Good Morning! Today is Wednesday, September 1. President Biden defended his Afghanistan withdrawal strategy in a speech Tuesday. Hospitals in New Orleans are operating on backup power after Hurricane Ida left the city powerless. Trustees for the Social Security trust fund said the program is expected to pay benefits that exceed its income in 2021. The S&P 500, Dow Jones, and Nasdaq ended August near record highs.
And in mortgage and housing news…
Mortgage Applications Down: Mortgage applications decreased 2.4% last week despite continuing low rates, according to the MBA’s Weekly Mortgage Application Survey.
FHFA HPI: The FHFA’s Q2 House Price Index saw the largest annual gain in its history, with house prices rising 17.4% year-over-year, up from 12.6% in the previous quarter.
Case-Shiller: The S&P CoreLogic Case-Shiller Indices reported a 18.6% annual gain in June, up from 16.8% in the previous month.
“The Enterprises:” Fannie Mae and Freddie Mac can each invest up to $850 million annually in the Low-Income Housing Tax Credit market as equity investors, up from $500 million.
New In Town: FHFA named Alexei Alexandrov as Chief Economist and Laura Thrift as its director of the Office of Congressional Affairs and Communications.
Jumbo Gains: Originations of non-agency jumbo mortgages jumped 31.7% from Q1, but remain below pre-pandemic levels.
“HolaCasa”: First Community Mortgage is launching a home opportunity loan program breaking down barriers to homeownership for Hispanics.
Integration Situation: LenderHomePage announced a new enterprising integration with loan origination software (LOS) developer Integra Software Systems.
Reverse, Reverse: Reverse Mortgage Funding lowered their minimum qualifying age for homeowners for applicants from from 60 to 55 years of age in certain states.