Morning Roundup (2/9/2022)– Applications Down, Rocket Superbowl Ad

Good Morning! Today is Wednesday, February 9. New York State will drop its indoor mask mandate this week. Mitch McConnell denounced the RNC’s characterization of Jan. 6 as “legitimate political discourse.” The House passed a bipartisan bill to keep the Postal Service solvent and to reduce mail delays.

The Mortgage Note Reports

Gearing Up For The Big Game: Leaders at Rocket are inviting people to take a peek at the homes they could buy if they win the world’s largest official game of Super Bowl Squares and they have revealed which stars will appear in their ad.

2022 Expectations: Home price appreciation and stock shortages are likely to continue through the first few months of 2022, as December saw price growth pick back up heading into the new year.

Applications Down: Mortgage loan application volume fell 8.1% last week, down after jumping 12% the week prior, MBA reported.

And in other mortgage and housing news…

Losing Power: Rising mortgagee rates mean homebuyers on a $2,000 monthly budget stand to lose $13,750 in spending power, Redfin reported.

Multifamily Rents Up: Multifamily asking rent gains continued in January, rising $8 to a U.S. average of $1,604, according to the latest Yardi Matrix Multifamily National Report.

Legacy Allegations: Fannie Mae has reached a settlement to pay $53 million and reform its procedures for maintaining foreclosed homes it acquires in communities with large Black and Hispanic populations.

Ginnie Reports: Ginnie Mae reported financing approximately 230,000 homes and apartments in January.

Fannie Financials: Fannie Mae announced it will report its Q4 and full-year 2021 financial results on February 15, 2022.

Boston Coming Up From Behind: Boston’s median one-bedroom rent could overtake San Francisco’s to make it the second most expensive city for US renters.

Delinquency Improvements: The November overall delinquency rate fell below the March 2020 level for the first time since the pandemic began, CoreLogic reported.

Lender Savings: Implementing eClosings improves loan quality, customer satisfaction, and saves lenders $444 per loan, according to a study from Notarize.