Good Morning! Today is Thursday, April 21. Russia test-launched a new intercontinental missile that it said could carry several nuclear warheads. The federal government charged 21 people in Medicare fraud schemes, including selling fake vaccine cards and test results. The Mortgage Note Reports “Plenty Of Fuel In The Tank”: Monthly mortgage payments on the typical U.S. home are 19.5% higher than they were three months ago, but demand just keeps growing. Existing Home Sales: Existing-home sales fell for the second straight month in March, down 2.7% from the prior month and 4.5% from a year ago. And in other mortgage and housing news… Blend Layoffs: Mortgage tech company Blend has laid off 10% of its workforce. BOA Settlement: HUD signed a Conciliation Agreement with Bank of America to resolve…
Monthly mortgage payments are up by 19.5% from three months ago, and 38% YOY, according to Zillow’s March Real Estate Market Report. Annual home value growth set a new record for the 12th consecutive month. The typical home is now worth $337,560, up 20.6% YOY. At the same time, mortgage rates have grown from 3.51% at the beginning of March to breach the 5% mark at the end of the month. The combo has pushed monthly payments up 38% YOY on a home with a 30-year mortgage and 20% down payment. Despite this, Zillow reports that the pace and volume of sales picked up, “showing the depth of the pool of homebuyers willing and able to meet current asking prices.”…
Existing home sales fell for a second month in March, down 2.7% from February and 4.5% YOY, according to the National Association of Realtors (NAR). Existing home sales are now down to an annualized rate of 5.77 million. March sales dropped in three of the four major regions but stayed stable in the West. But all four regions saw YOY declines. “The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power,” said Lawrence Yun, NAR’s chief economist. “Still, homes are selling rapidly, and home price gains remain in the double-digits.” Properties remained on the market for an average of 17 days, down from 18 days both in…
Good Morning! Today is Wednesday, April 20. Wimbledon is planning to bar tennis players from Russia and Belarus from this year’s tournament. President Biden said Americans should decide for themselves whether to wear masks on public transportation. Netflix lost subscribers for the first time in more than a decade, and its stock fell. The Mortgage Note Reports A Customer For Life: Editor Kimberley Haas reports that Guild Mortgage’s success is the result of their long-term dedication to customers. Application Freefall: Mortgage loan application volume plummeted by 5% last week as rates reached 5.20%, their highest level since 2010. Rent Record: Rent prices continued their double-digit gains in February, rising 13.1% YOY to hit another new record as the highest in the history of CoreLogic’s index. And…
Rents posted another double-digit gain in February, rising 13.1% YOY, according to CoreLogic’s Single-Family Rent Index. They are now at their highest level in the history of the index. The largest price increases were in warm areas of the country as Americans keep moving to Sun Belt states. Miami saw a spike of 39.5% from February 2021, outpacing the second and third places, Orlando (22.2%) and Phoenix (18.9%). Washington, D.C., and St. Louis had the lowest annual increases, both at 6.5%. Lower-priced rentals (75% or less than the regional median) saw increases of 12.7%, up from 3% in February 2021. Lower-middle priced rentals (75% to 100%) were up 13.8%, from 3.2% the year prior. Higher-middle priced rentals (100%-125%) were up…
By KIMBERLEY HAAS Leaders at a California-based lender that generated $36.8 billion in origination volume last year say they are finding success because they focus on creating customers for life. Guild Mortgage, located in San Diego, has been originating and servicing residential loans since 1960. Their origination volume in 2021 was up about 5% from $35.2 billion in 2020. The company’s in-house servicing portfolio grew 18% year-over-year to $70.9 billion in the fourth quarter of 2021, with Guild retaining servicing rights for 80% of total loans sold. Last month, they earned their fifth consecutive Servicer Total Achievement and Rewards performer recognition from Fannie Mae. According to a press release, the STAR Performer recognition is reserved for top-performing servicers in one or…
Mortgage loan application volume plummeted by 5% 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 5%. The adjusted purchase index fell by 3%, while the unadjusted purchase index fell by 2% and was 14% lower YOY. The refinance index fell 8% and was down 68% YOY. Refinances made up 35.7% of total applications, down from 37.1%. Mortgage rates reached 5.20%, the highest level since 2010. “Ongoing concerns about rapid inflation and tighter US monetary policy continued to push Treasury yields higher, driving mortgage rates to their highest level in over a decade,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. …
Good Morning! Today is Tuesday, April 19. A federal judge struck down the mask mandate on public transit, although the ruling may not be final. Florida rejected more than 40 math textbooks that contained social and emotional concepts. The F.D.A. is investigating reports that thousands of people became ill after eating Lucky Charms. The Mortgage Note Reports Retirees Affected By Inflation, High Housing Costs: Scott Kimbler reports that every facet of the economy is affected and that has put many people in the position of having to rethink their retirement plans. CHLA Letter: CHLA sent a letter to the FHFA asking it to amend its proposed updated seller and servicer standards, citing the risk of “significant negative real-world consequences to consumers.” Zabusky Joins Houwzer: Former GrubHub President…
The Community Home Lenders Association (CHLA) sent a letter to the Federal Housing Finance Agency (FHFA) commenting on its proposed increases in financial requirements for Fannie and Freddie. In February, the FHFA proposed updated standards that mortgage lenders would have to meet in order to sell loans to or service loans on behalf of Fannie Mae and Freddie Mac. The standards were set in 2015 and have remained with little modification since then. The update is meant to strengthen required capital and liquidity for seller/servicers with different business models, as well as provide for more transparency and consistency, “by incorporating cost and risk assumptions that were not previously considered and re-evaluating modeling assumptions and inputs, given changes in the servicing…
GrubHub’s Jonathan Zabusky is joining real estate brokerage Houwzer’s board as Executive Chairman, the company announced in a press release. Zabusky most recently served as the President and Board Director at GrubHub Inc., and is an advisor, entrepreneur, and investor. He was previously CEO of Seamless, which merged with GrubHub. He is also the Founder and Managing Partner of Bounce Ventures LLC and serves as an advisor and board director to a portfolio of venture and private equity-backed companies in the U.S. and Israel. “I am incredibly excited to join Houwzer’s Board as Executive Chairman and to have the opportunity to work alongside Mike and his outstanding team. I’m energized by our mission to elevate the home buying and selling…
