Rate Locks Dropped Again In May As Refis Hit New Low

Rate lock volumes dropped again in May by 4.8% despite interest rate growth slowing, according to Black Knight’s latest Originations Market Report. While conforming 30-year rates rose at the beginning of the month to 5.5%, they cooled by month-end to 5.34%, 7 basis points down from April. Still, lock volumes fell for both rate/term and cash-out refis, down 23.6% and 11.9% respectively. Cash-outs are now down 42.2% from last year. “Ultimately, our OBMMI daily interest rate tracker showed 30-year conforming offerings finishing the month at 5.34%, down 7 basis points from last month. Still, despite this plateau in rates, rate lock volume continued to slide in May, with declines seen across all loan purposes,” said Scott Happ, president of Optimal…

Morning Roundup (1/20/2022)– Application Surge, Home Price Appreciation Accelerating

Good Morning! Today is Thursday, January 20. President Biden suggested he would break up his climate and social spending bill to improve the chances of passage. Senate Democrats failed to alter the filibuster to pass voting legislation, with Joe Manchin and Kyrsten Sinema voting with Republicans. Starbucks rescinded its vaccination requirement after the Supreme Court struck down Biden’s mandate. And in mortgage and housing news… Loan Applications Surge: Mortgage loan application volume rose 2.3% from last week, MBA’s weekly survey reported. Acceleration In Full Swing: Monthly home value appreciation accelerated for the first time since July as potential buyers continue to outnumber new listings, driving December inventory to an all-time low. New Home Purchase Apps Down: Mortgage applications for new…

Freddie Mac: New Tenant Protections For MHCs

As part of its efforts to protect affordable housing, Freddie Mac announced new tenant protections for Manufactured Housing Communities (MHC). The protections include renewable lease terms, written notice of rent increases, grace periods for late rental payments, and rights governing the sale of manufactured homes at MHCs. They are intended to protect people who own manufactured homes but pay rent on the property beneath them. “Manufactured housing communities often represent the most affordable multifamily housing option available in many areas, particularly rural areas,” said Debby Jenkins, executive vice president of Freddie Mac Multifamily.  “We have been ramping up our tenant protections offering since 2018, and today we’re making these protections a requirement for all future transactions.” Restrictive zoning ordinances and…