CBC Mortgage Agency’s Tai Christensen has been named chair of the American Mortgage Diversity Council (AMDC), the company announced in a press release. Christensen will succeed Lola Oyewole, the outgoing chair. “Working for a company that aligns closely with my desire to erase racial disparity in homeownership has been so gratifying,” Christensen said. “So, when the opportunity to support the American Mortgage Diversity Council arose last year, I jumped at the chance. Little did I know I would be given the opportunity to help guide the council as chair just a year later. I am honored to have the opportunity.” AMDC works with business leaders to make the mortgage sector a more diverse and inclusive industry. CBC Mortgage Agency is…
Good Morning! Today is Friday, April 29. Russian missiles struck Kyiv. President Biden asked Congress for an additional $33 billion to aid Ukraine, which would more than triple U.S. spending on the war. The F.D.A. plans to ban sales of menthol cigarettes. The Mortgage Note Reports Rates Fall Back: Mortgage rates declined for the first time after a weeks-long upward streak, averaging 5% last week. Forbearances Steady: In its last weekly report, Black Knight found forbearances largely holding steady in a “typical” pattern for the end of the month. In Case You Missed It: This week, Chuck Green reported on whether there is a brewing housing bubble while Editor Kimberley Haas wrote about how leaders at Rocket Mortgage are working to end the digital divide in Detroit and that a shortage of…
In its last weekly report, Black Knight found forbearances largely holding steady in a “typical” pattern for the end of the month. Overall, forbearances rose by 2,300 plans last week. Loans held by portfolios and PSLs increased by 7,300 (+3.5%), though this was tempered by decreases for GSE loans (-1.2%, 2,400) and FHA/VA (-1.1%, 2,700). Plan volume is down 54,700 (-7.3%) month-over-month. Some 78,000 plans are up for review in early May, the next time Black Knight expects to see significant improvement. One-third should expire. Overall, U.S. homeowners are in a good position to come out of forbearance strong. In January, delinquencies dropped to their lowest rate since at least January 1999 thanks to home price appreciation and the strong…
Mortgage rates declined for the first time after a weeks-long upward streak, averaging 5% last week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5%, down from 5.11% last week. A year ago at this time, the 30-year FRM averaged 2.98%. “The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth…
Good Morning! Today is Thursday, April 28. New York State’s highest court threw out Democratic-drawn legislative maps as partisan gerrymanders. American and European officials say they are worried the war could escalate beyond Ukraine. The Mortgage Note Reports Applications Drop: Mortgage loan application volume plummeted by 8.3% last week, with overall application activity dropping to its lowest level since 2018. St. Mary’s Board: St. Mary’s Bank has elected Stephen Grzywacz as chairman and Elizabeth Hitchcock as vice-chairman. Do You Like Our Newsletter? Then share this email with a friend so they can go to our website and sign up to receive it every weekday, too! And in other mortgage and housing news… NAHB Asks For Action: Members of NAHB sent a letter calling on the White House to take action on the…
By KIMBERLEY HAAS Near one of the hottest housing markets in the country, a local builder says a shortage of electrical transformers is slowing down progress on 166 condo units. Joshua Manning, General Manager at Lewis Builders Development in Atkinson, NH, says they are trying to complete a new construction project in Epping, NH, where the median listing home price is $581,500, according to Realtor.com. When Manning ordered the 20 electrical transformers he needs last year, there was no indication there would be an issue. Now he wonders when the order will be completely filled. “It’s never taken this long to get electrical transformers for new houses,” Manning said in a recent interview with The Mortgage Note. Manning said he…
Mortgage loan application volume plummeted by 8.3% 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 8.3%. The adjusted purchase index fell by 8%, while the unadjusted purchase index fell by 7% and was 17% lower YOY. The refinance index fell 9% and was down 71% YOY. Refinances made up 35% of total applications, down from 35.7%. Mortgage rates reached their highest level since 2009 last week, and overall application activity dropped to its lowest level since 2018. “The drop in purchase applications was evident across all loan types. Prospective homebuyers have pulled back this spring, as they continue to face limited options of homes…
St. Mary’s Bank has elected Stephen Grzywacz as Chairman and Elizabeth Hitchcock as Vice-Chairman, the company announced in a press release. Grzywacz served on St. Mary’s Board of Directors since 2010 and is President and CEO of Milford Lumber Company and Muir Lumber Corporation. He is also Treasurer and CEO of P.J. Currier Lumber Company, and is a Trustee/Chairman for Manchester High School Central Alumni Scholarship Trust and Trustee for Holy Trinity Cathedral. Grzywacz will replace past Chairman Guy Chapdelaine, who will remain on the Board of Directors. Elizabeth Hitchcock has served on the Board of Directors since 2015. She is a General Partner at the Millworks Fund, an investment fund supporting New Hampshire’s startup community. Hitchcock was an Outstanding Women’s…
New home sales fell to a four-month low in March to a seasonally adjusted annual rate of 763,000, down 8.6%, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. The massive dropoff can be attributed to the rising cost of buying a home. Home price appreciation and increasing interest rates are pricing potential buyers out of the market. Between rates and prices, monthly mortgage payments are 19.5% higher than they were three months ago and 38% higher than a year ago. Meanwhile, some sellers are opting not to put their homes up for sale, exacerbating the stock shortage and driving up competition. The seasonally‐adjusted estimate of new houses for sale at the end…
Housing prices set a record in February, up 19.4% YOY and 2.1% from January 2022, according to the Federal Housing Finance Agency’s (FHFA) latest House Price Index (HPI). Seasonally adjusted monthly house price changes from January to February ranged from +1.3% in the East North Central division to +2.9% in the South Atlantic division. The 12-month changes ranged from +15.3 percent in the East North Central division to +24.3 percent in the Mountain division. “House prices rose to set a new historical record in February,” said Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics. “Acceleration approached twice the monthly rate as seen a year ago. Housing prices continue to rise owing in part to supply constraints.”…
