Morning Roundup (4/1/2022)– Rates, Forbearances Up

Good Morning! Today is Friday, April 1. Russia’s defense ministry announced a cease-fire in Mariupol. The U.S. imposed new sanctions on Russian technology companies. The House passed a bill to limit the cost of insulin to $35 a month, sending it to the Senate.

The Mortgage Note Reports

Rates Rise: Mortgage rates jumped again to an average of 4.67%.

Forbearances Up Slightly: Forbearances rose slightly again last week, though new plan starts dropped to 10,100, the lowest level in four months.

And in other mortgage and housing news…

Jobs Report: The unemployment rate fell to 3.6% in March, while payrolls saw big gains, according to Labor Department data.

Listing In April: Homes listed for sale in the second half of April can expect to sell for 2.8% more, or about $9,300 on the typical US home, according to Zillow.

“Letting Off Some Steam”: Fewer people are starting online home searches and applying for mortgages than this time last year, early indicators of a softening market.

BOA Grant: Bank of America has awarded a $1 million three-year grant to Detroit Employment Solutions Corporation for its Detroit at Work employment initiative.

East Chop Fundraising:BIPOC-owned East Chop Capital has raised $9 million for its real estate fund that is focused on the $112 billion global vacation rental market.

Long-Term Love: A Discover Home Loans survey found 79% of homeowners would rather renovate their current home than move to a different one.

“It’s Good, But It’s Not Bold”: The Biden administration plans to increase HUD’s funding by 21%, but will throwing money at the housing crisis work?