Good Morning! Today is Wednesday, September 8. The Taliban named a wanted man on the US terrorism list as interior minister. Bitcoin selloff has cooled after a flash crash yesterday erased billions in its value. RFK’s widow Ethel Kennedy says his assassin, Sirhan Sirhan, should not be released from prison in California. And in mortgage and housing news… Mortgage Applications Down: Mortgage applications are down again this week, with refi applications dropping 3%, according to the MBA’s latest survey. Forbearances Down, Too: The MBA reported that number of loans in forbearance fell from 3.25% to 3.23%. Residential Construction Gains: Residential construction, especially multi-family properties, grew in suburban and small metro urban core markets during Q2, NAHB’s Home Building Geography Index reported. Ginnie Mae-king…
Good Morning! Today is Tuesday, September 7. Federal pandemic unemployment aid expired yesterday, impacting seven million people. China’s exports unexpectedly expanded at a faster clip in August, shrugging off the impact of a global resurgence of the coronavirus pandemic.The U.S. has evacuated four Americans from Afghanistan into a bordering country, a State Department official said. Disney’s “Shang-Chi” set a box office record of $90 million over Labor Day weekend. And in mortgage and housing news… Light At The End Of The Tunnel: The Fannie Mae Home Purchase Sentiment Index stayed mostly the same in August, as homebuyers express more positivity about homebuying conditions. Wall Street Woes: Wall Street is bankrolling house flippers, but finding properties is a battle. “Investors like…
Good Morning! Today is Friday, September 3. The U.S. economy added just 235,000 jobs in August, far below economists’ expectations. The remnants of Hurricane Ida caused flash flooding in the Northeast, resulting in at least 45 deaths. Democrat Sen. Joe Manchin (W.V.) says he won’t support Biden-backed $3.5 trillion spending plan.And in mortgage and housing news…Market Warming: The housing market is leveling out, with smaller, more affordable homes being listed and sellers pricing more competitively as 423,000 new homes go up for sale, according to Realtor.com’s August Housing Market Trends Report. Heading For Normal: Signs of softening housing market and a leveling of mortgage interest rates have some industry observers asking if America is heading back to a ‘normal’ home-buying market.SimpleNexus Approved: Fannie Mae and Freddie Mac have approved digital mortgage platform SimpleNexus as…
Good Morning! Today is Thursday, September 2. New York Governor Kathy Hochul issued a state of emergency after remnants of Hurricane Ida caused flash flooding and power outages, resulting in at least nine deaths. A Texas law banning abortions after a fetal heartbeat can be detected (appoximately 6 weeks) took effect when the Supreme Court declined to block it. Purdue Pharma will be dissolved and the Sackler family will pay $4.5 billion to settle claims related to the national opioid epidemic.And in mortgage and housing news…Freddie Mac Says Weekly Mortgage Rates Remain Unchanged: The rate on a 30-day fixed rate mortgage averaged 2.87%, the same as last week and lower than the 2.93% average a year ago. Pending Home Sales…
Good Morning! Today is Wednesday, September 1. President Biden defended his Afghanistan withdrawal strategy in a speech Tuesday. Hospitals in New Orleans are operating on backup power after Hurricane Ida left the city powerless. Trustees for the Social Security trust fund said the program is expected to pay benefits that exceed its income in 2021. The S&P 500, Dow Jones, and Nasdaq ended August near record highs.And in mortgage and housing news… Mortgage Applications Down: Mortgage applications decreased 2.4% last week despite continuing low rates, according to the MBA’s Weekly Mortgage Application Survey. FHFA HPI: The FHFA’s Q2 House Price Index saw the largest annual gain in its history, with house prices rising 17.4% year-over-year, up from 12.6% in the…
Good Morning! Today is Tuesday, Aug. 31. The war in Afghanistan ended yesterday when the final US military plane left Kabul. President Biden, who was silent yesterday, is expected to address the nation this afternoon. Hurricane Ida left more than one million people with no electricity or water on the Gulf Coast. California ordered an evacuation along Lake Tahoe due to the Caldor fire.And in mortgage and housing news… Forbearance Numbers Hold: The number of mortgage loans in forbearance remains unchanged from last week, holding at 3.25% according to the latest report from the Mortgage Bankers Association. Freddie’s Here To Help: Freddie Mac reminded homeowners and mortgage servicers of its immediate disaster relief options for those affected by Hurricane Ida. In Further Freddie News: Freddie Mac now projects that…
Good Morning! Today is Monday, Aug. 30. Hurricane Ida made landfall in Lousiana yesterday, leaving more than a million people without power. The U.S. withdrawal from Afghanistan continues, despite multiple reports of American citizens being left behind. The EU seeks to block non-essential travel from the U.S. Millennial professionals are using their savings to take a break from working and explore new career paths. And in mortgage and housing news… Buying Power: Home buyers in June 2021 had 129% more house-buying power than in 2006, according to the June 2021 First American Real House Price Index. Experts Say: A Reuters poll of experts predicts that housing affordability is set to remain stretched or worsen in the next 2-3 years. Ida Makes…
Good Morning! Today is Friday, Aug. 27. A terrorist attack at the Kabul airport killed 13 U.S. service members and at least 90 Afghans. President Biden said airlift efforts would continue despite the attack. Capitol Police officers sued former President Trump, along with groups like the Proud Boys, over the January 6 riot, saying they incited violence against officials and police. Hawaii’s Governor David Ige asked travelers to stay home through October as hospitals struggle with rising Covid cases. And in mortgage and housing news… Mat Ishbia’s Bitcoin Play Raises Concerns: UWM CEO Mat Ishbia’s announcement that he intends to accept Bitcoin has raised questions among economists and within the industry about encouraging consumers to rely on the “volatile” cryptocurrency for their mortgage payments.…
Good Morning! Today is Thursday, Aug. 26. Reports of a looming terror attack at the airport in Kabul has added new chaos to U.S. evacuation efforts. House Democrats are putting together a sprawling, $3.5 trillion spending bill that targets climate change, poverty, college financial aid and Medicare. Delta Airlines is charging unvaccinated employees $200 more on their health plans. A federal judge in Michigan sanctioned pro-Trump lawyers who sued officials over alleged voter fraud. And in mortgage and housing news… Mortgage Rates Hold Steady: Freddie Mac announced Thursday morning that mortgage rates were essentially unchanged, at 2.87 percent. “Throwing Money At The Problem”: Neat Capital is offering refinance and mortgage applicants a $500 discount if they’re vaccinated. LA Eviction Moratorium Upheld:…
Good Morning! Today is Wednesday, Aug. 25. President Biden doubled down on the Aug 31 Afghan deadline while the Taliban blocked airport access. House Democrats passed a $3.5 trillion budget blueprint and voted to strengthen federal oversight of state election laws, a move that will likely provoke a filibuster in the Senate. A new Suffolk University poll finds Biden’s approval rating down to 41 percent. And in mortgage and housing news… Mortgage Applications Up: Mortgage applications increased 1.6% this week, along with an influx of refinance applications, according to the MBA’s weekly report. Rent Aid Funding Dragging: Just $1.7 billion in funds intended to prevent eviction were disbursed in July. The New York Times reports: “The money meted out was…
