Morning Roundup (4/8/2022)– Rates Rise, Forbearances Improve

Good Morning! Today is Friday, April 8. The Senate confirmed Judge Ketanji Brown Jackson to the Supreme Court. She will be the 116th justice and first Black woman on the Court. The New York attorney general asked a judge to hold Trump in contempt for not turning over documents in an investigation.

The Mortgage Note Reports

Mortgage Rates Up Again: Mortgage rates rose to an average of 4.72%, up from last week’s 4.67%, continuing their climb towards 5%.

Forbearance Improvements: Early April exits offset two weeks of rising forbearance starts and re-starts, resulting in plan volumes dropping below 700,000 for the first time since the pandemic began.

And in other mortgage and housing news…

Credit Availability Down: Mortgage credit availability fell in March but remains around 30 percent tighter than it was in early 2020, MBA reported.

Affordability Challenges: In Q1 2022, single-family homes are less affordable than historic averages in 79% of US counties, according to ATTOM’s Home Affordability Report.

Renters Held Back: 1 in 3 renters can’t afford to buy a home where they want to live and 30% are unable to save for a down payment, a Redfin survey found.

Sellers Losing Ground: 12% of homes for sale had price drops in the past four weeks, the highest level since early December, suggesting that sellers’ tight grip on the market is starting to loosen.

Better Asks Employees To Quit: is now offering some employees a voluntary agreement to leave the company.

Pop Around The Corner: A leading analyst is warning her clients that a housing bubble pop could come if rates reach 5.75%.