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…
Good Morning! Today is Friday, February 11. Biden is moving to split $7 billion in frozen Afghan funds between 9/11 victims’ families and humanitarian aid in Afghanistan. Congress passed a bipartisan bill giving survivors of sexual misconduct greater rights to sue. Super Bowl LVI is poised to be the most bet upon game in football history as the legalization of sports betting grows. The Mortgage Note Reports Which City Would Win In The Super Bowl Of Housing Markets?: It’s Super Bowl weekend and The Mortgage Note is taking a look at which city would win if Los Angeles and Cincinnati’s housing markets were pitted against each other. Black Knight: Forbearance plans fell by 4% last week, slowing as the number of active…
Mortgage rates jumped to 3.69% from 3.55% this week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.69%. A year ago at this time, the 30-year FRM averaged 2.73%. “The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic,” said Sam Khater, Freddie Mac’s Chief Economist. “Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.” The economy is slowly recovering. The Fed has said the labor market has recovered enough to implement rate hikes, with Fed Chairman Jerome Powell saying “labor market conditions have…
Good Morning! Today is Tuesday, February 8. The Supreme Court reinstated Alabama’s congressional map, which a lower court had said hurts Black voters. Vladimir Putin met with President Emmanuel Macron of France but did not rule out a Ukraine invasion. The budget airlines Frontier and Spirit plan to merge. The Mortgage Note Reports UWM Sues Brokerage in Effort to Enforce its ‘Anti-American’ Restrictions on Lenders. UWM’s Mat Ishbia is defending his company’s decision to slap America’s Moneyline with a $2.8 million lawsuit over its decision to violate UWM’s restrictions on working with Rocket and Fairway Independent. AML’s Shawn Nevin calls it ‘anti-American.’ $53 Million Agreement With Fannie Mae To Help Rebuild Communities Of Color In Metro Areas: Fair housing organizations throughout the…
Good Morning! Today is Friday, February 4. Islamic State’s leader died during a nighttime raid by U.S. special forces in northwestern Syria. The US is short on blood due to below-average donations amid Covid-19. The House is set to approve a $350 billion initiative to boost U.S. competitiveness with China and others, but the Senate may fight it. The Mortgage Note Reports Standing Up For Independent Mortgage Bankers In 2022 And Beyond:The executive director of Community Home Lenders Association is working to educate policymakers in Washington, D.C., while articulating the perspective of independent mortgage bankers. Forbearances Drop: Active forbearance plans fell by 45,000 plans (-5%) last week, according to Black Knight’s blog, Vision. More than 90% of homeowners who entered Covid-related forbearance…
Mortgage rates stayed the same last week, once again averaging 3.55%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.55%. A year ago at this time, the 30-year FRM averaged 2.73%. “The economy lost some momentum in January, leaving mortgage rates unchanged from last week and relatively flat for the third consecutive week. This stagnation reflects the economic impact of the Omicron variant of COVID-19, which we believe will subside in the coming months,” said Sam Khater, Freddie Mac’s Chief Economist. “As economic recovery continues going into the spring and summer, mortgage rates are expected to resume their upward trajectory. In the meantime, recent data suggests that homebuyer demand continues…
Good Morning! Today is Friday, January 28. Economic output in the U.S. grew 5.7% over the past year, the biggest annual increase in decades. Biden told Ukraine’s president that the U.S. was ready to respond forcefully to any Russian aggression. A federal judge revoked Gulf of Mexico oil and gas leases, ruling the Biden administration failed to consider climate change when it sold them. The Mortgage Note Reports Predicting The Future: Higher interest rates will be a big issue for homebuyers in 2022. Will they drive down mortgage business? Rates Settle: After weeks of steadily rising, interests rates stayed steady last week, averaging 3.55%. Black Knight: Forbearance exits rose for the second week in a row, up by 19,000 plans…
Mortgage rates flattened out after weeks of steadily rising, averaging 3.55% last week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.55%. A year ago at this time, the 30-year FRM averaged 2.73%. “Following a month-long rise, mortgage rates effectively stayed flat this week. Recent rate increases have yet to significantly impact purchase demand, as history demonstrates that potential homebuyers who are on the fence will often enter the market at the start of rate increase cycles,” said Sam Khater, Freddie Mac’s Chief Economist. “We do expect rates to continue to increase but at a more gradual pace. Therefore, a fair number of current homeowners could continue to benefit from…
