Mortgage Roundup (5/24/21) – Sales, Bids & Rates

Good morning! Today is Monday, May 24. The Army is expanding its allowed hairstyles for women. Phil Mickelson makes history as the oldest major championship winner in golf history. Billions of cicadas are appearing in the biggest emergence event since 2004.

And in mortgage and housing news …

EXISTING HOME SALES: Existing-home sales declined yet again, a result of the low inventory of properties for sale and rising prices keeping buyers at bay.

PURCHASING POWER: Why LGBTQ+ Americans are less likely to own homes

BIDDING WAR: How to win a bidding war in a hot housing market. 

DEFAULT RATES: First mortgage default rates slip in April.  

WEALTH GAP: A new report says $1.5 trillion could be added to the economy if the racial wealth gap in housing was fixed. 

FORBEARANCE END: Mortgage distress is expected to climb after forbearance ends.

RENT OR BUY: The calculation on whether to rent or buy is more complex than meets the eye. 

ALMIGHTY CREDIT SCORE: A Fed study finds that consumer credit scores became less reliable during the pandemic due to government assistance programs.

FEDERAL FUNDS RATE: The federal funds rate is about to rise. When and how mortgages, and other loans will be impacted

RAPID RESCORE: Usually improving your credit score can take months, but a new service is helping consumers boost their credit scores more quickly