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…
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…
Consumers continued to feel pessimistic about the housing market in October, reporting mixed feelings about buying and selling homes and worries over the economy overall. Fannie Mae’s Home Purchase Sentiment Index stayed relatively flat, rising only one point in October to 75.5. The index’s six components increased month-over-month (MOM) but are down 6.2 points year-over-year (YOY.) A somewhat larger group of consumers from last month said it’s a good time to buy a home (30%, +2%) or sell a home (77%, +3%), and report they expect mortgages will increase over the next 12 months. The net share of respondents who say it’s a good time to buy a home rose 3% MOM. The share of respondents who expect home prices…
Good Morning! Today is Friday, October 29. Congressional Democrats failed to get enough votes to pass the basic infrastructure bill on Thursday as President Biden requested. Andrew Cuomo was charged with a misdemeanor sex crime, forcible touching. Facebook changed its corporate name to Meta, a reference to the online “metaverse.” And in mortgage and housing news… Black Knight: The number of loans in forbearance rose marginally this week, while forbearance starts ticked up. “They’re Coming To Get You, Barbara”: A new report from ATTOM shows a drop in the number of vacant “zombie” properties, but suggests increases to come. Pending Home Sales Down: Pending home sales fell in September, down in every region both year-over-year and month-over-month. Americans Priced Out: …
Good Morning! Today is Thursday, October 28. The Biden White House announced a framework for the $1.75 trillion in social spending known as “Build Back Better.” Iran said it would rejoin negotiations to revive the 2015 nuclear deal. The Taliban have allowed some teenaged girls to go back to school. A study found that a cheap anti-depressant may reduce the chance of hospitalization for those with Covid-19. And in mortgage and housing news… Freddie Mac: Interest rates rose again this week, reaching 3.14%. Fraud On The Rise: Mortgage fraud is back up to pre-pandemic levels as low-risk refinances lose favor and purchase applications tick up. Pace of Home Sales Picking Up: One-third of houses sold in the last four weeks…
Mortgage rates rose again over the past week, reaching 3.14%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.14%, up from last week’s 3.09%. A year ago at this time, the 30-year FRM averaged 2.81% “The yield on the 10-year Treasury note has been trending up due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers.” Industry experts have noted minor decreases in home prices and other factors that would point to a cool-down, but the market remains hot. The…
Good Morning! Today is Wednesday, October 27. The nor’easter battering the East Coast has left 400,000 without power in Massachusetts. Progressive Democrats proposed a plan to tax the unrealized capital gains of the super-wealthy. Atlanta beat Houston 6-2 in the first game of the World Series. And in mortgage and housing news… MBA: Mortgage applications rose slightly from last week, but refis dropped to their lowest point since January 2020. FHFA Housing Index: FHFA’s House Price Index reported a 1% increase in house prices from last month and an 18.5% increase year-over-year. Maxwell Makes More: Digital mortgage platform Maxwell has raised another $52.5 million in funding, backed by Wells Fargo. First American RHPI: First American’s Real House Price Index shows…
House prices rose 1% in August and are now 18.5% higher than a year ago, according to the Federal Housing Finance Agency’s House Price Index (FHFA HPI). “Annual house price gains remained extremely high in August but the pace of month-over-month gains continues to decelerate,” said Dr. Lynn Fisher, FHFA’s Deputy Director of the Division of Research and Statistics. “This does not mean house prices are at risk of declining—far from it, they continue to climb at a double-digit pace in all regions—but it does suggest we may have seen the peak in annual gains for the time being.” At the same time, First American released its Real House Price Index (RHPI), which showed similar results: Real house prices rose…
Good Morning! Today is Monday, October 25. FDA regulators said vaccine benefits outweigh risks in children aged 5 through 11, and an emergency authorization could come next week. Set workers on “Rust” warned of unsafe working conditions days before the film’s cinematographer was fatally shot. The Houston Astros will play the Atlanta Braves in the World Series. And in mortgage and housing news… “If You Haven’t Re-fi’d, Do So Now”: A growing consensus among housing and banking analysts is that the real force impacting mortgage rates in the coming months will be inflation. Black Knight First Look: Delinquencies, active foreclosures, and foreclosure starts all dropped to serious lows in September, Black Knight’s “first look” report shows. DOJ To Address Redlining: Attorney General Merrick Garland announced a DOJ…
Mortgage rates continued their upward trajectory, hitting 3.09% over the past week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.09%, up from last week’s 3.05%. A year ago at this time, the 30-year FRM averaged 2.80% “Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” said Sam Khater, Freddie Mac’s Chief Economist. “Even as the availability of existing homes is improving, prices remain high due to homebuyer demand and limitations on housing starts and permits resulting from the ongoing labor and material shortages. Despite these countervailing forces, we expect the housing market to remain strong as we head into the end of the…
