Good Morning! Today is Friday, January 28. Economic output in the U.S. grew 5.7% over the past year, the biggest annual increase in decades. Biden told Ukraine’s president that the U.S. was ready to respond forcefully to any Russian aggression. A federal judge revoked Gulf of Mexico oil and gas leases, ruling the Biden administration failed to consider climate change when it sold them. The Mortgage Note Reports Predicting The Future: Higher interest rates will be a big issue for homebuyers in 2022. Will they drive down mortgage business? Rates Settle: After weeks of steadily rising, interests rates stayed steady last week, averaging 3.55%. Black Knight: Forbearance exits rose for the second week in a row, up by 19,000 plans…
Good Morning! Today is Thursday, January 27. Supreme Court Justice Stephen Breyer is retiring. Neil Young is removing his music from Spotify, saying it has become “the home of life-threatening Covid misinformation.” The U.S. rejected Russia’s demands that NATO retreat from Eastern Europe and bar Ukraine from ever joining, but offered other areas of negotiation. The Mortgage Note Reports Rate Increases Into 2023: At least one economist says the Federal Reserve is already behind the inflation curve, and the mortgage industry should expect interest rate increases into 2023. Down, Up, Then Back Down: Mortgage loan application volume fell 7.1% from last week, with refis tumbling 13%, MBA reported. “Appropriate Pricing Policies”: CHLA sent a letter to FHFA Acting Director Sandra…
Good Morning! Today is Wednesday, January 26. Federal prosecutors are reviewing fake Electoral College certifications that declared former President Donald Trump the winner of states that he lost. Former Boston Red Sox star David Ortiz has been elected to the National Baseball Hall of Fame. The Mortgage Note Reports House Price Index: House prices rose 1.1% nationwide in November, according to the latest FHFA House Price Index. HUNT COO: HUNT Mortgage Corporation has hired Bindiya Jain of Shrewsbury, Massachusetts as its Chief Operating Officer. And in other mortgage and housing news… The Fate Of Zillow: Zillow’s near-term fate “hinges upon a delicate market balance the likes of which we’ve never quite seen,” Laura Forman argues in the Wall Street Journal.…
Good Morning! Today is Tuesday, January 25. President Biden was caught cursing about a Fox News reporter on a hot mic. Stocks continued a selloff at the opening bell this morning as investors worry over Fed policies and global politics. The Supreme Court will hear cases challenging affirmative action, focused on Harvard and the University of North Carolina. In mortgage and housing news… The Mortgage Note Reports Victims of Mortgage Ponzi Scheme Can Seek Compensation: People who were victimized by what investigators have called the biggest Ponzi scheme in New Hampshire history can apply for compensation. Big Cities Making A Comeback: More expensive, populated housing markets appeared on the quarterly Wall Street Journal/Realtor.com® Emerging Housing Markets Index, which could signal…
Good Morning! Today is Monday, January 24. Biden is considering sending troops to Eastern Europe in response to fears of a Russian incursion into Ukraine. Virginia’s Republican attorney general fired a top Jan. 6 investigator from his job at the University of Virginia. The Kansas City Chiefs beat the Buffalo Bills, and the LA Rams beat the Tampa Bay Buccaneers. TMN REPORTS: Finding A Mortgage On Your Phone: The typical American spends between five and six hours a day on their mobile phone, so mortgage companies are developing new technologies to help them meet consumers where they are. Freddie Mac Forecast: Purchases Up, ReFi’s Down in 2022: Freddie Mac’s latest Quarterly Forecast predicts that rising rates will lead to moderation in…
Good Morning! Today is Friday, January 21. Legendary rockstar Meat Loaf has died. Congressional Democrats urged Biden to overhaul the criteria for drone strikes, citing “repeated civilian casualties.” The Supreme Court let the Texas abortion law stay in effect, rejecting a request for quick action. In mortgage and housing news… TMN Reports: The average person is feeling the effects of inflation along with rising interest rates and some experts say that can be traced back to investors on Wall Street. TMN Reports: Mortgage rates continue to rise, reaching an average of 3.56% this week, Freddie Mac reported. TMN Reports: As forbearance exits yet again hit an expected mid-month slowdown, resulting in an increase in active plans, according to Black Knight’s…
Good Morning! Today is Thursday, January 20. President Biden suggested he would break up his climate and social spending bill to improve the chances of passage. Senate Democrats failed to alter the filibuster to pass voting legislation, with Joe Manchin and Kyrsten Sinema voting with Republicans. Starbucks rescinded its vaccination requirement after the Supreme Court struck down Biden’s mandate. And in mortgage and housing news… Loan Applications Surge: Mortgage loan application volume rose 2.3% from last week, MBA’s weekly survey reported. Acceleration In Full Swing: Monthly home value appreciation accelerated for the first time since July as potential buyers continue to outnumber new listings, driving December inventory to an all-time low. New Home Purchase Apps Down: Mortgage applications for new…
Good Morning! Today is Wednesday, January 19. Microsoft is buying Activision Blizzard in a $75 billion deal. Gilead Sciences is accusing suppliers and distributors of selling fake versions of its HIV medications. The House committee investigating the Jan. 6 riot issued subpoenas to Rudy Giuliani and three other Trump allies involved in efforts to overturn the 2020 election results. And in mortgage and housing news… Finding A Place For Fido: As pet owners think about what their next move will be if they have to sell their homes due to the economic backlash of the pandemic, some organizations are advocating for increasing options for renters with dogs and cats. Forbearances Down: The total number of loans now in forbearance fell…
Good Morning! Today is Tuesday, January 18. China’s economy grew by only 4% in Q4 2021, worrying the international community. Communications to Tonga are still fraught after a volcanic eruption in the Pacific, hampering aid. Airlines warned of grounded flights this week if AT&T and Verizon deploy more 5G technology, which they say interferes with altitude readings. And in mortgage and housing news… Is Home Ownership More Affordable Than Renting? A report released this month suggests that despite rising home prices it is more affordable to own a median-priced home than to rent a three-bedroom property in a majority of the United States, but it all depends on where you live. Slumping Home Sales: December homes sales saw their largest…
Good Morning! Today is Monday, January 17. It’s Martin Luther King Day, and markets are closed. Martin Luther King Jr.’s family will lead a march for voting rights today in DC as congressional Democrats vow to press ahead with legislation. The public can begin ordering free at-home rapid Covid-19 tests through a new government website on Wednesday. Four hostages at a Texas synagogue were freed on Saturday, and their captor killed. And in mortgage and housing news… No Longer A Nightmare on Elm Street: The house made famous by the 1984 horror movie “A Nightmare on Elm Street” has sold for nearly $3 million in Los Angeles after being on the market for less than three months. C&M Delinquencies Fall:…
