Morning Roundup (10/13/2021)– Refis Down, Application Volume Slightly Up

Good Morning! Today is Wednesday, October 13. IMF’s latest World Economic Outlook report listed Covid-19 vaccination as a top priority. Texas Gov. Gregg Abbott banned vaccine requirements for employees, including in hospitals. President Biden hasn’t nominated anyone to replace Randal Quarles as The Fed’s vice chairman. And in mortgage and housing news…

Refis Down, Loans Up: Mortgage loan application volume ticked up 0.2% last week, as refinance applications fell 16% year-over-year, according to the MBA.

MCAI Rises: Mortgage credit availability rose by 1.5% in September, according to MBA’s Mortgage Credit Availability Index.

Delinquencies Leveling Out: Delinquencies are closing in on pre-pandemic levels, with serious delinquencies at their lowest level since May 2020, CoreLogic reported.

Closing Costs: The average closing cost in the first half of 2021 rose 12.3% year-over-year to $6,837 including taxes, according to ClosingCorp.

HAUS: The price of the most common house in the U.S. rose to $349,915, according to the Common Haus Index.

IMF Warning: The International Monetary Fund warned of declines in global equity prices and home values as the Federal Reserve and other central banks withdraw pandemic policies.

New CEO: Silvio Tavares, a former trade association head and Visa executive, has been named the new president and CEO of VantageScore Solutions. 

A CFPB Lawsuit…: The CFPB filed a complaint and proposed a consent order alleging that AAG used inflated, deceptive home estimates to attract reverse mortgage consumers. 

And A PNC Lawsuit: Customers of PNC Bank have filed a class-action lawsuit in federal court for allegedly violating a Fannie Mae COVID-19 payment deferral agreement.

“It’s A Fascinating Time”: Warren Buffett explains why he thinks it’s a good time to refinance.

Sharp Drop In China: Home sales in China dropped sharply in September, causing concern over an industry that is central to the Chinese economy.

Airbnb Takeover: What happens in communities where Airbnbs replace traditional yearly rentals?