Good Morning! Today is Thursday, April 7. More than 2,000 Ukrainians have made their way to the U.S. border from Mexico. Some Biden administration officials tested positive after attending a black-tie event in Washington. The Supreme Court reinstated a Trump administration rule limiting states’ power to enforce the Clean Water Act. The Mortgage Note Reports Love It Or List It? Americans Are Renovating Rather Than Moving: New data shows that 79% of Americans would rather renovate their current home than move to a different one and with $420 billion spent on remodeling projects in 2020 those in the mortgage, real estate, and building industries are taking notice. Editor Kimberley Haas reports. Housing Market Pessimism: Consumer sentiment towards home buying fell…
Consumer sentiment towards home buying fell in March, pushed down by rising interest rates and difficult conditions generally, according to Fannie Mae’s Home Purchase Sentiment Index. The HPSI decreased by 2.1 points to 73.2, with four of its six components down month-over-month. The full index is down 8.5 points YOY. In March, 69% of respondents said they expect mortgage rates to keep rising, a survey-high. At the same time, the “Good Time To Buy” component tanked to a survey low, with 73% saying it’s a bad time to buy. “This month, we also saw a survey-high share of consumers expecting their financial situations to worsen over the next year; this was especially true among current homeowners,” said Mark Palim, Fannie…
Good Morning! Today is Wednesday, April 6. U.S. stock indexes dropped Tuesday over worries about the Federal Reserve’s plans to curb inflation. The European Commission proposed to ban Russian coal. Oklahoma lawmakers approved a near-total ban on abortion. The Mortgage Note Reports U.S. Mortgage Markets Heat Up As Interest Rates and Prices Rise: Writer Scott Kimbler reports that potential homebuyers are rushing to mortgage offices to make sure they get a loan before prices and interest rates go even higher. Funding Available To Combat COVID-19 Housing Discrimination: U.S. Department of Housing and Urban Development officials are making an additional $3,285,353 in American Rescue Plan funding available to help fight housing discrimination related to the COVID-19 pandemic. Loan Applications Sink Further: …
By SCOTT KIMBLER Potential homebuyers are rushing to mortgage offices to make sure they get a loan before prices and interest rates go even higher. Mortgage rates jumped again to an average of 4.67%, up from last week’s 4.42%, Freddie Mac reported Thursday. At the same time, the spring selling season is looking promising for sellers. Home prices rose 1.84% in February and 19.6% year-over-year – the largest annual gains on record – according to Black Knight’s Monthly Mortgage Monitor Report. These numbers, along with an awkward supply and demand situation, are pushing some buyers who are in a position to do so to go ahead with their home purchase now. Jerry Stover, sales manager with Homeowners Financial, said this has been…
Mortgage loan application volume fell by 6.3% to its lowest level since the spring of 2019, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 6.3%. The adjusted purchase index fell by 3%, while the unadjusted purchase index fell by 3% and was 9% lower YOY. The refinance index fell 10% and was down 62% YOY. Refinances made up just 38.8% of total applications, down from 40.6%. Mortgage rates hit 4.90% in their fourth straight week of increases, putting further pressure on dwindling refinances. Rates are now up 1.5 percentage points from the same time last year. “The hot job market and rapid wage growth continue to…
Stock shortages continue to drive home price appreciation, with February home prices rising 20% YOY and 2.2% from the prior month, according to CoreLogic’s Home Price Index. Annual appreciation of detached properties was 4.8 percentage points higher (21.1%) than attached properties (16.3%). Sun Belt states led the record high price appreciation. Naples, FL, saw the highest YOY price increase at 41.4%, with Cape Coral close behind at 40%. The four metros with the largest annual price gains were all on Florida’s Gulf Coast. Florida saw the strongest growth of all states at 29.1% YOY, followed by Arizona (28.6%) and Nevada (25.8%). CoreLogic says the record growth can be traced to record-low inventory, which forces buyers to compete for a limited…
Good Morning! Today is Friday, April 1. Russia’s defense ministry announced a cease-fire in Mariupol. The U.S. imposed new sanctions on Russian technology companies. The House passed a bill to limit the cost of insulin to $35 a month, sending it to the Senate. The Mortgage Note Reports Rates Rise: Mortgage rates jumped again to an average of 4.67%. Forbearances Up Slightly: Forbearances rose slightly again last week, though new plan starts dropped to 10,100, the lowest level in four months. And in other mortgage and housing news… Jobs Report: The unemployment rate fell to 3.6% in March, while payrolls saw big gains, according to Labor Department data. Listing In April: Homes listed for sale in the second half of…
Mortgage rates jumped again to an average of 4.67%, up from last week’s 4.42%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 4.67%. A year ago at this time, the 30-year FRM averaged 3.18%. “Mortgage rates continued moving upward in the face of rapidly rising inflation as well as the prospect of strong demand for goods and ongoing supply disruptions,” said Sam Khater, Freddie Mac’s Chief Economist. “Purchase demand has weakened modestly but has continued to outpace expectations. This is largely due to unmet demand from first-time homebuyers as well as a select few who had been waiting for rates to hit a cyclical low.” Though refinance applications continue dropping,…
Good Morning! Today is Thursday, March 31. The US is planning to lift an order that has restricted immigration for the past two years. Officials say Vladimir Putin’s subordinates have misled him about the Russian military’s struggles to avoid angering him. Google’s sister company Waymo is sending fully autonomous vehicles onto the streets of San Francisco. The Mortgage Note Reports Will The Housing Market Boom Or Bust? As the spring selling season begins, people in the mortgage and real estate industries are speculating on whether 2022 will be a year of growth or the start of the end for a red-hot market. Editor Kimberley Haas takes a deep dive into this topic. Flip Profits: Home flipping profits fell across the…
Mortgage loan application volume fell by 6.8% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 6.8%. The adjusted purchase index rose by 1%, while the unadjusted purchase index rose 1% and was 10% lower YOY. The refinance index fell 15% and was down 60% YOY. Refinances made up just 40.6% of total applications, down from 44.8%. Mortgage rates hit a three-year high at 4.80%, putting further pressure on dwindling refinances. “Not surprisingly, refinance application volume declined further, as fewer borrowers have an incentive to apply at rates that are significantly higher than a year ago,” said Mike Fratantoni, MBA Senior Vice President and Chief…
