Morning Roundup (8/24/21) – Forebearance Numbers Decrease, Refinancing Sees Boost

Good Morning! Today is Tuesday, Aug. 24. The FDA has fully approved Pfizer’s Covid-19 vaccine. The Pentagon and several major companies and universities announced new vaccine mandates, and President Biden urged others to follow suit. The officer who shot January 6 rioter Ashli Babbitt has been cleared of wrongdoing by Capitol Police. Kathy Hochul was sworn in as governor of New York during a midnight ceremony. Bitcoin is back on the rise, trading above $50,000 Monday.

And in mortgage and housing news…

MBA Forbearance Numbers: The total number of loans now in forbearance decreased by 1 basis point from 3.26% of servicers’ portfolio volume in the prior week to 3.25%, according to the MBA’s latest Forbearance and Call Volume Survey.

Lending Startup Scores: Orlando tech startup Home Lending Pal scored big in a pre-series A fundraising round. The company plans to tackle bias in mortgage lending, creating “roadmaps” to help minority and millenial buyers get qualified.

Refi Sees Boost: Mortgage refinancing exploded in July, boosted by the Biden administration’s removal of adverse market fees on Fanny Mae and Freddie Mac refinances.

Lighter Wallet, Bigger House: Canadians have put serious dents in their credit card debt during the pandemic, making room for mortgages. Mortgage debt increased by $18 billion in April alone.

Focus On The Long Term: Fannie Mae’s August economic forecast predicts slow growth for 2021 due to the Delta variant, but the decrease is offset by hopeful 2022 projections.

Humanitarian Housing: Airbnb is offering free housing to 20,000 Afghan refugees globally. CEO Brian Chesky tweeted that the company “felt a responsibility to step up.”

Markets, Ranked: WalletHub released its report on 2021’s best real-estate markets. Texas dominates, with Frisco, Austin, McKinney, and Denton all ranking in the top five best markets overall.