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…
JPMorgan Chase exec Cerita Battles has been appointed chair of The National Association of Hispanic Real Estate Professionals’ (NAHREP) 2022 Corporate Board of Governors. The organization made the announcement in a press release issued on March 14. “We are blessed to have Cerita join the NAHREP Corporate Board of Governors. Cerita’s many years of respected leadership and successes in expanding homeownership and generational wealth will steward the NAHREP legacy for a new generation,” said 2021 NAHREP President Sara Rodriguez. Battles will co-chair the board with Rodriguez. She brings with her 30 years of finance industry experience, of which 23 years were specifically dedicated to mortgages. She currently serves as Managing Director, Head of Community & Affordable Lending, at JPMorgan Chase.…
Good Morning! Today is Tuesday, March 15. U.S. tech stocks and oil prices fell Monday as investors assessed new Covid-19 outbreaks in China. The police arrested a suspect in a series of shootings of homeless men in New York City and Washington, DC. Idaho passed an abortion bill similar to the one in Texas. The Mortgage Note Reports Funding Awarded To Help The Homeless: The U.S. Department of Housing and Urban Development has announced over $2.6 billion to fund roughly 7,000 local homeless housing and service programs throughout the country. CoreLogic: Single-family rents increased by 12.6% YOY in January to reach another historic high, with Miami seeing 40% growth YOY. Vacation Demand: Demand for vacation homes has cooled down after…
Single-family rents rose by 12.6% YOY in January to another record high, with Miami leading U.S. cities in rent growth. CoreLogic’s Single-Family Rent Index (SFRI) found that rent growth exploded in January. The increase is especially shocking compared to January 2021’s mere 3.9% annual increase. “Single-family rent growth extended its record-breaking price growth streak to 10 consecutive months in January,” said Molly Boesel, principal economist at CoreLogic. “Rents increased across the country, and the gains were highest in the Sun Belt, which also had strong population growth last year.” All metro areas analyzed by CoreLogic saw annual growth, with Sun Belt cities leading the pack. Miami once again had the highest YOY growth at 38.6%. In January 2021, Miami rents…
Demand for vacation homes has cooled down after skyrocketing to near-record levels in January, Redfin reported. February saw second home demand reach its lowest level since May 2020 as mortgage rates continued climbing, only 35% above pre-pandemic levels. Rates declined for a few weeks due to uncertainty surrounding Russia’s invasion of Ukraine, but started inching up again last week, reaching 3.85%. While demand is still significantly elevated from two years ago, it’s nothing compared to January’s 87% increase. February was also the first month where primary residence demand beat out vacation home demand since the pandemic began, though only by 1%. “Rising mortgage rates, combined with rising home prices, are hitting the second-home market much harder than the primary-home market,”…
Good Morning! Today is Monday, March 14. Russian forces hit Kyiv with heavy artillery strikes this morning after days of fighting in the suburbs. Barack Obama tested positive for Covid-19. Less than two months after announcing his retirement, quarterback Tom Brady said he will return to the Tampa Bay Buccaneers and play again. The Mortgage Note Reports Help Us Highlight Those Who Are Supporting The People Of Ukraine: The people of the world are watching the horror unfolding in Ukraine, and we at The Mortgage Note want to highlight those in the housing industry who are stepping up to help. AIME Lobbying: AIME is teaming up with lobbying firm Forbes Tate Partners to represent brokers in government affairs. Cash Is…
Homebuyers who offered all cash won more bidding wars in 2021, making it the most effective strategy to beat out other buyers, according to a new Redfin report. Waiving the financing contingency and conducting a pre-inspection also increased potential buyers’ chances when facing off with other bidders, making them 31% and 25% more likely to win, respectively. Escalation clauses and waiving inspection contingencies are frequently seen strategies, but because they’re so common they’re also ineffective. They also do not benefit one buyer over their competition. Redfin also suggests offering more than asking price and waiving the appraisal contingency to set buyers apart from the crowd, as many can’t afford to pay all cash. Buyers planning to offer over asking may…
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 Friday, March 11. President Biden will call for suspending normal trade relations with Russia, which would raise tariffs for many Russian products. Baseball players and owners struck a deal on a new contract, ending a lockout. The federal government extended the mask mandate on airplanes and other public transportation through mid-April. The Mortgage Note Reports Rate Reversal: Mortgage rates rose to 3.85%, reversing a brief period of declines brought on by uncertainty surrounding Ukraine. Forbearances Down: Forbearance plans dropped to a post-pandemic low this week, falling by 49,800 (-6.5%), according to Black Knight. And in other mortgage and housing news… Inflation Wreaks Havoc: The consumer price index for February rose 7.9% YOY, the highest level since…
Forbearance plans dropped to a post-pandemic low this week, falling by 49,800 (-6.5%), according to Black Knight’s blog, Vision. Forborne loans held by portfolios and PSLs drove the week with a decline of 20,300 (-8.1%), while FHA/VA loans in forbearance fell by 15,300 (-5.4%). GSE plans fell by 14,300 (-6.1%). Plan volumes are down 42,700 (-5.6%) month-over-month. Some 154,000 plans are up for review in early April, the next time Black Knight expects to see significant improvement. One-third should expire. Overall foreclosure rates were up 11% month-over-month in February and 129% YOY as they return to pre-pandemic levels. Rick Sharga, executive vice president at RealtyTrac, an ATTOM company, said foreclosure activity this year will mimic February’s growth. “This isn’t an…
