Mortgage Roundup (4/9/21) – Streak, Rush & Default

Good morning! Today is Friday, April 9. Vaccinations have topped three million per day, but cases are rising due to more-contagious variants. President Biden outlined actions he said would help curb gun violence. The Caribbean St. Vincent island is on red alert for ‘imminent’ volcanic eruption. 

And in mortgage and housing news …

STREAK OVER: The Mortgage Note reports that after seven straight weeks of increases, mortgage rates dropped this week as the 30-year fixed-rate mortgage averaged 3.13 percent.

2021 RUSH: As pandemic dust slowly lifts, Zillow says millions of Americans will enter the housing market, with even more flocking to secondary cities.

OPTIMISM: Fannie Mae’s latest Home Purchase Sentiment Index (HPSI) was optimistic for March, as signs continue to point to an improvement in the economy a year into the pandemic.  

MEGA DEFAULT: American Dream’s megamall’s owner defaulted. That could cost it revenue from other malls.

URBAN DENSITY: As some signs show the pandemic beginning to ease, renters’ concerns about the density of city life may fade

NON-QM DELAY: The Mortgage Bankers Association believes that delaying the non-QM rule, as proposed by the Consumer Financial Protection Bureau, will not increase access to credit.

BORROWING REBOUND: Higher mortgage rates have borrowing in a slump, but analysts are hopeful that will change.

REFINANCE CALCULUS: With mortgage rates set to rise this week, does it still make sense to refinance?

HOUSING INEQUITY: The housing market is wild right now and it’s making inequity worse

FIRST-TIME HOMEBUYER AID: California has a number of programs to assist first-time homebuyers.  

MILLENNIAL REFINANCE: Millennials are refinancing their mortgages at a record clip.