Good morning! Today is Tuesday, March 23. President Biden’s economic advisers are preparing a $3 trillion spending package aimed at boosting the economy, reducing carbon emissions and narrowing economic inequality, financed in part by tax increases. New Jersey leads the nation in the number of new Covid-19 cases with many others experiencing a resurgence. More states are expanding vaccine eligibility after nearly 25 percent of the population receives at least one dose.
And in mortgage and housing news …
FORBEARANCE REPORT: The Mortgage Note reports that the number of U.S. mortgages in forbearance dipped to 2.5 million in the latest survey released by the Mortgage Bankers Association.
COOL DOWN: The first signs that higher mortgage rates are cooling the hot housing market.
CHEAP DEPOSITS: What’s driving nonbanks to buy banks?
NEW NORMAL: Could two percent mortgage rates be the new normal?
NON-QM LENDING: Non-QM borrower finances are improving – and that’s an opportunity for brokers.
BELOW 3: Mortgage rates below three percent are still around, but are increasingly hard to come by.
MISTAKES/LESSONS: A list of common homebuying mistakes to learn from and avoid.
LUXURY APARTMENTS: Luxury apartment searches are surging to an all-time high as rising vacancies in some of the nation’s largest cities attract renters.
SECONDARY HOMES: There is more demand for secondary homes than primary homes.
AFFORDABILITY CRISIS: These housing markets are most at risk for an “affordability crisis.”