Morning Roundup (3/18/2022)– Race-Based Lending, Rates Break 4%

Good Morning! Today is Friday, March 18. Moderna asked the FDA to authorize a second COVID booster dose for all adults. Russian forces remain stalled outside Kyiv, taking heavy casualties. A 13-year-old was driving the truck that hit a van in Texas, killing nine people.

The Mortgage Note Reports

Race-Based Lending: The Right Way to Promote Social Justice? The Neighborhood Assistance Corporation of America (NACA) has announced a lending program for minority-owned businesses it calls “Economic Justice Loans.”

Rates Break 4%:Mortgage rates averaged 4.16% this week, exceeding 4% for the first time since May 2019.

Forbearances Rise: In a familiar pattern, forbearance rose by 8,000 last week (1%) after dropping to a post-pandemic low the week before.

And in other mortgage and housing news…

MISMO Comments: MISMO is seeking public comment on its new dataset standard for IRS Form 4506-C through May 18, 2022. 

Household Income: A banner year for home appreciation found houses themselves earning more than the median worker in major metros across the country, Zillow found.

“High Likelihood”: Here are the thirteen metros CoreLogic predicts will see home prices decrease over the next year.

Bidding Wars: Nationwide, 68.6% of offers written by Redfin agents faced bidding wars in February, the highest level in Redfin’s records, which date back to April 2020.

Affordable Housing:The FHA announced it has insured a $12 million loan for affordable multifamily housing in Baltimore.

“Fake Sugar High”: The median home price is nearing $600K in some Utah counties, and Gov. Spencer Cox said he fears “market corrections” that might lower prices.

Take A Look: See the Hollywood home “Dancing With the Stars” judge Julianne Hough is renting for $40,000 a month.