Morning Roundup (10/8/2021)– 12-Month High In Forbearance Declines, HPSI Falls

Good Morning! Today is Friday, October 8. Senate Republicans and Democrats reached a deal to temporarily extend the debt ceiling through December. Tokyo was hit by a 6.1 magnitude earthquake. Ireland signed onto a global agreement to set a minimum 15% corporate tax rate.

And in mortgage and housing news…

Black Knight: The number of plans in active forbearance fell by 11% since last Tuesday, the largest weekly decline in twelve months.

HPSI Drops: Fannie Mae’s HPSI fell 1.2 points to 74.5 in September, as consumers continued to report that housing prices make it a bad time to buy a home.

Housing Affordability Concerns Nationwide…: The latest Market Pulse report shows troubling trends in housing affordability.

…And in California: new report found San Diego surpassed Los Angeles in unaffordability in September.

Jumbo Loan Limits: Some mortgage companies are offering conforming pricing for loan amounts up to $625,000, 14% higher than the mortgage cap set by the FHFA.

Fannie Mae Shrinking Portfolio: Fannie Mae announced its 23rd sale of reperforming loans as part of its efforts to reduce the size of its retained mortgage portfolio.

Interfirst’s New VP: Interfirst Mortgage Company named Tony Santangelo as its vice president of regional wholesale production for the East Coast.

Rocket Strategy: Buy Back Debt, Lower Prices for Customers: Rocket Mortgage is buying back its old debt.

October Best Homebuying Month: A new report from ATTOM says October is the best month to buy a home.

Getting Paid To Rent: Spain plans to offer young people nearly $300 a month to move out of their parents’ homes.

“Play By Their Own Rules”: Despite talk about interest rates and home prices, mortgage rates are likely to stay relatively steady, even after tapering begins.