Good Morning! Today is Friday, March 11. President Biden will call for suspending normal trade relations with Russia, which would raise tariffs for many Russian products. Baseball players and owners struck a deal on a new contract, ending a lockout. The federal government extended the mask mandate on airplanes and other public transportation through mid-April. The Mortgage Note Reports Rate Reversal: Mortgage rates rose to 3.85%, reversing a brief period of declines brought on by uncertainty surrounding Ukraine. Forbearances Down: Forbearance plans dropped to a post-pandemic low this week, falling by 49,800 (-6.5%), according to Black Knight. And in other mortgage and housing news… Inflation Wreaks Havoc: The consumer price index for February rose 7.9% YOY, the highest level since…
Mortgage rates rose last week, reversing a brief period of declines brought on by uncertainty surrounding Ukraine, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.85%. A year ago at this time, the 30-year FRM averaged 3.05%. “Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased,” said Sam Khater, Freddie Mac’s Chief Economist. “Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.” The Consumer Price Index reached another high this week, standing at…
Good Morning! Today is Wednesday, March 9. Major U.S. businesses pulled out of Russia and President Biden banned Russian oil imports. Intelligence officials said Vladimir Putin showed no signs of changing course. A jury found Guy Reffitt, the first Jan. 6 defendant to go on trial, guilty of leading a mob against the police. The Mortgage Note Reports $1M Or More: A record 8.2% of U.S. homes (6 million) were valued at $1 million or more in February, with California leading the pack in share. Rate Slide Pushes Refis Up: Refinances bounced up last week due to a brief drop in interest rates, while overall mortgage loan application volume rose 8.5%. And in other mortgage and housing news… Above Asking:…
Refinances bounced up last week due to a brief drop in interest rates, the Mortgage Bankers Association’s (MBA) weekly survey found. Overall, mortgage loan application volume rose 8.5% last week, reversing a weeks-long downward trend. This is likely the result of spring inventory trickling into the market, though the lower rates may have played a role. The adjusted purchase index rose 9%, while the unadjusted purchase index rose 11% and was 7% lower YOY. The refinance index jumped 9% and was down 50% YOY. Refinances made up 49.5% of total applications, a slight dip as overall volume increased. Government refinances made big gains in particular. “Mortgage rates dropped for the first time in 12 weeks, as the war in Ukraine…
By JARED WHITLEY Divorce is the number two most stressful event in a person’s life, leading lady Leslie Knope reveals in one episode of “Parks and Recreation,” adding “Of course, marriage is number seven. So, watch out, everyone. It’s all bad.” We face a similar conundrum in the housing market right now. Housing prices have been out of control the last year, and in response, the Fed has announced it will raise interest rates this month. Rates have already surged to their highest point since March 2020 – the start of the coronavirus and its accompanying government damaging overreactions – showing that the salad days of 2% rates on a traditional home loan are over. The question for housing experts to answer…
Mortgage rates fell again last week, dropping to an average of 3.76% from 3.89%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.76%. A year ago at this time, the 30-year FRM averaged 3.02%. “While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty,” Freddie Mac Chief Economist Sam Khater said. “Consequently, rates are expected to stay low in the short term but will likely increase in the coming months.” The Fed said that it still plans to raise rates later this month despite uncertainty surrounding the Ukraine conflict. Fed Chairman Jerome Powell said the central bank would stick to its plan to reduce…
Good Morning! Today is Thursday, March 3. Russia has continued to attack major cities in Ukraine, creating a humanitarian crisis. The Jan. 6 committee said there was evidence to conclude that Donald Trump may have committed crimes to try to stay in office. Fitbit is recalling its Ionic smartwatch after reports of overheating batteries. The Mortgage Note Reports Loan Factory’s Nguyen Says UWM Ultimatum ‘Has Divided Our Community’: In a one-on-one interview with The Mortgage Note, Nguyen explains why he chose to stop doing business with Mat Ishbia’s company rather than agree to it’s ‘All In’ ultimatum. Weak App Activity: Mortgage loan application volume fell 0.7% last week, faring slightly better than the prior week’s 13.1% drop but continuing a trend…
Mortgage loan application volume fell 0.7% last week, faring slightly better than the prior week’s 13.1% drop but continuing a trend down, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 0.7%. The adjusted purchase index fell 2%, while the unadjusted purchase index rose 1% and was 9% lower YOY. The refinance index rose 1% and was down 56% YOY. Refinances made up 49.9% of total applications. Rising mortgage rates continue to impact application activity. Mortgage rates reached 4.15% last week, their highest since 2019, and are driving refinance applications down. “Although there was an increase in government refinance applications, higher rates continue to push potential refinance borrowers…
By SCOTT KIMBLER Across the country, especially in urban metropolitan areas, it’s becoming as difficult to find a rental property as it is to buy a home. “It’s just going to keep happening,” said economist Roy Black of Emory University’s Goizueta Business School. “It is the perfect storm: Supply chain issues, inflation, gas prices going up. It is everything happening from different angles. The middle class, even the upper middle class, is being squeezed. Prices are squeezing the people whose salaries are not increasing at the pace of the cost of living. About the only thing people can do is bargain-hunt until they find something or move farther and farther out where the rents are cheaper.” Elizbeth Rose with Mortgage…
Good Morning! Today is Friday, February 25. German Chancellor Olaf Scholz condemned Russia’s actions in Ukraine, stating that Europe “will not accept this violation of Ukraine’s sovereignty by Russia.” The United Kingdom banned civilian Russian aircraft from its airspace. The Mortgage Note Reports America’s MoneyLine CEO Fights Back: The CEO of California-based America’s MoneyLine is fighting back after being slapped with a $2.8 million lawsuit from lending giant United Wholesale Mortgage. Freddie Mac: Mortgage rates dropped last week after jumping to almost 4%, averaging just 3.89%.And in other mortgage and housing news… And in other mortgage and housing news… Jobless Claims: The number of Americans collecting unemployment benefits fell to a 52-year low after another decline in jobless aid applications…
