Morning Roundup (1/21/2022)– Rates Reach 3.56%, Forbearances Increase

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 blog, Vision.

2021 Existing Home Sales: Existing-home sales fell in December but totaled 6.12 million in 2021 overall, up 8.5% YOY and the highest annual level since 2006.

“New Normal” In 2022: The housing market will enter a “new normal” in 2022 as the pandemic subsides, according to the January 2022 commentary from the Fannie Mae Economic and Strategic Research Group.

Remodeling Boom To Peak: Spending for home improvements and repairs is expected to expand at a stronger pace in 2022, but signs point to a cooldown by year-end.

Phoenix In The Top 10: Phoenix, Arizona entered into the top 10 of the least affordable metros in the United States, according to a new analysis from OJO Labs.

Vulnerable Markets: New Jersey, Illinois, and parts of California had the highest concentrations of the most at-risk markets in Q4 2021, with the biggest clusters still in the New York City and Chicago areas, ATTOM’s Special Coronavirus Report found. 

Total Expert President: Customer experience platform Total Expert announced it has hired Chad Gaydos as the company’s president. 

Popular Director: Popular Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.