Good Morning! Today is Friday, January 21. Legendary rockstar Meat Loaf has died. Congressional Democrats urged Biden to overhaul the criteria for drone strikes, citing “repeated civilian casualties.” The Supreme Court let the Texas abortion law stay in effect, rejecting a request for quick action. In mortgage and housing news… TMN Reports: The average person is feeling the effects of inflation along with rising interest rates and some experts say that can be traced back to investors on Wall Street. TMN Reports: Mortgage rates continue to rise, reaching an average of 3.56% this week, Freddie Mac reported. TMN Reports: As forbearance exits yet again hit an expected mid-month slowdown, resulting in an increase in active plans, according to Black Knight’s…
Mortgage rates continue to rise, up to an average of 3.56% from 3.45%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.56%. A year ago at this time, the 30-year FRM averaged 2.77%. “Mortgage rates moved up again as the 10-year U.S. Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy that will combat inflation,” said Sam Khater, Freddie Mac’s Chief Economist. “As a result of higher mortgage rates, purchase demand has modestly waned in advance of the spring homebuying season. However, supply remains near historically tight levels and home prices remain high, keeping the market competitive.” Inventory reached a record low in December, down 19.5%…
Good Morning! Today is Wednesday, January 19. Microsoft is buying Activision Blizzard in a $75 billion deal. Gilead Sciences is accusing suppliers and distributors of selling fake versions of its HIV medications. The House committee investigating the Jan. 6 riot issued subpoenas to Rudy Giuliani and three other Trump allies involved in efforts to overturn the 2020 election results. And in mortgage and housing news… Finding A Place For Fido: As pet owners think about what their next move will be if they have to sell their homes due to the economic backlash of the pandemic, some organizations are advocating for increasing options for renters with dogs and cats. Forbearances Down: The total number of loans now in forbearance fell…
Good Morning! Today is Tuesday, January 18. China’s economy grew by only 4% in Q4 2021, worrying the international community. Communications to Tonga are still fraught after a volcanic eruption in the Pacific, hampering aid. Airlines warned of grounded flights this week if AT&T and Verizon deploy more 5G technology, which they say interferes with altitude readings. And in mortgage and housing news… Is Home Ownership More Affordable Than Renting? A report released this month suggests that despite rising home prices it is more affordable to own a median-priced home than to rent a three-bedroom property in a majority of the United States, but it all depends on where you live. Slumping Home Sales: December homes sales saw their largest…
Good Morning! Today is Friday, January 14. The Supreme Court blocked the Biden administration from enforcing a vaccine-or-testing mandate for large employers. Australia canceled Novak Djokovic’s visa for a second time, days before the Australian Open. The leader of the far-right Oath Keepers militia was charged with seditious conspiracy in the Capitol riot investigation. And in mortgage and housing news… Forbearance Exits Remain High: Of single-family homeowners who entered Covid-19 related forbearance, 89% have now exited their plans, according to Black Knight. Rates Climb Again: Mortgage rates jumped significantly this week, up to an average of 3.45% from 3.22%, Freddie Mac reported. Vice Chairwoman: President Biden will nominate Sarah Bloom Raskin, a former top Treasury Department official, to serve as…
Mortgage rates jumped significantly this week, up to an average of 3.45% from 3.22%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.45%. A year ago at this time, the 30-year FRM averaged 2.79%. “Mortgage rates rose across all mortgage loan types, with the 30-year, fixed-rate mortgage increasing by almost a quarter of a percent from last week,” said Sam Khater, Freddie Mac’s Chief Economist. “This was driven by the prospect of a faster than expected tightening of monetary policy in response to continued inflation exacerbated by uncertainty in labor and supply chains. The rise in mortgage rates so far this year has not yet affected purchase demand, but given…
Good Morning! Today is Wednesday, January 12. In an effort to keep kids in schools, the Biden administration will ship five million free rapid Covid-19 tests to K-12 schools each month. Celebrities including Kim Kardashian, Floyd Mayweather Jr., and Paul Pierce are being sued for allegedly leading investors into a cryptocurrency “pump and dump” scam. Maya Angelou has become the first Black woman on a quarter. And in mortgage and housing news… Credit Availability Up: Mortgage credit availability rose in December, according to MBA’s Mortgage Credit Availability Index. Zillow CDO: Zillow has hired Jenny Arden as the company’s first Chief Design Officer. Delinquencies Down: Mortgage delinquency fell to 3.8% in October 2021, down 2.3% YOY, according to CoreLogic’s latest Loan…
Good Morning! Today is Tuesday, January 11. The SEC has begun work on a plan requiring companies to routinely disclose information about their finances and operations. Chicago schools will reopen after the teachers’ union and the city struck a deal over Covid safeguards. The Biden administration announced that private insurers will cover the costs of eight at-home Covid tests per person per month. And in mortgage and housing news… Jaws Are Dropping: “The One” hit the market. This megamansion with 21 bedrooms and 42 bathrooms in Bel Air is listed for $295 million. Freddie’s Multi-Family Outlook: Freddie Mac’s annual multifamily outlook suggests another strong year with rent growth in all markets, led by the Sun Belt. Black Knight: Origination activity…
Origination activity fell for the fourth consecutive month in December as higher rates and seasonal slowdown pushed rate locks down, according to Black Knight’s December 2021 Origination Market Monitor. Rate locks fell 18.3% from November to December and 35% year-over-year (YOY), fueled by a 22.5% drop in locks on purchase loans and a 17.1% drop in rate/term refinances. Rate/terms refis hit their lowest point in two years at the end of 2021. Locks on cash-out refis also dropped by 10% from November, though they are up 18% YOY thanks to incredible gains in home equity. The share of refinances rose to 48% due to the decline in purchase locks, though average refi credit scores were down 20 points YOY as…
Freddie Mac’s annual multifamily outlook projects another strong year, with rents continuing to increase despite an overall moderating market. The report projects that the Sun Belt will outperform slow-growing smaller markets in the Northeast and Midwest. “We believe the market will continue to grow in 2022, reflecting the strong multifamily fundamentals that drove the market to a record-breaking year in 2021,” said Steve Guggenmos, vice president of Multifamily Research & Modeling at Freddie Mac. “We anticipate rent growth in all markets in 2022 due to strong demand driven by improving economic conditions.” Growth broke records in 2021 thanks to changing migration patterns and strong economic conditions. Multifamily demand reached its highest ever levels during Q2 and Q3 of 2021, and…
