks making changes include U.S. Bancorp (NYSE:USB), Citigroup and Wells Fargo.
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how will Mortgage rates for next week september 24-28 2012

how will Mortgage rates for next week september 24-28 2012 : Mortgage rates reached new lows this week after the Federal Reserve started its bond-buying program. But they could have dropped lower if Fannie Mae and Freddie Mac had not raised mortgage fees.

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U.S. new home sales august 2012

U.S. new home sales august 2012, U.S. housing market, existing home sales august 2012,: The United States has recorded a modest increase in home sales at 7.8%--the highest achieved in more than two years amidst a sluggish construction industry.

Reports released by the National Association of Realtors said existing home sales reached 4.82 million in August, up from 4.47 million recorded in July. These numbers exceeded the expectation of 4.55 million units sold during the period based on a survey conducted by Reuters.

This positive activity resulted in the increase by 9% to $187,400 of current median prices compared to 2011.

“The housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions,” said NAR’s chief economist Lawrence Yun in an issued statement.

The decision of the Federal Reserve to buy $40 billion in mortgage securities each month is seen to slash interest rates further and free up more liquidity in the market. The remaining obstacle for would-be home buyers is the lending standard for credit scores.

Distressed property sales, including foreclosures and short sales, account for 22% of August sales, lower by 2% compared to the previous month. Inventory moved up 2.9% to 2.47 million units ending August, a 6.1 month supply at the current pace of sales.

An estimated 80% of all new mortgages are refinancing of existing properties, the Mortgage Bankers Association said in a separate statement.

This confirms the trend that some 15% to 20% of existing home purchases are made by investors, who have taken a liking of properties in the cities of New York, San Francisco, Los Angeles and South Florida.

New York-based developer Centurion Real Estate Partners principal John Tashjian told ibtimes.com that it may take two to three more years before home prices will scale up, but, nonetheless, the U.S. property sector is “on the right path to recovery.”

Mr. Tashjian further explained that the Fed’s move to keep benchmark rates low through 2015 boosted confidence in the U.S. housing market.

The changing landscape of the U.S. property sector had so far benefitted the listed home builders including the country’s largest luxury builder Toll Brothers Inc. (NYSE: TOL), ), Lennar Corp. (NYSE: LEN) and PulteGroup Inc. (NYSE: PHM). Shares of said companies have surged by an average 2 to 5% in recent weeks.

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Current mortgage interest rates september 18 2012

Current mortgage interest rates september 18 2012 : Current mortgage interest rates moved up today , The average interest rate on 30-year fixed-rate mortgages rose one basis point to move at 3.564 percent. The gap between the 10-year bond yield and the 30-year loan rate increased four basis points to 1.714 percent.

The average rate on FHA-backed 30-year fixed-rate mortgages lost two basis points to settle at 4.001 percent and the average VA lending rate advanced eight points to 3.870 percent.

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Libor interest rate 2012-2013

Libor interest rate 2012-2013 : The series of scandals that have hit UK banks in recent months has damaged their prospects for restoring credit-worthiness, a leading ratings agency warned.

Libor-rigging, compensation for mis-sold payment protection insurance and interest-rate swaps to small businesses, money laundering allegations and IT failures will reduce earnings for the rest of 2012 and into 2013

Few emerge unscathed from the Treasury Select Committee's 300-page report and annexes, based on a string of high-profile hearings after Barclays was fined a record $453 million (288 million pounds) on June 27 for manipulating the London Interbank Offered Rate or Libor. read more

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Chase Bank mortgage rate august 29 2012

Chase Bank mortgage rate august 29 2012 : Today’s mortgage rates at Chase Bank (NYSE:JPM) have retained almost all of the strength of those seen yesterday, when a successful of gentle slides saw the lender leap to the top-end of the market in terms of overall value for money. As such, Chase is once again one of the very best options available today for both home purchase and refinance mortgage rates, with each of the following examples representing a superb opportunity for investment.

Starting with home purchase mortgage rates from Chase Bank, today sees the benchmark 30 year fixed rate home loan at 3.500% and carrying an APR of 3.571%, while those opting for the 15 year version of the same loan will face an interest rate of 2.750% and an APR of 2.910%.

For now and used home buyers looking to invest with an adjustable rate home purchase package, the popular 7/1 ARM from Chase is today opening at 2.500% and comes with an APR of 2.995% variable, while the 5/1 ARM remains hugely strong at just 2.250% to begin and with an APR of 2.997% variable.

Refinance mortgage rates now and Chase once again sets the bar high for the rest of the industry. As of this Wednesday morning, the 30 year fixed rate refinance loan is being advertised for 3.750% and with an APR of 3.842%, while those choosing the shorter 15 year term can expect to pay 3.000% in interest and an APR of 3.107%.

The value continues into the adjustable rate home refinance loans on the books today, which include the usual 7/1 ARM with an opening rate of 2.500% and an APR of 3.014% variable, which is joined by the Chase 5/1 ARM which now opens at 2.250% and yields an APR amounting to 3.016% variable.

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Wells Fargo mortgage interest rate august 29 2012

Wells Fargo mortgage interest rate august 29 2012 : A few minor ups and downs on the books at Wells Fargo (NYSE:WFC) today, with some benchmark home purchase mortgage rates having upticked slightly while others continue as very fractional slide. The level of value for money across the board is however quite exceptional and the week as a whole is shaping up to be quite the incredible opportunity for those yet to invest.

Home purchase mortgage rates first and this Wednesday morning sees the standard 30 year fixed rate deal on the cards for a low 3.625% and APR of 3.963%, while the 15 year alternative can be taken out and locked in from as little as 3.250% and APR of 3.930%.

FHA 30 year fixed rate purchase packages are now at a daily low of 3.250% and APR of 3.930%.

Home buyers looking to make a purchase with an adjustable rate loan will today be offered the 5/1 ARM with an opening rate of 2.000% and an APR of 3.123% variable, while the FHA 5/1 ARM remains an excellent choice at 2.375% to begin and APR of 2.716% variable.

Turning attention to home refinance mortgage rates now and leading the proceedings is the usual 30 year fixed rate deal now at 3.875% and APR of 4.248%, while the shorter 15 year package is being advertised at 3.000% and APR of 3.513%.

FHA versions of the same 30 year refinance packages can be taken out and locked in for 3.375% and APR of 4.060%.'

For home refinance customers preferring to play the market and take out an adjustable rate loan, the Wells Fargo 5/1 ARM now opens at 2.500% and carries an APR of 3.326% variable, while the FHA 5/1 ARM remains hugely strong with an interest rate of 2.375% to begin and an APR of 2.716% variable.

Loan Type - Interest Rate - APR - 8/29/12
30-Year Fixed 3.875% 4.051%
30-Year Fixed FHA 3.625% 4.686%
15-Year Fixed 3.000% 3.308%
5-Year ARM 2.250% 3.072%
5-Year ARM FHA 2.375% 3.036%

Jumbo Loan Rates - APR - 8/29/12
30-Year Fixed 4.250% 4.382%
5-Year ARM 2.625% 3.157%

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US. New Home Sales report 23 august 2012

US. New Home Sales report 23 august 2012 : US home sales and prices rose moderately in July amid signs that the worst housing crisis in living memory may be coming to an end.

According to the National Association of Realtors (NAR) existing home sales rose 2.3% to an annual rate of 4.47m units last month, a figure just below analysts' expectations. The median price for a home resale nationwide was $187,300 in July, 9.4% higher than in the same month a year earlier.

Estimates in the Bloomberg survey ranged from 4.3 million to 4.8 million. The prior month’s pace was unrevised at 4.37 million, the lowest since October.
The median price of an existing home jumped 9.4 percent from a year earlier, the biggest 12-month gain since January 2006, to $187,300 from $171,200 in July 2011, today’s report showed.

Compared with a year earlier, purchases increased 11 percent before adjusting for seasonal variations.

The number of previously owned homes on the market climbed 1.3 percent to 2.4 million. At the current sales pace, it would take 6.4 months to sell those houses compared with 6.5 months at the end of the prior month. The group said it considers 6 months’ supply “normal.”

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July US Existing Home Sales report 22 august 2012

July US Existing Home Sales report 22 august 2012 : Home resales rose in July as low interest rates and a modest improvement in the labor market helped home buying conditions, the National Association of Realtors said on Wednesday.

The NAR said existing home sales rose 2.3 percent to an annual rate of 4.47 million units last month. That was just below analysts' expectations of a 4.52 million-unit rate.

Nationwide, the median price for a home resale was $187,300 in July, 9.4 percent higher than in the same month a year earlier.

"Mortgage interest rates have been at record lows this year," said NAR chief economist Lawrence Yun, adding that the labor market was also showing signs of improvement. "Combined, these factors are helping to unleash pent up demand."

The U.S. housing market, which began falling into a deep rut six years ago, has been a relative bright spot in the economy this year. Home prices have shown signs of stabilizing and many economists think residential construction will give a slight boost to the economy this year.

But home building now plays a much smaller economic role than it did before the 2007-2009 recession, and a turn for the worse in the broader economy could easily undo housing's incipient recovery.

Barring potential problems from abroad like a worsening in Europe's debt crisis, most economists expect U.S. economic growth will pick up in the second half of the year but still be lackluster.

A separate report showed applications for U.S. home mortgages tumbled last week, with demand for refinancing drying up as mortgage rates jumped to their highest level since late June.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 7.4 percent in the week ended Aug 17.

Fixed 30-year mortgage rates jumped 10 basis points to average 3.86 percent. Even with the increase, rates are still at relatively cheap levels after falling to record lows in recent months. Source http://www.reuters.com

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Mortgage Stocks to Buy for 20-24 August 2012

Mortgage Stocks to Buy next week 20-24 August 2012 ; The grades of 10 Mortgage stocks are better this week, according to the Portfolio Grader database. Every one of these stocks has an “A” (“strong buy”) or “B” overall (“buy”) rating.

Provident Financial Services (NYSE:PFS) ups its rating to a B (“buy”) this week after earning a C (“hold”) in the week before. Provident Financial Services is a bank holding company.

Meridian Interstate Bancor (NASDAQ:EBSB) shows solid improvement this week. The company’s rating rises from a C to a B. Meridian Interstate Bancorp is the holding company for East Boston Savings Bank. The price of EBSB has increased 0.1% from a month ago. Shares of the stock have been changing hands at an unusually rapid pace, twice the rate of the week prior.

OceanFirst Financial (NASDAQ:OCFC) is seeing ratings go up from a C last week to a B this week. Oceanfirst Financial is a federally-chartered stock savings bank that provides primarily single family residential mortgage loans and invests in mortgage-backed and other securities. Shares of the company are up 2.1% from a month prior.

First Defiance Financial (NASDAQ:FDEF) boosts its rating from a C to a B this week. First Defiance Financial is the holding company for First Federal Bank of the Midwest and First Insurance and Investments. Shares of the stock have been changing hands at an unusually rapid pace, three times the rate of the week prior

Oritani Financial (NASDAQ:ORIT). The company’s rating climbs to B from the previous week’s C. Oritani Financial attracts deposits, originates various loans, and invests in securities. Shares of the stock have been trading at an exceptionally rapid pace, up twofold from the week prior

Dime Community Bancshares (NASDAQ:DCOM) pushes up from a C to a B rating. Dime Community is a unitary savings and loan holding company, whose main business is the operation of the bank

Waterstone Financial (NASDAQ:WSBF) is progressing from last week’s rating of B (“buy”) as the company improves to an A (“strong buy”) this week. Waterstone Financial operates as the holding company for WaterStone Bank that provides various banking services. Shares of WSBF have increased 25% over the past month, better than the 5.2% increase the Nasdaq has seen over the same period of time. Shares of the stock have been changing hands at an unusually rapid pace, twice the rate of the week prior

ViewPoint Financial Group (NASDAQ:VPFG) moves up this week, rising from a B to an A. ViewPoint Financial is a holding company for ViewPoint Bank, which provides financial services in the Dallas/Fort Worth area. Since last month, the price of VPFG has risen 4.1%

Tree.com (NASDAQ:TREE) improves from a B to an A rating this week. Tree.com operates a lending business and a real estate business. Wall Street seems to agree with the upgrade and has propelled the stock up 21.7% over the past month. The stock currently has a trailing PE Ratio of 2.5

Rockville Financial (NASDAQ:RCKB) shows solid improvement this week. The company’s rating rises from a B to an A. Rockville Financial provides banking products and services, such as loans, to business organizations and individuals. Shares of the company are up 0.1% from a month ago

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July new home sales outlook report 8/22/2012

July new-home sales outlook report 8/22/2012, US new home sales forecast july 2012 : Housing demand tops next week's economic data list. Existing-home sales will be reported Wednesday. Economists surveyed by Dow Jones Newswires expect resales to have risen to an annual rate of 4.5 million in July, from 4.37 million in June.

July new-home sales, due Thursday, are projected to increase to 365,000 from a 350,000 rate in June.

Home sales and orders for durable goods probably climbed in July, signalling the US is starting to strengthen after a second-quarter slowdown, economists said before reports this week.

Combined purchases of new and existing houses increased to a 4.89 million annual rate from a 4.72 million pace in June, according to the median forecast in a Bloomberg survey. Bookings for long-lasting goods climbed the most this year, another report may show.

Buoyed by cheaper properties and record-low mortgage costs, demand for real estate is bolstering the industry that helped trigger the recession. Minutes of the Federal Reserve’s latest meeting, also due this week, will be a reminder that policy makers are monitoring economic data such as housing and business investment to determine whether more stimulus is needed.

“Things seem to be looking a bit better compared to the weak second quarter,” said Omair Sharif, a US economist at RBS Securities in Stamford, Connecticut. “All the data point to a sustained improvement in housing.”

The National Association of Realtors will release existing house sales on August 22. Purchases increased 3.3 per cent to a 4.52 million annual rate, following a 4.37 million pace in June, according to the Bloomberg survey median.

Sales of new homes, due the next day from the Commerce Department, rebounded to a 365,000 annual rate in July from 350,000 the prior month, the survey median showed. Newly constructed properties made up 6.7 per cent of the residential market in 2011, down from a high of 15 per cent during the boom of the past decade. Last year marked the worst year for the industry in records going back to 1963, as builders sold 306,000 new homes, down from 323,000 in 2010. 
Reports last week adding to evidence housing is on the mend. Residential construction permits, a proxy for future work, jumped to a four-year high in July even as housing starts fell from the fastest pace in more than three years. The National Association of Home Builders/Wells Fargo index of builder confidence rose in August to the highest level since 2007.

PulteGroup, the largest US homebuilder by revenue, posted a better-than-estimated profit and a 32 per cent jump in orders in the second quarter. AV Homes, which develops properties in Florida and Arizona, said it closed on 41 per cent more houses in the second quarter compared to a year earlier, and contracts signed, net of cancellations, more than doubled.

“The housing market continues to gain momentum,” Allen Anderson, chief executive officer of AV Homes, said on an August 7 earnings conference call. “We are no longer battling the headwinds of the housing recession.”

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US. New Rules on Mortgage Servicing

US. New Rules on Mortgage Servicing : The U.S. Consumer Financial Protection Bureau today proposed new regulations that would revamp how American homeowners interact with mortgage servicers.

One set of rules aims to provide homeowners with clearer, timelier information about changes to interest rates and options for avoiding foreclosure. A second set of rules requires servicers to credit payments promptly, correct errors, stay accessible and limit foreclosures if homeowners are working on loan modifications.

“Millions of homeowners are struggling to pay their mortgages, often through no fault of their own,” CFPB Director Richard Cordray said in an e-mailed statement. “These proposed rules would offer consumers basic protections and put the ‘service’ back into mortgage servicing.”

Cordray summed up the policy underpinning the rules as “no surprises and no runarounds.” The bureau is seeking public comment on the proposals by Oct. 9, and will finalize them by January 2013.

The proposal would cover major bank servicers, such as Bank of America Corp. (BAC), as well as smaller non-bank players like Ocwen Financial Corp. (OCN)

Isaac Boltansky, an analyst with Compass Point Research & Trading LLC in Washington, said in a research note that the new rules would support a “secular shift in the mortgage servicing industry” away from big banks toward specialty servicers like Ocwen.

“We expect the big bank servicers to offload a sizable portion of their servicing assets,” Boltansky wrote.

The new regulations go beyond the standards for mortgage servicing that state attorneys general wrote into a court settlement reached with major banks on March 12, according to a senior CFPB official who briefed reporters on condition of anonymity. For example, the CFPB proposal requires servicers to acknowledge receipt of complaints or information requests within 5 days, and respond to the borrower about the inquiry within 30 to 45 days.

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Mortgage Rates August 7, 2012‎

Mortgage Rates August 7, 2012, Citigroup, Wells Fargo,JPMorgan Chase, Current Mortgage Rates 8/7/2012‎ : Mortgage interest rates moved up Tuesday as banks saw an opportunity to make adjustments to their historically low loan products. SunTrust Banks, Inc. (NYSE:STI) has lowered their lending rates while PNC Financial Services (NYSE:PNC) and other banks raised their rates. The 10-year bond yield, which is used as a common standard for the 30-year mortgage interest rate, moved down one basis point to 1.59 percent.

Citigroup Inc. (NYSE:C)
The third-largest US bank by assets is setting up an investment-banking joint venture in China that will provide access to the world’s second-biggest market for share sales. Pan Xinjun, who is a chairman of partner Orient Securities Co, will lead the venture’s six-member board of directors, and Ma Ji was named as CEO, according to an e-mailed statement released by the New York-based bank yesterday.

The 800 million yuan or $126 million capital registration has been made by Shanghai-based Citi Orient Securities Co Ltd. Citigroup Inc. (NYSE:C) reported the gain of +4.23% and closed at $28.56 with the total traded volume of 36.90 million shares. Stock opened at $27.58 and its shares hit the day low of $27.41 and day high of $28.73.

Wells Fargo & Company (NYSE:WFC)
The San Francisco- based bank lost about 1% with the closing price of $34.
The overall volume in the last trading session was 13.99 million shares. Its fifty two week range was $22.58-$34.80. The total market capitalization remained $179.37 billion.

Other statistics show that WFC is ahead of its 52 week low 52.91% and its last month price volatility remained 1.87%. Its beta value stands at 1.32 with a target price of $38.52. The bank’s current year earnings per share grew 27.71% while the five year EPS growth rate was +2.71%. WFC has positive year-to-date performance of +24.68%.

JPMorgan Chase & Co. (NYSE:JPM)
The New-York based bank closed up yesterday amid a report that it has faulted a plan by the trustee liquidating Peregrine Financial Group Inc. to ask for customer documents directly from Chief Executive Officer James Dimon, calling it an inefficient and unnecessary move. JPM is ahead of its 52 week low with 33.25% and its last month price volatility remained 2.34%

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Tesco Bank fixed-rate and tracker mortgages

Tesco Bank fixed-rate and tracker mortgages : Tesco on Saturday drove its shopping trolley into the mortgage market with the launch of a range of home loans. It said the move, which comes nearly three years after it first outlined plans to launch a full-service retail bank, was a major milestone towards its goal.

From Monday Tesco's banking arm will offer a range of fixed-rate and tracker mortgages, available to homebuyers and those remortgaging. The deals will not be offered in stores but online or by phone from Tesco Bank's UK-based customer service team. Deals will not initially be offered through mortgage brokers.

Tesco first outlined plans to build a full-service bank in autumn 2009. The initial plan was to launch a chequebook account in 2010 and later add small business banking. It passed up the chance to buy the Northern Rock "good bank" as a quick way into the home loan market, saying it did not need the brand or branch network. Some brokers and commentators were disappointed that the launch lacked any market-leading products, particularly as the company's arrival in the market has coincided with a mortgage price war on the high street that has pushed some rates down to record low levels.

Tesco's rates start at 3.19% for a two-year fixed rate where the maximum loan is 70% of the property's value, with a £995 fee. Its cheapest five-year fix is 3.89%.

Other lenders have recently launched deals with lower headline rates: West Bromwich building society has a two-year fix at 2.95% for those borrowing up to 75% of the property's value. NatWest offers a five-year fix, also at 2.95%, for people borrowing up to 60% of their home's value. These low rates typically have high product fees – £2,495 in the case of the NatWest deal.

Borrowers will pay a flat booking fee of £195 and get the option of paying a product fee of £800 in return for lower repayment rates. However, it will only lend to people with deposits of 20 per cent or more, effectively freezing first-time
buyers out of its offering.

The cheapest deal is a 3.19 per cent two-year fixed rate on a loan-to-value (LTV) of 70 per cent (where the borrower has equity or a deposit of 30 per cent). That rises to 3.59 per cent at 75 per cent LTV and 3.99 per cent where borrowers have 20 per cent to put down. Over five years the lowest rate is 3.89 per cent, while the trackers will start at the Bank of England base rate plus 2.69 per cent

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Tesco Bank Home Loans will be available august 6 2012

Tesco Bank Home Loans will be available august 6 2012, Tesco Bank mortgage market forecast, booking fee, two-year fixed rate, : TESCO Bank’s long-awaited entrance into the mortgage market will be undermined by a lack of market-leading deals and an absence of options for first-time buyers.

That’s the verdict from mortgage experts as the supermarket’s retail banking arm today announces that on its first home loans will be available from 
Monday

The new range features fixed rate and tracker mortgages over periods of two, three and five years. Charges have been kept low as the supermarket giant bids to shake up a market still dominated by high street banks and building societies.

Borrowers will pay a flat booking fee of £195 and get the option of paying a product fee of £800 in return for lower repayment rates. However, it will only lend to people with deposits of 20 per cent or more, effectively freezing first-time
buyers out of its offering.

The cheapest deal is a 3.19 per cent two-year fixed rate on a loan-to-value (LTV) of 70 per cent (where the borrower has equity or a deposit of 30 per cent). That rises to 3.59 per cent at 75 per cent LTV and 3.99 per cent where borrowers have 20 per cent to put down. Over five years the lowest rate is 3.89 per cent, while the trackers will start at the Bank of England base rate plus 2.69 per cent.

Borrowers will have the ability to overpay their mortgage by up to 20 per cent of the outstanding balance, without incurring early repayment charges, while Tesco Clubcard holders will collect one point for every £4 on their monthly mortgage repayments.

But experts warn that Tesco has its work cut out in an increasingly competitive mortgage market. HSBC triggered a new rate war last month by launching the cheapest five-year mortgage on record, only for Royal Bank of Scotland to unveil a lower rate earlier this week. The likes of Barclays, Nationwide and Santander have also slashed their best buy deals in recent weeks.

And while Tesco enters the market with competitive rates, none of them threaten the top of the best buy tables, acc­ording to Sylvia Waycot at Moneyfacts.

“It is disappointing that despite having successful cards and loans to its credit, Tesco Bank has not launched any market leading deals. Its current proposition of fixed and tracker mortgages can be beaten by what is currently on the high street,” she said.

Lorraine O’Shea, director of Honour Financial Planning in Edinburgh, said she was “underwhelmed” by the new Tesco offering. “I had hoped it might go after the likes of HSBC’s share of the direct market in terms of low LTV, low rate deals. Alternatively if Tesco were trying to compete with the likes of Nationwide, the Woolwich or Abbey, it would have needed to be far sharper at the 75 per cent LTV end of the market. It’s doing neither.”

Nor will it serve the first-time buyers that the housing market so desperately needs, she added. “The only unique feature is the added Clubcard points, which is a good marketing ploy. But in reality it’s only a small bonus and I can’t imagine why any savvy borrower would pay a higher interest rate and increase their monthly mortgage payment for this small benefit.”

Others are more impressed, however. Alison Mitchell, mortgage expert at IFA Robson Macintosh, said: “The deals will stand them in good stead in this ever- competitive mortgage market. Free legals and valuation costs always help when homeowners are looking at switching their mortgage.

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CML Top Largest mortgage lenders 2011

CML Top Largest mortgage lenders 2011 : Data from the Council of Mortgage Lenders for 2011 showed Nationwide had become the third largest mortgage lender, up from fifth place in 2010, overtaking RBS.

Santander was nearly £5bn behind at £23.7bn and an estimated market share of 16.8%. Both Barclays and Nationwide come in at joint third lending £17.1bn with an estimated market share of 12.1%.

Royal Bank of Scotland meanwhile lent £14.6bn – netting a market share of 10.4% - down from 12% the year before – while HSBC lent £13.3bn with an estimated market share of 9.4% - up from 8.3% the previous year.

Northern Rock, Yorkshire Building Society and Coventry all increased lending levels with Yorkshire lending an extra £1.3bn on the previous year compared to £0.5bn for both the Rock and Coventry, averaging a 3% market share.

ING Direct lent an extra £1.9bn on the previous year at £3bn with a market share of 2.1% while Cydesdale Bank also lent an extra £1bn at £2.7bn with an estimated market share of 1.9%.

Co-operative Financial Services was significantly down on its 2010 figures, lending just £1.6bn compared to £3.3bn the previous year – but still maintaining a top 12 slot with an estimated market share of 1.1%.

Lending at Skipton was up, however, with the society lending an extra £1.1bn compared to 2010’s £0.4bn. Leeds, ranked 14th in the CML table, only managed to lend £1.2bn – up £200 million on the previous year and with a market share of 0.9%.

Principality remained static – lending exactly the same as the year before at £800 million with a market share estimated at 0.6%.

Bank of Ireland dropped three places down the table to number 15, with lending reduced £300 million from £1.2bn the year before and reducing its market share to 0.6%.

Lending at UBS was up £300 million from the year before, shooting it up the league table from 24 to 17 with an estimated market share of 0.3%.

Nottingham remained static at £400 million and a share of 0.3% while Aldermore Mortgages also went from 24 last year to joint 17 in the league table, increasing its lending by £300 million and giving it a 0.3% share of the market.

Aviva equity Release, 16th in the table last year, dropped to 20th with a 0.2% market share. Lending levels were down £100 million on the previous year at £0.3bn.

The CML says: “The data show that, although lending remains heavily concentrated in the hands of the six largest lenders (an overall pattern that has been reinforced by the credit crunch), the next tier of medium-sized lenders increased their market share last year.

“The six largest lenders advanced mortgages worth £113.8 billion in 2011, compared to £110.8 billion in the preceding year.

“However, despite increasing their amount of lending in absolute terms, their share of the total advanced showed a modest decline in 2011 (from 81.9% in 2010 to 80.7% last year).”

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U.S. home mortgages rates july 25, 2012

U.S. home mortgages rate july 25, 2012 : Applications for U.S. home mortgages jumped last week on a surge in demand for refinancing, though purchase activity edged down, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, climbed 16.9 percent in the week ended July 13.

The MBA's seasonally adjusted index of refinancing applications posted the biggest jump in seven months, rising 21.6 percent as mortgage interest rates hit record lows.

But the gauge of loan requests for home purchases, a leading indicator of home sales, dipped 0.1 percent.

The refinance share of total mortgage activity rose to 80.1 percent of applications from 77 percent the week before.

Fixed 30-year mortgage rates fell to yet another record low, averaging 3.74 percent and down 5 basis points from 3.79 percent.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

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Why MBS prices down july 25, 2012

Why MBS prices down july 25, 2012, Mortgage Rates 7/25/2012 : Hints that the European Central Bank (ECB) may expand its aid programs caused investors to shift to riskier assets, and MBS moved lower this morning. The results from the 5-yr Treasury auction will come out around 1:00 et.

June New Home Sales declined 8% from May to an annual rate of 350K units, below the consensus of 375K.

This chart shows the change in mortgage-backed securities (MBS) prices from today's market open at 8:00 AM ET and tracks how MBS prices have changed until the time of this post. The vertical-axis reflects the change in MBS pricing as measured in 32nds. Each 32nd is equal to 3.125 basis points.

Falling MBS prices result in higher mortgage rates. Rising MBS prices result in lower mortgage rates. MBS pricing provided by MBSQuoteline.

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China home prices juni 2012

China home prices juni 2012 : China home prices were flat in June versus May, calculations based on official data showed on Wednesday, breaking eight straight months of decline in a tentative sign that pro-growth government economic policies are gaining traction.

Real estate was cited by the National Bureau of Statistics last week as a restraint on economic activity in the first half of 2012 when it published data revealing Q2 GDP growth of 7.6 percent from a year ago - the slowest expansion in more than three years and the sixth successive quarter of easing growth.

The statistics bureau's month-on-month data showed Beijing home prices rose 0.3 percent while Shanghai's gained 0.2 percent, although the two key cities saw year-on-year price falls of 1 percent and 1.5 percent, respectively.

Home prices nationwide were down 1.5 percent in June on a year earlier, according to Reuters calculations based on the official data.

"With home transactions rising, home prices in some cities have seen a month-on-month increase," Ma Xiaoming, a senior statistician at the National Bureau of Statistics said in a statement accompanying the data.

For Shanghai and Guangzhou, which both showed a month-on-month rise of 0.2 percent, it was the first increase since June last year.

New home prices fell in 21 cities month-on-month in June, down from 40 in May and 2011's peak of 52 in December. Year-on-year, new home prices dropped in 57 cities last month, versus 54 in May.

That confirms a clear trend since the start of this year that a declining number of the 70 cities monitored by the National Bureau of Statistics have seen sequential home price falls, while remaining weak in year-on-year terms.

China does not have an official index for nationwide home prices, and Reuters weighted index showed average home prices in the 70 cities have been edging down since October.

Wednesday's data is in line with the findings of a Reuters poll taken last week, which predicted a 1.4 percent drop in house prices for the first half of 2012 and a rise of 2.5 percent in the second half.

"Upward movement is surely the direction of China's home prices after two rate cuts," said a salesman surnamed Shao who is marketing a housing development by Poly Real Estate in Beijing.

China has cut benchmark interest rates twice in the space of a month and freed banks to further discount borrowing costs by up to 30 percent more as policymakers made clear they would act decisively to rekindle growth in the second half of 2012.

The government has stopped short of an outright easing of rules to curb property speculation, but policy tweaks by more than 30 local governments in the past few months have made it easier for people to buy homes, boosting property sales and changing market sentiment.

Home prices, however, remain well beyond the reach of most middle-class families and China's Premier Wen Jiabao has repeatedly pledged to pull the cost down to a "reasonable level," though without defining what that level is.

Property sales swung into positive growth in June for the first time in eight months and a 6.9 percent annual growth in China's property sales revenues in June - snapping a seven-month losing streak - both bode well for recovery prospects.

And city authorities in Beijing sold a land parcel at a record high of more than 40,000 yuan ($6,300) a square metre in an auction last week, with the winning bid capped to keep it from going too high for what analysts consider to be Beijing's last available plot for residential development.

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mortgage interest rates prediction next week june 11-15 2012

mortgage interest rates prediction next week june 11-15 2012 : Last week Homes.org forecast that mortgage interest rates would like hold steady or drop a few basis points which is exactly what happened this week. In their latest report Homes.org discusses what led to the decrease in mortgage interest rates and economic events this week that could have an effect on rate in the coming weeks. This week the 30-year fixed rate mortgage dropped 2 basis points and the 15-year fixed rate went up 1 basis point.

Current mortgage interest rates are:

3.92% - average rate for a 30-year fixed rate mortgage
3.16% - average rate for a 15-year fixed rate mortgage

As Homes.org reported the struggling European economy and lower than expected jobs numbers last week kept interest rates at record lows. Drops in the stock market also contributed to the decline in rates. This week only one economic report was released, however Fed activities were closely watched by those in the mortgage industry.

Below is an overview of this week's most important economic activity.

Monday: April Factory Orders
Wednesday: Fed Beige Book Release
Thursday: Fed Chairman Bernanke Congressional Testimony

The week started out with disappointing economic news when the April Factory Orders report showed a 0.6% drop. This was the second consecutive month of decline.

Despite this set back the Fed Beige Book that was released this week pointed towards moderate economic growth in the U.S. The Fed Beige Book is made up of reports from 12 Federal Reserve districts throughout the country and provides an in-depth look at economic conditions nationwide. Many experts consider the Beige Book to be one of the best indicators of how the economy is fairing and what the economic conditions are likely to be in the months to come.

Job seekers will be encouraged to hear that despite the poor Jobs report last week the Fed said that, “hiring was steady or showed a modest increase. Economic outlooks remain positive, but contacts were slightly more guarded in their optimism.”

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