Morning Roundup (9/14/2021)- Forbearances Drop, Cash-Out Refi Soars

Good Morning! Today is Tuesday, September 14. Californians vote on whether to recall Governor Gavin Newsom today. Chevron pledged to spend $10 billion in its new low-carbon unit, focusing on biofuels and hydrogen production. A Wall Street Journal investigation found that Facebook exempts high-profile users from its content rules. And in mortgage and housing news… Good News For Struggling Borrowers: The total number of loans in forbearance took a nosedive this week, with numbers down in every category. Cash-Outs Soar: Black Knight’s latest Originations Market Monitor report showed cash-out refinancing rose 41% in the last three months, while overall rate locks for mortgage originations increased in August. MHCs: Freddie Mac rolled out new tenant protections for manufactured home owners who…

Morning Roundup (8/24/21) – Forebearance Numbers Decrease, Refinancing Sees Boost

Good Morning! Today is Tuesday, Aug. 24. The FDA has fully approved Pfizer’s Covid-19 vaccine. The Pentagon and several major companies and universities announced new vaccine mandates, and President Biden urged others to follow suit. The officer who shot January 6 rioter Ashli Babbitt has been cleared of wrongdoing by Capitol Police. Kathy Hochul was sworn in as governor of New York during a midnight ceremony. Bitcoin is back on the rise, trading above $50,000 Monday. And in mortgage and housing news… MBA Forbearance Numbers: The total number of loans now in forbearance decreased by 1 basis point from 3.26% of servicers’ portfolio volume in the prior week to 3.25%, according to the MBA’s latest Forbearance and Call Volume Survey. Lending Startup Scores: Orlando tech…

Morning Roundup (7/23/21) — Rates Continue to Slide, Inventory Increases

Good Morning! Today is Friday, July 23. A major Internet outage on Thursday briefly took out many corporate websites including McDonald’s and FedEx. A bipartisan Senate infrastructure deal is inching closer to completion. The White House is reportedly debating whether to urge vaccinated individuals to wear masks amid the Delta variant spike. Multiple California cities are refusing to enforce L.A. County’s new mask mandate. A major “heat dome” is expected to bake the United States next week. And in mortgage and housing news…Weekly Mortgage Trend Continues Downward: Mortgage rates tracked by Freddie Mac are continuing a roughly month-long downward trend.Market Slowdown? Mortgage applications, credit availability, building permits are all down in recent weeks.Home Sales, Inventory Both Increase: Existing home sales …

Morning Roundup (7/22/21) — Mortgage Applications and Building Permits Down

Good Morning! Today is Thursday, July 22. Democrats and Republicans are clashing on Capitol Hill over the Jan. 6 Capitol Riot congressional commission. Some experts are urging widespread mask usage once more amid a modest spike in COVID cases. The wildfires in the western U.S. are so large that smoke from them has reached New York City. Netflix lost nearly half a million subscribers over the last quarter. And in mortgage and housing news…Mortgage Applications Down From Last Week: The Mortgage Bankers Association says mortgage applications dropped four percent from last week.…And From Last Year: The number of buyers filing new home purchase mortgage applications decreased by nearly 25% last month compared to last year.Building Permits Dip: The number of…

Mortgage Rates Plunge To 2.88% – Another Record

How low can they go? The 30-year fixed-rate mortgage averaged a record-low 2.88 percent, the eighth time rates set a new record this year, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday. “The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” Freddie Mac’s Chief Economist Sam Khater said. “We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.” The survey found: The 30-year fixed-rate mortgage averaged 2.88 percent with an average 0.8 point for the week ending August 6, down from last week’s 2.99…