More than seven months after the start of the Covid-19 pandemic, 5.8 percent of mortgages in the United States remain in forbearance, according to the latest report released by the Mortgage Bankers Association. MBA’s weekly forbearance survey found that 2.9 million homeowners are in forbearance plans, including: 5.83 percent of all mortgages were in forbearance as of October 25, down from 5.90 percent the week before.Ginnie Mae loans in forbearance decreased from 8.17 percent to 8.13 percent.Fannie Mae and Freddie Mac loans in forbearance decreased from 3.72 percent to 3.66 percent.Independent mortgage bank loans in forbearance dropped from 6.35 percent to 6.27 percent.Bank-managed mortgages held steady at 5.86 percent. “With more borrowers exiting forbearance in the prior week, the share…
Delinquency rates for commercial and multifamily property mortgages declined in October as the Covid-19 pandemic stretched into the fall, according to a survey released Monday by the Mortgage Bankers Association. The survey found: 94.6 percent of outstanding loan balances were current, up from 94.3 percent in September.3.4 percent were 90+ days delinquent, down from 3.5 percent a month earlier.0.6 percent were 60-90 days delinquent, which is unchanged from September).0.6 percent were 30-60 days delinquent, down from 0.7 percent.0.7 percent were less than 30 days delinquent, down from 0.9 percent. “Commercial and multifamily mortgage performance improved in October, but there continues to be evidence of elevated stress, especially among loans backed by retail and lodging properties,” said Jamie Woodwell, MBA’s Vice…
Renters tend to be prioritizing making monthly payments to their landlords amid the Covid-19 pandemic, according to a new analysis conducted by Freddie Mac. Freddie Mac’s study found: 93.6 percent of renters paid full or partial rent in May.94.2 percent paid full or partial rent in June. The finding most closely aligns with the National Multifamily Housing Council Rental Payment Tracker, which reported 95.1 percent in May and 95.5 percent in June. “The surveys analyzed in this report provide valuable insight into the rental market during this unprecedented time and it is important to consider what each source captures and how that fits into the bigger picture,” said Steve Guggenmos, vice president of Multifamily Research and Modeling at Freddie Mac. “The…
Mortgage rates increased this week ever so slightly as they continue to hover at historic lows during the Covid-19 pandemic, Freddie Mac announced Thursday in its weekly Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.81 percent with an average 0.7 point, up slightly from last week’s record 2.80 percent and down from last year’s 3.78 percent.The 15-year fixed-rate mortgage averaged 2.32 percent with an average 0.6 point, down from last week’s 2.33 percent and last year’s 3.19 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88 percent with an average 0.3 point, up from last week’s 2.87 percent and down from last year’s 3.43 percent. “The record low mortgage rate environment is providing tangible support to…
Sales of newly built single-family homes fell slightly in September – but remained significantly higher than a year ago, according to a report released by the National Association of Home Builders. New home sales fell 3.5 percent from August to September. The September rate is 32.1 percent higher than 2019, and new home sales are up 16.9 percent overall this year. “With sales up 32 percent from a year ago, the demand for new single-family homes remains strong as interest rates are at historic lows,” NAHB Chairman Chuck Fowke said. “However, the recent run-up in lumber and other material costs is leading to an increase in pricing.” New home sales were up across the country in 2020, including 22.5 percent…
Mortgage applications increased slightly in the latest weekly report released Wednesday by the Mortgage Bankers Association. The survey found: Mortgage applications for the week ending October 23 increased 1.7 percent from a week earlier.The Refinance Index increased 3 percent from the previous week and was 80 percent higher than the same week a year ago.The Purchase Index decreased 0.3 percent from the previous week and was 24 percent higher than the same week a year ago.The refinance share of mortgage activity increased to 66.7 percent of total applications from 66.1 percent the previous week.The adjustable-rate mortgage share of activity increased to 2.1 percent of total applications. “Mortgage applications to buy a home were flat compared to the prior week,…
The official numbers are in – and home prices continue to surge in the United States. The Federal Housing Finance Agency reported Tuesday that home prices increased 1.5 percent in August from the previous month – and a whopping 8 percent from August 2019 amid historically low interest rates and a shortage of homes on the market during the Covid-19 pandemic. For the nine census divisions, monthly house price increases ranged from 0.9 percent in the East South Central division to 1.9 percent in the West South Central division. The annual increases changes ranged from 7.2 percent in the West North Central division to 9.7 percent in the Mountain division. “This large month-over-month gain contributes to an already strong increase…
About 3 million homeowners in the United States remain in forbearance plans as the Covid-19 pandemic stretches into its eighth month, according to a new report released Monday by the Mortgage Bankers Association. MBA’s weekly forbearance survey found as of October 18: The share of loans in forbearance decreased from 5.92 percent to 5.90 percent (and down from 6.32 percent two weeks earlier).Ginnie Mae loans in forbearance increased from 8.14 percent to 8.17 percent.Fannie Mae and Freddie Mac loans in forbearance decreased from 3.77 percent to 3.72 percent.Independent mortgage bank mortgages in forbearance climbed from 6.33 percent to 6.35 percent.Bank-managed mortgages dropped from 5.93 percent to 5.86 percent. “The share of loans in forbearance declined only slightly in the prior…
Suburbs. High sales prices. And fewer dining rooms. Another survey released Monday found that the housing market remains hot during the Covid-19 pandemic – with buyers moving to the suburbs and sellers continuing to get above asking price. The survey, conducted on behalf of United Wholesale Mortgage, found: Nearly half of those surveyed who moved to a new home since March 1 moved to the suburbs.70 percent of the people surveyed who purchased a new primary home also sold their old home, with nearly 3 in 4 consumers selling their home above asking price.Nearly 60 percent of those surveyed are starting or continuing home renovations in the coming year.Of those who are creating office space for working from home, 46…
Mortgage rates have hit yet another record low. Freddie Mac announced Thursday that the 30-year fixed-rate mortgage averaged 2.80 percent for the week, the lowest rate in the history of the Primary Mortgage Market Survey dating back to 1971. The survey found: The 30-year fixed-rate mortgage averaged 2.80 percent with an average 0.6 point for the week ending October 22, down from last week’s 2.81 percent and last year’s 3.75 percent.The 15-year fixed-rate mortgage averaged 2.33 percent with an average 0.6 point, down from last week’s 2.35 percent and last year’s 3.18 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.87 percent with an average 0.3 point, down from last week’s 2.90 percent and last year’s 3.40 percent. “Mortgage rates remain…
