Good Morning! Today is Wednesday, November 3. Republican Glenn Youngkin won the Virginia Governor race, while New Jersey’s is too close to call. The Federal Reserve is likely to announce that it will begin steadily reducing its bond-buying program. The Atlanta Braves won the World Series. And in mortgage and housing news… Mortgage Applications Down: Mortgage applications dropped 3.3% last week, according to MBA’s weekly survey. Zillow iBuying Up In Smoke: Zillow is giving up its iBuying arm, Zillow Offers, after losing $381 million last quarter and will be laying off 25% of its staff. October Home Prices Up: Clear Capital’s October 2021 Home Data Index found home price growth was up 5.3% from last quarter, and up nearly 20%…
Good Morning! Today is Election Day, 2021, Tuesday, November 2. Voters will elect governors in Virginia and New Jersey, and mayors in New York City, Boston, and Atlanta. Senator Joe Manchin said he would not support President Biden’s spending plan without “greater clarity” about its economic effects. World leaders at the climate summit in Scotland agreed to a deal to reverse deforestation by 2030.And in mortgage and housing news… Forbearances Drop To Lowest Rate Since March 2020: The volume of loans in forbearance dropped this week, with Fannie and Freddie seeing forborne loans dip below 1%. CRA Requirements For Nonbanks: Gov. New York expanded the state’s version of the Community Reinvestment Act to apply anti-redlining law to nonbank mortgage lenders.…
Forbearances continued to drop last week, with the total number of loans in protection down to 2.15% of servicers’ portfolio volume, according to the Mortgage Bankers Association’s (MBA) latest survey. The estimated number of homeowners in forbearance plans remains around 1.1 million. “For the first time since March 2020, the share of Fannie Mae and Freddie Mac loans in forbearance dropped below 1%. A small decline for this investor category was matched by similarly small declines for Ginnie Mae and portfolio/PLS loans,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Forbearance exits slowed at the end of October to the slowest pace since late August. With so many borrowers having reached the end of their 18-month forbearance term,…
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 Thursday, October 21. U.S. unemployment claims fall to a new pandemic low of 290,000. The gunman in the Parkland school shooting pleaded guilty to 17 counts of murder. Donald Trump is launching a new social media platform, TRUTH Social. And in mortgage and housing news… Freddie Mac: Mortgage rates continued climbing, hitting 3.09% over the past week, Freddie Mac reported. “In Front Of Every Fight”: MBA President and CEO Bob Broeksmit said that “aggressive” federal regulation is back but that the MBA would fight tax hikes on mortgage servicing. Advocates Rally For “Robust” Spending: Housing stakeholders gathered at the capitol to call for the budget reconciliation package being negotiated in Congress to substantially represent housing. Runaway Demand: …
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…
Good Morning! Today is Thursday, October 14. Interior Secretary Deb Haaland announced plans to line U.S. coastlines with wind farms. The Energy Information Administration predicts that home heating costs will go up because fuel prices are rising and fuel demand has increased over the previous winter. Democrats are still butting heads over what to cut from President Biden’s $3.5 trillion legislation, with Bernie Sanders saying Medicare benefits are non-negotiable. And in mortgage and housing news… Interest Rates Top 3%: Mortgage rates rose their highest point since April, hitting 3.05% over the past week, Freddie Mac reported.“Forbearance Cliff?”: Housing advocates have warned of a flood of forbearance filings. So far there’s no sign of it, and analysts don’t see it coming.Homeownership…
Mortgage rates rose to their highest point since April, hitting 3.05% 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 3.05%, up from last week’s 2.99%. A year ago at this time, the 30-year FRM averaged 2.81% “As inflationary pressure builds due to the ongoing pandemic and tightening monetary policy, we expect rates to continue a modest upswing,” said Sam Khater, Freddie Mac’s Chief Economist. “Historically speaking, rates are still low, but many potential homebuyers are staying on the sidelines due to high home price growth. Rising mortgage rates combined with growing home prices make affordability more challenging for potential homebuyers.” Mortgage applications have trended down with increasing interest rates…
Women have been disproportionately impacted by the pandemic, but none more so than single women. After Covid-19 ravaged their work and home lives, almost 60% of single female heads of household (SFHOH) now say they don’t see homeownership in their futures, a Freddie Mac survey found. “The COVID-19 pandemic has had disparate economic impacts nationwide, particularly on women who are heads of their households, such as single moms and caretakers,” said Pam Perry, Single-Family Vice President of Equitable Housing. “In this survey, we discovered this population’s housing and financial challenges have been further complicated by pandemic-related workplace disruptions and current economic conditions. While the survey showed some feel confident in their knowledge of finances and building credit, many lack confidence…
