Morning Roundup (3/25/2022)– Rates, Forbearances Rise

Good Morning! Today is Friday, March 25. The U.S. imposed new sanctions on more than 300 members of Russia’s Parliament. Some journalists have quit jobs at Russian state media outlets, citing regret for promoting lies about the war. Arizona Republicans passed a bill banning most abortions after 15 weeks of pregnancy.

The Mortgage Note Reports

Rates Rise: Mortgage rates continued their upward march this week, averaging 4.42%.

Forbearances Up: Forbearance plans rose for a second week, pushed up by plan re-starts, though new plan starts remained steady.

And in other mortgage and housing news…

Affordability Down: Homebuyer affordability decreased in February, with the national median payment applied for by applicants jumping 8.3% to $1,653.

“We’re Concerned”: Liz Shuler, president of the AFL-CIO, cautioned that the Fed should be careful to avoid raising rates too aggressively so as not to harm jobs recovery.

Housing Price Record: Housing prices jumped the most since summer — up 17% YOY to a new high — as a 7% drop in new listings kept competition up.

AIME Execs:AIME introduced a slew of new execs: Jamie Cavanaugh, VP of Outreach; Mike Cox, VP of Education; and, Janine Kempfer, VP of Impact.

Social Housing: America needs social housing, a public option that is permanently affordable and protected from the private market, a new report argues.

Crash Course: Despite concerns, Federal Reserve Governor Christopher Waller isn’t worried about a housing market crash. “[T]he recent increase seems to be sustained by the substantive supply and demand issues,” he said, “not by excessive leverage, looser underwriting standards or financial speculation.”