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…
Good Morning! Today is Friday, March 25. The U.S. imposed new sanctions on more than 300 members of Russia’s Parliament. Some journalists have quit jobs at Russian state media outlets, citing regret for promoting lies about the war. Arizona Republicans passed a bill banning most abortions after 15 weeks of pregnancy. The Mortgage Note Reports Rates Rise: Mortgage rates continued their upward march this week, averaging 4.42%. Forbearances Up: Forbearance plans rose for a second week, pushed up by plan re-starts, though new plan starts remained steady. And in other mortgage and housing news… Affordability Down: Homebuyer affordability decreased in February, with the national median payment applied for by applicants jumping 8.3% to $1,653. “We’re Concerned”: Liz Shuler, president of…
Good Morning! Today is Wednesday, March 23. Russia extended a law banning criticism of the government, and a court sentenced the opposition leader Aleksei Navalny to nine more years in prison. At least one person died last night after a tornado in the New Orleans area damaged homes and knocked out power. The Mortgage Note Reports Digital Real Estate: What Is It And Who Is Interested? Millions of dollars are being spent on digital real estate as investors take their money to the land of the Metaverse and Tyrone Townsend is taking a look at this new virtual opportunity. Applications Down: Mortgage loan application volume plummeted by another 8.1% last week as interest rates rise. IMB Profits Down:IMBs and mortgage…
Mortgage loan application volume plummeted by 8.1% 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 8.1%%. The adjusted purchase index fell 2%, while the unadjusted purchase index fell 1% and was 12% lower YOY. The refinance index fell a whopping 14% and was down 54% YOY. Refinances made up 44.8% of total applications. Mortgage interest rates jumped by 23 basis points last week, their largest weekly increase since March 2020, due to the Fed’s interest rate hike and the expectation of fewer MBS purchases, Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, noted. “With mortgage rates now at 4.5%, compared to rates at…
Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks made $1,099 on each originated loan in Q4 2021, dropping from Q3’s $2,594, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. More than three-fourths (76%) of firms analyzed made a net profit in Q4, especially firms with servicing operations. Those benefited from slower prepayments and low delinquencies which boosted their MSR valuations. But it’s a decrease from Q3’s rate of 92%. Plus, if no firms in the study had servicing operations, only 58% would have made a net profit last quarter. “Production margins tightened substantially in the fourth quarter of 2021. After a two-year run of above-average profitability, pre-tax net production income per loan reached its…
Good Morning! Today is Wednesday, March 16. Two journalists working for Fox News were killed when their vehicle came under fire outside Kyiv. Pfizer asked federal regulators to authorize a second booster shot for adults 65 and older. The Senate passed a bill to make daylight saving time permanent. The Mortgage Note Reports New Chair: JPMorgan Chase’s Cerita Battles has been appointed chair of NAHREP’s 2022 Corporate Board of Governors. Loans Down: Mortgage loan application volume fell 1.2% last week, with refis down for both conventional and government loans. And in other mortgage and housing news… Ginnie EVP: Ginnie Mae President Alanna McCargo announced the appointment of the GSE’s first Latino Executive Vice President, Sam Valverde. Latino Homeowners: Realtor.com’s 2022…
Mortgage loan application volume fell 1.2% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 1.2%. The adjusted purchase index fell 1%, while the unadjusted purchase index fell 2% and was 8% lower YOY. The refinance index fell 3% and was down 49% YOY. Refinances made up 48.4% of total applications. Rising mortgage rates continue to impact application activity. Rates reached 4.27% last week, their highest since May 2019, and are adding to investor uncertainty. They’re also having an outsized impact on refis, which declined for both conventional and government loans. Refinances bounced up last week due to a brief drop in rates, though it was…
The Association of Independent Mortgage Experts (AIME) is teaming up with lobbying firm Forbes Tate Partners (FTP) to further broker representation in government affairs. The partnership is a step forward for AIME’s Government Affairs Committee, founded in 2021. “The broker community is thrilled that Forbes Tate will represent our interests in government affairs,” said Katie Sweeney, CEO of AIME. “The strategies they’re advancing will effectively suit our needs by growing our footprint, increasing our impact, and building our reputation exponentially. Additionally, they will help us fight for a voice for the broker channel and champion consumers from all backgrounds.” FTP is a bipartisan public affairs firm specializing in government relations, traditional and digital communications, grassroots advocacy, third-party coordination, insights, polling,…
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:…
