Morning Roundup (12/10/2021)– Rates Flat, Forbearances Plunge

Good Morning! Today is Friday, December 10. The Senate voted to allow Congress to raise the debt ceiling with a simple majority vote. The FDA authorized Pfizer boosters for 16- and 17-year-olds. Workers at a Buffalo Starbucks voted to unionize, making them the first of 9,000 stores to do so.

And in mortgage and housing news…

Rates Stay The Same: Mortgage rates once again remained basically the same over the last week, averaging 3.10%, Freddie Mac reported.

Forbearances Plunge: Forbearances plan exits surged during the first week of December, though plan starts grew for another week.

Equity Continues To Soar: Homeowners with a mortgage gained over 31% in equity YOY in Q3, according to CoreLogic.

Inflation Up To 39-Year-High: U.S. inflation reached a nearly four-decade high in November, as strong consumer demand collided with pandemic-related supply constraints.

Foreclosures Down MoM: Foreclosure activity is down 5% from a month ago but up 94% YOY, reaching its seventh consecutive month of annual increases, ATTOM reported.

“It’s Going To Cost More”: Financial planners, economists, and housing professionals offered advice on how Americans should grapple with rising rents.

Stavvy Appointment: Stavvy named Angel Hernandez as its head of industry and regulatory affairs.

PennyMac, Too: PennyMac has appointed Jenny Rhodes as its Managing Director and Chief Human Resources Officer.

And Cenlar: Cenlar FSB has named Patrick O’Brien Director of Business Discovery.

Can’t Forget Guaranteed Rate: Guaranteed Rate has named Sam Reda as the Branch Manager of the company’s new location in Northville, MI.

Pretium Jumps In: Investment company Pretium, which made headlines when it bought 2,000 homes from Zillow, named George Lane as Managing Director and Portfolio Manager on its real estate team.