Mortgage rates took a surprise turn down last week, averaging 3.89% after weeks of rising, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.89%, down from 3.92%. A year ago at this time, the 30-year FRM averaged 2.97%. “Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months,” said Sam Khater, Freddie Mac’s Chief Economist. “Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off…
Good Morning! Today is Thursday, February 24. Russian President Vladimir Putin announced a military operation in Ukraine. President Biden will address the nation with an update on the attacks at 12:30 p.m. The Mortgage Note Reports “Battling It Out”: A Redfin report found that 70% of homebuyers faced bidding wars in January, making it the most competitive month in Redfin’s data. Loan Applications Down: Mortgage loan application volume fell 13.1% last week to their lowest level since December 2019, MBA’s weekly survey shows. And in other mortgage and housing news… Seeking Comment: MISMO is seeking public comment on updates to Engineering Guideline 7 establishing class words that enable consistency in the naming and structure of data point names. Panel Market: …
Good Morning! Today is Wednesday, February 23. U.S. truckers plan to embark on a 2,500-mile cross-country drive to DC in protest of coronavirus restrictions. Germany put a stop to an $11 billion Russian natural gas pipeline that would link the two countries. The Supreme Court will hear a case from a web designer who objects to providing services for same-sex marriages. The Mortgage Note Reports Getting A Mortgage Online: Leaders at Bank of America say home loan applications initiated through their Digital Mortgage Experience accounted for 81% of total mortgage applications in 2021. That is up from 45% in 2020. FHFA HPI: Home price appreciation cooled slightly in Q4 2021, with prices rising 17.5% YOY and 3.3% from Q3 2021.…
Home prices rose 17.5% year-over-year in Q4 2021 and 3.3% from Q3 2021, according to the Federal Housing Finance Agency’s House Price Index (FHFA HPI). Home prices were up 1.2% from November to December. Home prices increased in every state between Q4 2020 and Q4 2021, with the highest appreciation in Arizona (27.4%), Utah (27.1%), Idaho (27%), Florida (25.6%), and Tennessee (24.1%). Cape Coral-Fort Myers, FL, saw the greatest annual price increases. The metros with the least annual appreciation were Washington, D.C. (6.6%), Louisiana (10.2%), North Dakota (10.3%), Maryland (10.8%), and Alaska (11.3%). “House prices continued to climb but not as rapidly during the final quarter of 2021 as in earlier quarters,” said William Doerner, Ph.D., Supervisory Economist in FHFA’s…
Mortgage rates jumped to 3.92% from 3.69% this week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.96%. A year ago at this time, the 30-year FRM averaged 2.81%. “Mortgage rates jumped again due to high inflation and stronger than expected consumer spending,” said Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.” Demand remains high despite rising rates. Rate locks for purchase loans increased 19.9% month-over-month in January. “The…
Good Morning! Today is Thursday, February 17. The Education Department will cancel loans for students defrauded by DeVry University. Ukraine accused Russian-backed separatists of shelling a Kindergarten, calling it “a big provocation.” Retail sales rose by a seasonally adjusted 3.8% in January. The Mortgage Note Reports Office Spaces Are Not A Thing Of The Past: Despite many employees working from home and companies adopting hybrid work models, investors are still attracted to the land of cubicles. “Stronger Than Ever”: Real estate investors bought a record 18.4% of all homes sold in Q4 2021, nearly three-quarters of which were all-cash purchases. Climate Damage: More than 14.5 million single- and multifamily homes were impacted by natural disasters in 2021, causing an estimated…
Good Morning! Today is Wednesday, February 16. Republicans boycotted a Senate meeting on Biden’s five nominees to the Federal Reserve, delaying efforts to confirm them. A woman became the third person cured of H.I.V. after using a new treatment. The families of Sandy Hook victims reached a $73 million settlement with Remington. The Mortgage Note Reports UWM Embattled on Multiple Fronts: United Wholesale Mortgage is facing more public scrutiny as court battles — and backlash from brokers — mount. Million Or More: “Million-dollar cities” nearly tripled in 2021, with typical home values reaching at least $1 million in a record 146 new U.S. cities. Credit Availability Drops: Mortgage credit availability fell in January by 0.9% to its lowest level since…
Good Morning! Today is Tuesday, February 15. Russia said it would pull back some troops from around Ukraine. Donald Trump’s accounting firm cut ties with his family business and retracted years of financial statements. The SEC is probing the business of block trading on Wall Street, with subpoenas to firms including Morgan Stanley and Goldman Sachs as well as several hedge funds. The Mortgage Note Reports New Jersey Homeowners Can Apply For Up To $35K In Assistance: Eligible homeowners in New Jersey can receive up to $35,000 to help protect themselves against foreclosures. Multifamily Forecast: Commercial and multifamily mortgage loan originations were up 79% YOY in Q4 and 44% from Q3, while total lending is expected to break $1 trillion…
Good Morning! Today is Monday, February 14. Happy Valentine’s Day. The Los Angeles Rams beat the Cincinnati Bengals in the 56th Super Bowl. A crucial roadway for U.S.-Canadian trade reopened Sunday after authorities cleared a weekend blockade protesting vaccine mandates. “Ghostbusters” producer Ivan Reitman has died at 75. The Mortgage Note Reports Falling In Love With Homes To Have Your Heart Broken?: This Valentine’s Day, if your heart is broken because you keep falling in love with homes to lose them to other buyers, you are not alone. Here’s some advice. Delinquencies Down In Q4: MBA reported that delinquencies on residential properties fell to 4.65% of all outstanding loans in Q4 2021. New Freddie Leaders: Freddie Mac announced that Kevin…
Kevin G. Chavers and Luke S. Hayden have been elected to Freddie Mac’s Board of Directors, the GSE announced in a press release. Their appointments begin effective February 15, 2022. Chavers will serve on the GSE’s Audit Committee and Nominating and Governance Committee. He has held positions in the U.S. government before, including serving as president of Ginnie Mae from 1995 to 1998. He retired from BlackRock’s Global Fixed Income Investment Team in 2021 after 10 years. During that time, he also worked with Global Public Policy Group as managing director and as managing director for BlackRock’s Financial Markets Advisory Group. Before joining BlackRock, Chavers worked with Morgan Stanley and Goldman Sachs. “Mr. Chavers brings additional mortgage finance, capital markets…
