Mortgage Roundup (5/21/21) – Rates, Volume & Profit

Good morning! Today is Friday, May 21. Israel approves cease-fire plan to end hostilities with Hamas. President Biden signed a bill to address an increase in Asian hate crimes. Tesla drivers are posting videos of themselves overriding safety functions to self-driving modes.

And in mortgage and housing news …

MORTGAGE RATES: The Mortgage Note reports that mortgage interest rates inched up to three percent. 

BIGGER MORTGAGES: Homebuyers are applying for ever bigger mortgages as home prices soar.

MORTGAGE VOLUME: Mortgage volume dropped in April. Despite interest rates trending downward across all mortgage products, the decreases did not seem to be enough to bring borrowers — particularly refi borrowers — back to the table. 

SELLER PROFITS: Sellers are taking advantage of today’s highly competitive house-hunting environment. Data researchers at Realtor.com found that 29% are asking for more than they think their home is worth.

SELLER TIPS: Realtors reveal the five things they wish sellers knew before listing their home amid a hectic real estate market.

LIBOR’S END: Why ditching LIBOR is vexing the financial world. 

CONSTRUCTION COMEBACK: NAR Chief Economist Lawrence Yun says the latest homebuilding data is “discouraging at first glance” but sees a comeback as prices moderate.

BEST LENDERS: The best mortgage lenders do have a few things in common, like low interest rates, good customer service, transparent processes, and speedy closing times. Here are a few lenders you should consider.

MISSING MIDDLE: A Low-Rise design challenge in Los Angeles asked architects to design affordable housing that solves several development problems.

HOMEOWNER BILLS: Three home expenses you may be surprised you can cut.