Morning Roundup (4/22/2022)– Rates At 5.11%, Q1 2022 Foreclosures

Good Morning! Today is Friday, April 22. Philadelphia is ending its mask mandate, four days after reinstating it. The U.S. pledged more military aid to Ukraine, including drones that explode on impact. Palestinians and Israeli police clashed at one of Jerusalem’s holiest sites.

The Mortgage Note Reports

Weekly Rates: Mortgage rates averaged 5.11% last week, rising for the seventh consecutive week and causing “volatility in demand.”

Q1 Foreclosures: Q1 2022 set a new post-pandemic high for foreclosure activity — the 11th consecutive month with a YOY increase in foreclosure activity.

In Case You Missed It: This week Chuck Green reported that job cuts are hitting the mortgage industry, while Scott Kimbler wrote about how inflation is affecting retirements.

And in other mortgage and housing news…

Black Knight: Forbearance plan volumes ticked up slightly in mid-April, following the typical mid-month pattern, according to Black Knight’s Forbearance Tracker.

Pumping The Brakes: Homebuyer demand softened further as a typical slump in buying and selling over Easter and Passover weekend amplified a recent slowdown.

Closing Costs: Average home prices increased by more than $50,000 last year, while average purchase closing costs rose by $818 including taxes and $390 excluding taxes.

Housing Suit: A nonprofit group tied to the California Association of Realtors has sued six Southland cities for failing to meet state housing plan deadlines.

CA Homelessness: California’s efforts to alleviate homelessness through local borrowing are running up against the realities of slow-moving bond financing — and rising interest rates mean higher costs for the government.

Remodeling Slowdown: Home remodeling projects are expected to grow throughout 2022 and into early next year but at a decelerating pace.