Good Morning! Today is Friday, December 7. President Biden accused Donald Trump of spreading a “web of lies about the 2020 election.” The Supreme Court will hear arguments today in cases challenging the Biden administration’s vaccine mandates. Canada’s ban on conversion therapy takes effect today.
And in mortgage and housing news…
Rates Climb: Mortgage rates rose to their highest level since May 2020, up to an average of 3.22%, Freddie Mac reported.
Forbearances Improve: Active forbearance plans dropped by 8% in the first week of January, according to Black Knight’s blog, Vision.
December Jobs: The US economy added just 199,000 jobs in December, far below economists’ expectations of 422,000 gains.
FHFA Changes Explained: The FHFA this week announced loan-level price adjustment changes for certain loan scenarios. Black Knight explains how these changes could impact you and your borrowers.
Winter Buying Surge: Price growth jumped back into the double-digits in December as looming rate hikes prompted buyers to act quickly, according to Realtor.com’s Monthly Housing Report.
Owning Cheaper Than Renting: ATTOM’s Rental Affordability Report found homeownership to be more affordable than renting in 58% of US counties.
Fed Chairs Announced: The Federal Reserve Board announced the chairs and deputy chairs of the 12 Federal Reserve Banks for 2022.
New Year, Same Problems: HouseCanary’s latest Market Pulse Report predicts the stock shortage will continue into 2022, with single-family prices rising 10-12% in the course of the year.
Freddie Mac Pumping Up: Freddie Mac will increase its credit risk transfer activity, increasing issuance to $7 billion in 2022.
CFPB Report: The CFPB released a report saying changes in complaint responses provided by Equifax, Experian, and TransUnion resulted in fewer meaningful responses and less consumer relief.
United Merger: United Real Estate has merged with Houston-based Texas United Realty, gaining 750 agents.