|By Marketwired .||
|February 10, 2014 01:37 PM EST||
CHICAGO, IL--(Marketwired - February 10, 2014) - Guaranteed Rate, one of the ten largest retail mortgage companies in the nation, issued its first national mortgage data summary, providing a snapshot of the U.S. mortgage market. The data is based on more than 55,000 loans funded by Guaranteed Rate coast to coast during 2013, totaling nearly $16 billion.
Overall loan volume was up by 5% nationwide in 2013 on a year over year basis, fueled by growth in purchase loan volume of 17 percentage points compared to 2012. The growth in purchase loans offset a year over year decline in refinancing activity, an industrywide slowing caused by the mid-year rise in interest rates. Overall loan volume was split nearly evenly between purchase and refinance volume in 2013, where 2012 saw nearly two-thirds of loan volume coming from the refinance market.
- The median purchase price rose 13% in 2013, tracking a national trend of rising home prices and lack of housing supply in many markets nationwide.
- The 30-year fixed loan remained the most popular option for homebuyers, accounting for approximately 73% of overall loan volume, while 15-year fixed loans accounted for 13%, and ARMs accounted for 9%. Total ARM volume increased by nearly 50% year over year.
- Nationally, the average credit score per loan held steady, declining less than one percent compared to 2012. The average real estate taxes paid per loan declined approximately 9%, from $5,933 to $5,377.
- The 20% down payment was the most popular option for homebuyers in 2013, accounting for 55% of all purchase loan volume, a 5-point percentage increase from 2012.
- Investor activity continued to climb steadily in 2013, as the total number of loans for investment properties rose 35% over 2012, boosting their percentage of overall loan volume by 2% year over year to 8%.
"These numbers reflect the mortgage market of 2013 -- a strong purchase market and a refinance market falling off after interest rates rose at the start of the third quarter," said Ted Ahern, Guaranteed Rate's chief financial officer. "The lack of housing inventory in many areas is helping to boost home prices, but the increase in investor activity is a positive sign for the market moving forward."
Guaranteed Rate also issued summaries of mortgage activity in five major U.S. markets:
New York/New Jersey metro: Rising home values were the big story in this area, as the median purchase price jumped 21 percent over 2012, from $405,000 to $490,500. Purchase loan volume went up 12 percentage points over the previous year to 49% of overall volume. ARM volume tripled year over year to 18% of total loan volume in 2013 from 6% in 2012. Investment property loan volume ticked up 1 percentage point to 6% of overall volume.
Chicago metro: Purchase loan volume leaped 20 percentage points over 2012 to 52% of overall loan volume in 2013, with a corresponding drop in refinance volume due to higher rates. Median purchase price for the region went up 7 percent year over year, from nearly $276,000 to $296,000. Median prices in the city of Chicago also went up 10%, from $324,000 to $355,300. ARM volume increased 3 percentage points in 2013 to 11% of overall loan volume. Investment property loans went up 1 percentage point to 7% of total volume across the area.
Southern California (Los Angeles/San Diego metro): This is another region that saw a large increase in the median purchase price, soaring 23 percent over 2012, from $306,300 to $376,000. Purchase loan volume increased by 7 percentage points year over year to 54% of total volume, and ARM volume more than doubled, going from 3% of loan volume to 8%. In turn, 30-year fixed loan volume dropped 3 percentage points from 2012 to 2013.
San Francisco Bay Area: Median home purchase prices in the Bay Area continued their steady rise, jumping 10 percent over 2012, from $450,000 to $496,000. Purchase loans went up 19 percentage points year over year to 50% of overall volume. With rising interest rates, buyers returned to ARMs in the region, with volume quadrupling in percentage points, from 3 percent to 12 percent. Investment property volume ticked down as a percentage decline by a slight one point, to 15% of overall volume.
Boston metro: Housing prices held steady in the region, with the median purchase price going up 3 percent, from $374,500 to $385,400. Purchase loans rose more dramatically, however, going up 22 percentage points over 2012 to 47% of overall volume. 30-year fixed loan volume shook off higher rates in the area, rising 8 percentage points year over year to 70% of overall volume. Investment property loan volume went up by 2 percentage points year over year, to 8% of total volume.
DATA SOURCE: Guaranteed Rate Inc.
©Copyright Guaranteed Rate Inc., 2014
About Guaranteed Rate
Guaranteed Rate is one of the ten largest retail mortgage companies in the U.S. and is Revolutionizing Life's Biggest Purchase™ by offering industry-leading self-service tools and low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service. Headquartered in Chicago with approximately 170 offices across the U.S. and licensed in all 50 states, Guaranteed Rate has helped hundreds of thousands of homeowners with more than $65 billion in home purchase loans and refinances since 2000. Guaranteed Rate was recently named the No. 1 mortgage company in America by Mortgage Executive Magazine and was recognized by Inc. magazine as the No. 4 private company job creator in the U.S. Visit www.guaranteedrate.com for more information.
Shawn Malayter, Vice President of Public Relations
If you haven’t heard yet, CollabNet just put out some very big news for managing and gaining value from DevOps. We introduced CollabNet DevOps Lifecycle Manager (DLM) — a platform designed exclusively for providing a single pane of glass, dashboard, and traceability views across your DevOps toolchain and processes from planning to operations and that can be traced back to planning and development.
Dec. 10, 2016 02:45 PM EST Reads: 861
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 02:45 PM EST Reads: 1,226
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Dec. 10, 2016 02:30 PM EST Reads: 2,041
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Dec. 10, 2016 01:45 PM EST Reads: 659
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
Dec. 10, 2016 01:00 PM EST Reads: 388
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
Dec. 10, 2016 01:00 PM EST Reads: 1,238
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Dec. 10, 2016 12:45 PM EST Reads: 2,137
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Dec. 10, 2016 12:30 PM EST Reads: 1,966
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Dec. 10, 2016 12:15 PM EST Reads: 7,468
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 10, 2016 12:15 PM EST Reads: 2,281
"MathFreeOn.com is a line coding platform for engineers and scientists. When they want to solve an engineering problem and they have to use software - they have to pay a lot of money for licenses - but with MathFreeOn you don't have to pay a lot of money. Just go to our site and write the code and you can check the result right away," explained Simon Lee, CMO of MathFreeOn, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Cla...
Dec. 10, 2016 12:00 PM EST Reads: 491
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Dec. 10, 2016 12:00 PM EST Reads: 783
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Dec. 10, 2016 12:00 PM EST Reads: 1,092
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Dec. 10, 2016 12:00 PM EST Reads: 2,400
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 10, 2016 12:00 PM EST Reads: 2,412