BLACK KNIGHT: Cash-Out Refi Tops Market For The First Time Since February

Cash-out refis skyrocketed in the last three months, while overall rate locks for mortgage originations increased in August, according to Black Knight’s latest Mortgage Origination Monitor report. Rate locks rose 1.3% from July, driven by a 7.6% increase in cash-out refinancing activity. Refi lending is up 41% over the last three months, making refi the largest share of the market for the first time since February.  “The rise in cash-out lending is hardly surprising given the extraordinary growth we’ve seen in tappable equity this year,” Black Knight Secondary Marketing Technologies President Scott Happ said. American homeowners gained a record $1 trillion in tappable equity in the second quarter of 2021. “We’ve now seen cash-out activity increase for three consecutive months,…

Morning Roundup (9/13/2021)- Forbearances And Bidding-War Rates Both Down

Good Morning! Today is Monday, September 13. Democratic Senators returning from a week long break are considering a compromise on the $3.5 trillion spending bill. The Federal Reserve said continuing inflation comes from unusually high prices for goods like electronics and cars. Supreme Court Judge Amy Coney Barrett said she’s worried the public sees the Court as a partisan body, while refusing to comment on the unsigned Texas abortion ruling. And in mortgage and housing news… Bidding-War Rates Hit New Low: A Redfin analysis found 58.8% of home offers faced competition, the lowest rate in 2021. Forbearances Down: After dropping last week, the total number of mortgages in active forbearance declined another 2% this week, according to Black Knight. Love Letters: Prospective homebuyers are writing “love letters” to get an…