MBA: Mortgage Applications Up 2%

Mortgage loan application volume rose 2% last week, the Mortgage Bankers Association’s (MBA) weekly survey reported. The seasonally adjusted Market Composite Index, a measure of mortgage loan application volume, rose 2%. The seasonally adjusted purchase index fell 5%, while the unadjusted purchase index rose 28% and was 8% lower YOY. The share of refinance applications rose 9% and was down 37% YOY. Refinances made up 53.9% of total applications, up from 59.4% the previous week. The report noted that mortgage rates fell after rising for several weeks, which resulted in the surge of refinances. “While the 30-year fixed mortgage rate and 15-year fixed mortgage rate both declined only one basis point, the FHA rate fell 7 basis points, driving the…

Morning Roundup (12/06/2021)– Omicron Fears, Zillow Recovery

Good Morning! Today is Monday, December 6. Former Senate Majority Leader and Republican Presidential Nominee Bob Dole died yesterday. He was 98 years old. Bitcoin recovered from a weekend crash that brought its value below $50,000. Omicron may have been spreading at a New York anime convention before cases were officially confirmed in the US. And in mortgage and housing news… Market-Crash Flashback?: Fannie Mae and Freddie Mac have raised their loan limits to nearly $1 million in some communities. Does that mean lenders are repeating the same mistakes which led to the 2008 crash? Analysts React To Omicron: How will Omicron impact the housing market? Analysts are optimistic it won’t cause significant damage. Zillow Bouncing Back: Zillow is recovering…

Morning Roundup (12/03/2021)– Interest Rates Flat, Mortgage Lending Declined In Q2, Q3

Good Morning! Today is Friday, December 3. Congress averted a shutdown by passing a bill funding the government through February. The FTC is suing to stop a $40 billion merger between Nvidia and Arm. Florida Governor Ron DeSantis proposed a civilian military force overseen by him rather than the Pentagon. And in mortgage and housing news… Rates Flat: Mortgage rates remained basically the same over the last week, averaging 3.11%, Freddie Mac reported Thursday. “The Drop-Off Is Significant”: Mortgage lending declined at an unusually fast pace during Q3 2021, falling during peak buying season for the first time since 2000, ATTOM reported. Construction Still “Hobbled”: A new Zillow report found that despite construction companies’ best efforts, the completion of new…

Freddie Mac: Little Change In Interest Rates

Mortgage rates remained basically the same over the last week, averaging 3.11%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.11%, up only a smidge from last week’s 3.10%. A year ago at this time, the 30-year FRM averaged 2.71% “Mortgage rates continue to remain stable notwithstanding volatility in the financial markets,” said Sam Khater, Freddie Mac’s Chief Economist.  “The consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty. This low mortgage rate environment offers favorable conditions for refinancing.” The emerging Omicron variant of Covid-19 has dampened hopes of normalcy returning, and…

Morning Roundup (12/02/2021)– Ex-MBA President Sentenced, American Wealth Gains

Good Morning! Today is Thursday, December 2. The first US case of Omicron has been identified in California. Senate Republicans are threatening a government shutdown over the Biden administration’s vaccine mandate. Major league baseball is in a work stoppage after failing to reach a collective bargaining agreement. And in mortgage and housing news… Ex-Prez Sentenced: Ronald McCord, founder of First Mortgage Company and former MBA president, will pay $51.8 million in restitution for mortgage fraud and spend 8.5 years in jail. American Wealth Gains: The median net worth of American households rose 17.6% between 2016 and 2019, according to a new report from MBA’s RIHA. Better Layoffs: After a $750 million cash infusion ahead of a merger and plan to…

Morning Roundup (12/01/2021)– A New Gold Rush For Lenders, Mortgage Apps Drop

Good Morning! Today is Wednesday, December 1. At least three students were killed in a high school shooting in Oxford, Michigan. The CDC is planning to require international travelers to show a negative test that is less than 24 hours old. The TV host Dr. Oz will run for Senate in Pennsylvania as a Republican. And in mortgage and housing news… A New Gold Rush For Lenders?: As the pandemic continues and workers reevaluate their commitment to metropolitan life, lenders in smaller cities stand to benefit from what is being termed the “Great Resignation.” Mortgage Applications Drop: Mortgage loan application volume fell 7.2% last week, with refis down 15% due to rising interest rates, according to the MBA. Insurance Hikes…

Morning Roundup (11/29/2021)– BBB Housing Plan Explained, Forbearance Starts Up

Good Morning! Today is Monday, November 29. The new Covid-19 variant, Omicron, may be more contagious among vaccinated people but less deadly overall. Japan, Israel, and Morocco have closed their borders to foreign travelers. Mark Esper is suing the DOD for not clearing his book manuscript for publication due to sections detailing his time working under Donald Trump. And in mortgage and housing news… Build Back Better’s Implications On Housing Prices: The House version of President Biden’s “Build Back Better” plan includes about $170 billion for affordable housing and people are asking what that means. CRA Changes: As the Fed weighs making the Community Reinvestment Act race-specific, what do the data say about CRA loans? Not much. Forbearance Starts Jump: …

Freddie Mac: Interest Rates Inch Back Up

Mortgage rates rose again after several weeks of small declines, reaching 3.10%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.10%, up from last week’s 2.98%. A year ago at this time, the 30-year FRM averaged 2.72% “The combination of rising inflation and consumer spending is driving mortgage rates higher,” said Sam Khater, Freddie Mac’s Chief Economist. “Shoppers looking to buy a home are fueling strong demand while ongoing inventory shortages are not improving in the presence of higher home prices. This reality illustrates the challenging situation facing the housing market.” Though the holidays are usually a slow period in the industry, homebuyer demand has remained high. Redfin’s latest Homebuyer Demand…

Morning Roundup (11/17/2021)– Rent Prices Up 10% YOY, Auctions Prove Popular Alt Buying Option

Good Morning! Today is Wednesday, November 17. A violent clash erupted when migrants attempted to cross the border between Poland and Belarus yesterday. The House will vote today on censuring Paul Gosar, who tweeted a video depicting violence against President Biden. LA’s Staples Center will be renamed Crypto.com Arena. And in mortgage and housing news… Double-Digit Rent Growth: Rent prices rose 10.2.% YOY in September as growth remains at record highs, according to CoreLogic’s Single-Family Rent Index. nCino Acquires SimpleNexus: Fintech nCino is expanding its mortgage market reach by acquiring SimpleNexus for $1.2 billion in stocks and cash. Homes At Auction: More than 60% of US consumers would buy a home at auction, including 75% of Millennials, a ServiceLink survey…

Morning Roundup (11/9/2021)– HPSI Flat, Forbearances Drop

Good Morning! Today is Tuesday, November 9. Four SpaceX astronauts returned to Earth after 200 days in orbit. The Justice Department charged a Russian man with conducting cyberattacks and recovered $6 million in ransom. A missing girl was recovered after a motorist noticed her using an emergency hand signal that has gained attention on TikTok. And in mortgage and housing news… HPSI Stays Flat: Consumers have mixed feelings about the housing market and are slightly more pessimistic about the economy overall, especially when it comes to their personal finances. Forbearances Improve Again: The number of loans in forbearance dropped to 1 million as homeowners exited their plans, most entering modifications. Inflation Fears Climb: Inflation fears rose for the 12th consecutive…