Good Morning! Today is Friday, March 25. The U.S. imposed new sanctions on more than 300 members of Russia’s Parliament. Some journalists have quit jobs at Russian state media outlets, citing regret for promoting lies about the war. Arizona Republicans passed a bill banning most abortions after 15 weeks of pregnancy. The Mortgage Note Reports Rates Rise: Mortgage rates continued their upward march this week, averaging 4.42%. Forbearances Up: Forbearance plans rose for a second week, pushed up by plan re-starts, though new plan starts remained steady. And in other mortgage and housing news… Affordability Down: Homebuyer affordability decreased in February, with the national median payment applied for by applicants jumping 8.3% to $1,653. “We’re Concerned”: Liz Shuler, president of…
Good Morning! Today is Thursday, March 24. Madeleine Albright has died of cancer at age 84. President Biden landed in Brussels for three back-to-back meetings with G7 leaders, NATO allies, and the European Union. The Mortgage Note Reports Biden-Harris Tackle Equity In Lending And Appraisals: Vice President Kamala Harris joined officials from the U.S. Department of Housing and Urban Development on Wednesday to announce the delivery of a plan aimed squarely at dismantling racial bias in the lending and appraisal process. New Home Sales: New home sales dropped in February for a second month, suggesting buyers are taking a step back thanks to high prices and rising mortgage rates. Housing Predictions: A panel of housing experts surveyed by Zillow said they don’t expect inventory or first-time…
Good Morning! Today is Wednesday, March 23. Russia extended a law banning criticism of the government, and a court sentenced the opposition leader Aleksei Navalny to nine more years in prison. At least one person died last night after a tornado in the New Orleans area damaged homes and knocked out power. The Mortgage Note Reports Digital Real Estate: What Is It And Who Is Interested? Millions of dollars are being spent on digital real estate as investors take their money to the land of the Metaverse and Tyrone Townsend is taking a look at this new virtual opportunity. Applications Down: Mortgage loan application volume plummeted by another 8.1% last week as interest rates rise. IMB Profits Down:IMBs and mortgage…
Good Morning! Today is Tuesday, March 22. The U.S. is opposing Poland’s idea of sending troops into Ukraine. President Biden warned companies that Russia was considering cyberattacks in retaliation for sanctions. Miami Beach officials issued a curfew after two shootings during spring break. The Mortgage Note Reports Invasion Of Ukraine, Inflation To Take Toll On U.S. Housing Sector: Russia’s invasion of Ukraine and its implications for the global economy has some experts saying the housing market in the United States will be impacted. Soaring Housing Costs: The average monthly asking rent in the U.S. rose 15% YOY but were once again outpaced by mortgage payment growth, up 31% YOY. AIMI Falls: The Freddie Mac Multifamily Apartment Investment Market Index fell …
Good Morning! Today is Monday, March 21. Wheat, corn, and barley are trapped in Russia and Ukraine, threatening a global food shortage. The Senate begins hearings today for Ketanji Brown Jackson, Biden’s Supreme Court nominee. A China Eastern Airlines flight carrying more than 130 people crashed in southern China. The Mortgage Note Reports Unfair Discrimination In Consumer Finance Targeted: The Consumer Financial Protection Bureau is targeting discrimination. Existing-Home Sales: Existing-home sales were down 7.2% from January to February and 2.4% from one year ago, NAR reported. Deephaven COO: Lisa Heitzmann has been appointed Chief Operating Officer at non-QM lender Deephaven Mortgage. And in other mortgage and housing news. Hispanic Homeownership: Last year was the best for Hispanic homeownership in the U.S. since 2008 by percent, but Hispanics are 81%…
Good Morning! Today is Friday, March 18. Moderna asked the FDA to authorize a second COVID booster dose for all adults. Russian forces remain stalled outside Kyiv, taking heavy casualties. A 13-year-old was driving the truck that hit a van in Texas, killing nine people. The Mortgage Note Reports Race-Based Lending: The Right Way to Promote Social Justice? The Neighborhood Assistance Corporation of America (NACA) has announced a lending program for minority-owned businesses it calls “Economic Justice Loans.” Rates Break 4%:Mortgage rates averaged 4.16% this week, exceeding 4% for the first time since May 2019. Forbearances Rise: In a familiar pattern, forbearance rose by 8,000 last week (1%) after dropping to a post-pandemic low the week before. And in other…
Good Morning! Today is Thursday, March 17. An earthquake lasting more than two minutes shook the Fukushima region of Japan, killing at least three people. Starbucks’s C.E.O. will retire next month. Russia attacked a theater in southern Ukraine where civilians were hiding. The Mortgage Note Reports Rate Hike Reactions: Analysts react to the Federal Reserve’s decision to raise interest rates by a quarter of a percentage point. Fannie’s ESR: Russia’s invasion of Ukraine is rippling through the economy, prompting Fannie Mae’s ESR Group to downgrade its prediction for full-year 2022 real GDP growth from 2.8% to 2.3%. And in other mortgage and housing news… FOMC Meeting: The Federal Reserve lifted rates by a quarter-point on Wednesday, and signaled six more…
Good Morning! Today is Wednesday, March 16. Two journalists working for Fox News were killed when their vehicle came under fire outside Kyiv. Pfizer asked federal regulators to authorize a second booster shot for adults 65 and older. The Senate passed a bill to make daylight saving time permanent. The Mortgage Note Reports New Chair: JPMorgan Chase’s Cerita Battles has been appointed chair of NAHREP’s 2022 Corporate Board of Governors. Loans Down: Mortgage loan application volume fell 1.2% last week, with refis down for both conventional and government loans. And in other mortgage and housing news… Ginnie EVP: Ginnie Mae President Alanna McCargo announced the appointment of the GSE’s first Latino Executive Vice President, Sam Valverde. Latino Homeowners: Realtor.com’s 2022…
Good Morning! Today is Tuesday, March 15. U.S. tech stocks and oil prices fell Monday as investors assessed new Covid-19 outbreaks in China. The police arrested a suspect in a series of shootings of homeless men in New York City and Washington, DC. Idaho passed an abortion bill similar to the one in Texas. The Mortgage Note Reports Funding Awarded To Help The Homeless: The U.S. Department of Housing and Urban Development has announced over $2.6 billion to fund roughly 7,000 local homeless housing and service programs throughout the country. CoreLogic: Single-family rents increased by 12.6% YOY in January to reach another historic high, with Miami seeing 40% growth YOY. Vacation Demand: Demand for vacation homes has cooled down after…
Good Morning! Today is Monday, March 14. Russian forces hit Kyiv with heavy artillery strikes this morning after days of fighting in the suburbs. Barack Obama tested positive for Covid-19. Less than two months after announcing his retirement, quarterback Tom Brady said he will return to the Tampa Bay Buccaneers and play again. The Mortgage Note Reports Help Us Highlight Those Who Are Supporting The People Of Ukraine: The people of the world are watching the horror unfolding in Ukraine, and we at The Mortgage Note want to highlight those in the housing industry who are stepping up to help. AIME Lobbying: AIME is teaming up with lobbying firm Forbes Tate Partners to represent brokers in government affairs. Cash Is…
