Good Morning! Today is Monday, October 4. New Covid cases have fallen by 35% since September 1. Migrants are surging at the southern U.S. border due to the economic devastation wreaked by the pandemic on South America. Vice President Kamala Harris sold her Washington, D.C., condo for $1.85 million. And in mortgage and housing news… Is Mat Ishbia Leading UWM Into A Title IX Lawsuit?: Ishbia’s monthly stipends for male student athletes could lead to Title IX challenges. Worst Since 2008: The median American household would need to spend 32.1% of its income to cover mortgage payments on a median-priced home, the most unaffordable mortgage payments have been since the 2008 recession. PennyMac: PennyMac is raising conforming loan limits by almost 14% through broker and correspondent channels, anticipating cap…
Good Morning! Today is Friday, October 1. Lawmakers avoided a partial shutdown last night by signing a bill to fund the government. House Democrats delayed a vote on the $1 trillion infrastructure bill. Supreme Court Justice Brett Kavanaugh tested positive for COVID-19. U.S. jobless claims remained near pandemic lows during September. And in mortgage and housing news… Teachers, Nurses Struggle With Housing: The lack of affordable housing is forcing in-person workers like teachers and nurses into smaller, older homes, according to a Zillow report. Forbearances Fall: Forbearances are down 11% month-over-month, the fastest rate of decline since July, Black Knight reported. Seniors At Home: An AAG survey found that over 80% of seniors do not want to sell their homes.…
Good Morning! Today is Thursday, September 30. The House plans to vote today on a $1 trillion infrastructure plan. A new AP poll finds President Biden’s vaccine mandate splits Americans down party lines. The NCAA will allow women’s basketball to use the phrase “March Madness,” which used to be restricted to the men’s tournament. And in mortgage and housing news… Freddie Mac: Interest rates rose to 3.01% this week, Freddie Mac’s PMMS reported. Investor Confidence Falls: Nearly half of real-estate investors believe the investment market is worse than a year ago, and 36% expect it to stay bad over the next six months. AIME Conference: 3,000 mortgage professionals attended AIME’s 4th Annual Fuse conference. Pending Home Sales Rebound: Pending home…
Mortgage rates rose to 3.01% over the past week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) reports the 30-year fixed-rate mortgage (FRM) averaged 2.88 percent. A year ago at this time, the 30-year FRM averaged 2.90 percent. “Mortgage rates rose across all loan types this week as the 10-year U.S. Treasury yield reached its highest point since June,” said Sam Khater, Freddie Mac’s Chief Economist. “Many factors led to this increase, including the Federal Reserve communicating that it will taper its support of the capital markets, the broadening of inflation and emerging energy supply shortages which compound other labor and materials shortages.” On Tuesday, both Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen testified before Congress…
Good Morning! Today is Wednesday, September 29. Consumer confidence dipped in September, as President Biden’s poll numbers on the economy continue to slip. A Wall Street Journal investigation found that 130 federal judges broke the law by overseeing cases involving companies in which they or their families owned stock. The FTC is considering bypassing Congress to strengthen online privacy protections. And in mortgage and housing news… Loan Applications Fall: Mortgage loan application volume fell 1.1% last week, MBA’s weekly survey reports. Commercial/Multifamily Debt Up: The level of outstanding commercial/multifamily mortgage debt rose by $60.7 billion in Q2 2021, according to the MBA’s Commercial/Multifamily Mortgage Debt Outstanding quarterly report. Yellen, Powell See Inflation Ahead: In testimony before the Senate Banking Committee, America’s top two financial regulators said inflation…
Two of the Biden administration’s top finance officials are warning that inflation is on the rise and is likely to linger, which could have an impact on the cost of both houses and the mortgages needed to buy them. During testimony before the Senate Banking Committee, Treasury Secretary Janet Yellen acknowledged that inflation is rising twice as fast as the 2% she had predicted. “Probably closer to 4% and that already almost must be the case based on what’s happened this year,” she told Sen. John Kennedy (R-La.) “Inflation is elevated and will likely remain so in coming months before moderating,” Fed Chairman Jerome Powell said in his opening statement. When asked if the inflation problem is more significant than…
Mortgage loan application volume fell 1.1% last week, the Mortgage Bankers Association’s (MBA) weekly survey reports. Interest rate spikes stopped the upward momentum of applications seen in last week’s survey. The Market Composite Index, which measures application volume, fell 1.1% on an adjusted basis. On the same basis, they fell 1% from the week before, which is 13% lower year over year. The share of refinancing applications fell 1% and was 0.4% higher compared to a year ago. The seasonally adjusted Purchase Index fell 1%, while the unadjusted Purchase Index fell 2% compared to the week before, down 12% from the previous year. “Increased optimism about the strength of the economy pushed Treasury yields higher following last week’s FOMC meeting.…
Good Morning! Today is Tuesday, September 28. Rocket Mortgage will continue to sponsor the PGA’s Rocket Mortgage Classic through 2027. The presidents of Boston and Dallas’s Federal Reserve banks are resigning following reports of investment trading. Federal Reserve Chairman Jerome Powell will tell Congress today that inflation will stay high for a few months before moderating. Senate Republicans blocked a bill that would prevent a government shutdown. And in mortgage and housing news… Forbearances Keep Falling: The share of loans in forbearance fell yet again, dropping to 2.96%. It’s the first time they’ve dipped below 3% since March 2020. Natural Disasters Cause Concern: More than half of respondents to a Realtor.com survey said they considered natural disasters when choosing where…
Good Morning! Today is Monday, September 27. Government funding is set to expire this week as Democrats push two sweeping legislative packages. States are beginning to roll out booster shots to at-risk Americans. China traded two detained Canadian citizens to bring home a Huawei executive accused of stealing trade secrets. And in mortgage and housing news… What Does Debt-Limit Mean For Mortgage Rates?: Mortgage rates could be impacted by Washington D.C.’s debate over raising the debt ceiling. “LIFT”: Legislation aimed at first-time homebuyers proposes creating a 20-year-fixed-rate mortgage program through Ginnie Mae. FHFA Loan Mods:Fannie Mae and Freddie Mac completed 217,020 foreclosure prevention actions in the second quarter, with 47% of loan modifications lowering monthly payments by more than 20%.…
Freddie Mac and Fannie Mae completed 217,020 foreclosure prevention actions in Q2, bringing the number of homeowners the GSEs have helped during conservatorship to 6.030 million, according to the Federal Housing Finance Authority’s Foreclosure Prevention and Refinance Report. 57% of loan modifications reduced monthly payments by more than 20%, though the number of refinances began to fall in Q2. Forbearance starts dropped 32% to 6,233 in the second quarter, while third-party and foreclosure sales fell 9% to 2,281. The GSEs’ serious delinquency rate dropped from 2.48% to 1.99% by the end of Q2. The total number of loans in forbearance continues to drop from its latest peak in May 2021, though new forbearance plans fell but stayed high through Q2…
