Mortgage Roundup (3/19/21) – Rescue, Rates & Sparty

Good morning! Today is Friday, March 19. Covid-19 case numbers are surging in multiple states, but the mass vaccination of the most vulnerable Americans is likely to limit its human cost. U.S. jobless claims rise to 770,000 with layoffs continuing. A recall election appears more likely for California Gov. Newsom. 

And in mortgage and housing news …

RESCUE PLAN: The Mortgage Note reports on the White House taking to Twitter on Thursday to promote housing elements in the $1.9 trillion American Rescue Plan.

RATES UP: For the fifth week in a row, the 30-year fixed-rate mortgage saw an increase in Freddie Mac’s weekly Primary Mortgage Market Survey, The Mortgage Note reports.

SPARTY DOLLARS: Michigan State University’s Spartans are seeing millions of dollars come through the door from two mortgage titans long locked in a battle for loan volume and name recognition.

FANNIE MAE FORECAST: US housing activity is expected to remain resilient in the near term despite further interest rate increases, according to Fannie Mae’s latest economic forecast.

RECESSION PROOF: Higher mortgage rates still aren’t cooling the hot housing market.

POWERFUL BUYING FORCE: Single women comprised 15.7 percent of total home purchases throughout the US in the fourth quarter of 2020, according to Redfin 

AFFORDABLE HOUSING: At a Senate hearing on housing, Sen. Toomey and Democrats sparred over affordable housing policies

DISPARATE FLOOD RISK: Neighborhoods targeted by discriminatory lending policies a century ago are now at disproportionate risk of suffering property damage due to flooding, a new study shows.

MULTIFAMILY SHORTAGE: Fannie Mae addresses affordable multifamily housing shortage with a new incentive.

FED POLICY: The Federal Reserve plans to keep interest rates low, but here’s why mortgage rates could rise anyway.

AFFORDABILITY: There are only three states nationwide where more than half of the households could afford to buy a median-priced new home.