Mortgages In Forbearance Dip Slightly In New Year

The share of US mortgages in forbearance edged down slightly last week, though 2.7 million homeowners are still pausing their mortgage payments, according to the weekly report released Monday by the Mortgage Bankers Association. The weekly survey found: Total loans in forbearance as of January 3 decreased from 5.53 percent to 5.46 percent.The share of Ginnie Mae loans in forbearance decreased from 7.92 percent to 7.85 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.24 percent to 3.19 percent.The share of independent mortgage banks in forbearance dropped from 6.01 percent to 5.92 percent.Bank-managed mortgages dropped from 5.44 percent to 5.39 percent. “The share of loans in forbearance slightly declined for each investor category entering the…

“Million-Dollar Cities” Surge In 2020

The number of “million-dollar cities” surged significantly last year as home values climbed amid the Covid-19 pandemic, according to a report released Monday by Zillow. There are now 312 cities where the typical home value is at least $1 million, with 45 added to the list in 2020, the Zillow analysis found. Overall, the typical value of a home in the United States is $263,000. “In 2020 home values soared nationwide because of incredible demand across all price tiers, which we expect to continue well into 2021,” Zillow senior economist Chris Glynn said. “Despite the label, there are homes available in these communities for less than $1 million, but buyers must be realistic about their wish list and act quickly…

Want To Buy A House? Good Luck Finding One

The number houses for sale in the United States reached a record low in December, realtor.com reported Thursday in its Monthly Housing Trends Report. There were fewer than 700,000 homes for sale in the US for the first time in the report’s history. The report found: The number of homes for sale was down 39.6 percent – which amounts to 449,000 fewer homes for sale than last December.The median listing price grew 13.4 percent over last year to $340,000.Homes sold in 66 days on average in December, which is 13 days faster than last year. “The shortage of homes for sale has been an ongoing issue for the last couple of years, but in December the combination of the holiday…

New Year, New Record For Mortgage Rates

The new year brought the same old story – record low mortgage rates. Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday showed the 30-year fixed-rate mortgage plunged to their lowest levels in the survey’s history, dating back to 1971. The survey found: The 30-year fixed-rate mortgage averaged 2.65 percent with an average 0.7 point, down from last week’s 2.67 percent and 3.64 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.16 percent with an average 0.6 point, down from last week’s 2.17 percent and last year’s 3.07 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.75 percent with an average 0.3 point, up from last week’s when it averaged 2.71 percent and last year’s 3.30 percent. “A new…

Weekly Mortgage Apps Up 3% Over Last Year

Mortgage applications closed 2020 slightly lower than mid-December, according to the latest weekly survey released Wednesday by the Mortgage Bankers Association. Overall, applications were down 4.2 percent from two weeks earlier – with the Refinance Index down 34 percent and the Purchase Index down 0.8 percent. Year over year, however, refinances were up 100 percent from this time last year while purchases were up 3 percent. The FHA share of total applications remained unchanged from 10.1 percent. The VA share of total applications increased to 13.6 percent from 12.1 percent and the USDA share of total applications increased to 0.4 percent from 0.3 percent. “The steady demand for home buying throughout most of 2020 should continue in 2021,” said Joel…

2.7M Mortgages Remain Paused At End Of 2020

New year, same old story when it comes to the number of homeowners in forebearance plans in the United States. The total number of mortgages in forbearance remained unchanged in the last Mortgage Bankers Association report released Tuesday, with 2.7 million homeowners pausing their mortgages as of December 27. The weekly report found: Total loans in forbearance remained unchanged relative to the prior week at 5.53 percent.The share of Ginnie Mae loans in forbearance increased from 7.87 percent to 7.92 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.26 percent to 3.24 percent.Independent mortgage bank-managed mortgages in forbearance decreased from 6.04 percent to 6.01 percent.Bank-managed mortgages increased from 5.43 percent to 5.44 percent. “The share…

US Home Value Gap Shrinks Among Races

The value for Black and Latino-owned homes lags behind overall home values, but the gap is narrowing, according to a new analysis released Tuesday by Zillow. The analysis found that Black and Latino-owned homes are worth 16.2 percent and 10.2 percent less than the typical U.S. home – values that have closed by roughly 4 percentage points in recent years. “It has taken nearly a decade for the home value gap to return to pre-recession levels, but still, the gap remains very large,” Zillow economist Treh Manhertz said. “With Black and brown communities and jobs hit disproportionately hard in the pandemic, there has been reason to worry another dip may be on the horizon that could slow or stop the…

Mortgage Rates Close 2020 Near Record Lows

Mortgage rates closed 2020 where they spent much of the year – near historic lows. For the week ending December 31, Freddie Mac’s weekly Primary Mortgage Market Survey found: The 30-year fixed-rate mortgage averaged 2.67 percent with an average 0.7 point, up slightly from last week’s record low 2.66 percent and well below last year’s 3.72 percent.The 15-year fixed-rate mortgage averaged 2.17 percent with an average 0.7 point, down from last week’s 2.19 percent and last year’s 3.16 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.71 percent with an average 0.4 point, down from last week’s 2.79 percent and last year’s 3.46 percent. “All eyes have been on mortgage rates this year, especially the 30-year fixed-rate, which has dropped more…

November Sets Record For Pending Home Sales

Pending home sales declined for the month in November but remained significantly higher than a year earlier, according to a new report released Wednesday by the National Association of Realtors. Contract signings were up 16.4 percent from November 2019 – and were a record high for the month of November. Still, sales decreased 2.6 percent from October. “The latest monthly decline is largely due to the shortage of inventory and fast-rising home prices,” said Lawrence Yun, NAR’s chief economist. “It is important to keep in mind that the current sales and prices are far stronger than a year ago.” Regionally, the Northeast Pending Home Sales Index was 15.3 percent higher than November 2019 (and down 3.3 percent for the month),…

Prices, Sales Up In Tight US Housing Market

Home prices surged 14 percent and pending home sales were up 34 percent year over year for the four-week period ending December 20, according to a new report released Tuesday by Redfin. The medium home price for the period was $320,714, according to a market review of more than 400 metropolitan areas in the United States. The report found: New listings of homes for sale were up 12 percent from a year earlier.Active listings fell 31 percent from 2019 to a new all-time low.39 percent of homes that went under contract had an accepted offer within the first two weeks on the market – up from 26 percent a year ago.The average sale-to-list price ratio was 99.4 percent – 1.5…