Good Morning! Today is Friday, April 29. Russian missiles struck Kyiv. President Biden asked Congress for an additional $33 billion to aid Ukraine, which would more than triple U.S. spending on the war. The F.D.A. plans to ban sales of menthol cigarettes.
The Mortgage Note Reports
Rates Fall Back: Mortgage rates declined for the first time after a weeks-long upward streak, averaging 5% last week.
Forbearances Steady: In its last weekly report, Black Knight found forbearances largely holding steady in a “typical” pattern for the end of the month.
In Case You Missed It: This week, Chuck Green reported on whether there is a brewing housing bubble while Editor Kimberley Haas wrote about how leaders at Rocket Mortgage are working to end the digital divide in Detroit and that a shortage of electrical transformers is affecting builders.
And in other mortgage and housing news…
Pending Home Sales: Pending sales fell for the fifth consecutive month, down 1.2% in March from February, with only the Northeast seeing an uptick in signings.
Q1 GDP Falls: The U.S. GDP unexpectedly contracted at an annualized rate of 1.4% in Q1 2022, but measures of underlying demand showed strong growth.
App Payments: Homebuyer affordability declined in March, with the national median payment applied for by applicants rising 5% to $1,736 from $1,653 in February.
Buyers Retreating: The typical homebuyer’s monthly mortgage payment shot up 39%, the largest YOY gain on record as rates hovered at a 12-year high of 5.1%.
Duty To Serve: The FHFA published the 2022-2024 Underserved Markets Plans for Fannie Mae and Freddie Mac under the Duty to Serve Program.
“We’re In The Final Innings”: Bond manager Mark Kiesel, who predicted housing’s top and bottom, says it’s once again time to sell.