Mortgage Roundup (5/13/21) – Houses, Rates & QM

Good morning! Today is Thursday, May 13. The owner of the primary fuel conduit for the East Coast said it would take several days for deliveries to get back to normal, following a cyber attack. The CDC is recommending Covid-19 vaccines for children ages 12 to 15. Tesla stopped accepting Bitcoin as payment for car purchases. 

And in mortgage and housing news …

MORTGAGE APPS: The Mortgage Note reports that mortgage applications increased 2.1 percent for the week amid low rates and high demand for homes, the Mortgage Bankers Association reported.

CHEAPEST HOUSES: The red-hot U.S. housing market is giving an extra boost to the cheapest houses, including many in historically stagnant neighborhoods that have suffered from a lack of investment.

LIBOR LETTER: If you have an adjustable rate mortgage, be on the lookout for a weird letter.

RATE FORECAST: Mortgage rates have been low for months. After April’s weak jobs report, they should stay that way for a while.

JUMBO QM: An increase in jumbo QM loans is helping to boost credit availability. 

HOME INSURANCE: Why American homebuyers will struggle to get insurance

APPRAISAL REQUIREMENTS: Five appraisal topics every real estate agent should know.   

COMPETITIVE EDGE: In a hypercompetitive housing market a buyer’s down payment and credit score are critically important.  

BROKER WARS: United Wholesale Mortgage CEO Mat Ishbia said that his controversial ultimatum that forced mortgage brokers to pick between his firm or Dan Gilbert’s Rocket Companies has been a big success for UWM. 

SMALL MORTGAGES: A new research project will look into the availability of small home loans

COMPARISON SHOP: How to shop for a mortgage without hurting your credit score.