Mortgage rates rose last week, reversing a brief period of declines brought on by uncertainty surrounding Ukraine, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.85%. A year ago at this time, the 30-year FRM averaged 3.05%. “Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased,” said Sam Khater, Freddie Mac’s Chief Economist. “Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.” The Consumer Price Index reached another high this week, standing at…
Good Morning! Today is Thursday, March 10. Democrats cut $15.6 billion in Covid-19 aid from the omnibus spending package. It includes $13.6 billion in aid for Ukraine. The Kremlin accused the U.S. of waging an “economic war” as Russia’s currency has lost about 40% of its value in a month. The Mortgage Note Reports Mortgage Fraud: A California man pled guilty to wire fraud related to a foreclosure rescue scheme that took in at least $5 million from thousands of distressed homeowners. Foreclosures In Full-Swing: February foreclosure rates were up 11% from January and 129% YOY as pre-pandemic activity returns And in other mortgage and housing news… Under The Microscope: President Biden ordered a study to assess the risks and…
A California man has pleaded guilty to wire fraud in connection with a foreclosure rescue scam that took at least $5 million from distressed homeowners. Sergio Lorenzo Rodriguez admitted to one count of wire fraud, according to the Department of Justice. This offense carries a maximum sentence of 20 years in prison and a maximum fine of $250,000 or twice the gross gain or loss from the offense. Rodriguez and an unnamed person owned and/or managed a series of mortgage modification companies, through which they used deceptive marketing practices to defraud homeowners facing foreclosure. They executed this scheme between mid-2015 and August 2020. Through tactics such as falsely claiming homeowners had been pre-approved by their lender for a modification and…
Overall foreclosure rates were up 11% month-over-month in February as foreclosure starts soared, according to ATTOM’s February 2022 U.S. Foreclosure Market Report. A total of 25,8333 properties had foreclosure filings (default notices, scheduled auctions, or bank repossessions). This is a 129% increase from the same time last year. Rick Sharga, executive vice president at RealtyTrac, an ATTOM company, said foreclosure activity this year will mimic February’s growth. “This isn’t an indication of economic turmoil, or of weakness in the housing market; it’s simply the gradual return to normal levels of foreclosure activity after two years of artificially low numbers due to government and industry efforts to protect financially-impacted homeowners from defaulting,” he said. Foreclosures hit their lowest level ever recorded…
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:…
Refinances bounced up last week due to a brief drop in interest rates, the Mortgage Bankers Association’s (MBA) weekly survey found. Overall, mortgage loan application volume rose 8.5% last week, reversing a weeks-long downward trend. This is likely the result of spring inventory trickling into the market, though the lower rates may have played a role. The adjusted purchase index rose 9%, while the unadjusted purchase index rose 11% and was 7% lower YOY. The refinance index jumped 9% and was down 50% YOY. Refinances made up 49.5% of total applications, a slight dip as overall volume increased. Government refinances made big gains in particular. “Mortgage rates dropped for the first time in 12 weeks, as the war in Ukraine…
U.S. home prices have broken another record: 8% of homes (6 million) are now worth $1 million or more, according to a new report from Redfin. That is nearly double the share from before the pandemic when the share was only 4.8% (3.5 million). The Bay Area has the biggest share of million-dollar homes, with nearly nine out of 10 properties in San Francisco and San Jose making the list. This isn’t surprising given its long history of being the most expensive place to buy a home in the U.S. Anaheim, CA, saw the biggest increase, with its share of million-dollar homes jumping to 55% from 27% two years ago. California dominated the top five, following up with Oakland (55.1%),…
Good Morning! Today is Tuesday, March 8. Ukrainians defended two crucial cities yesterday, shooting down three Russian fighter jets over Kyiv and preventing troops from entering Mykolaiv, on the Black Sea coast. Florida will recommend that healthy children not get a vaccine, contradicting the C.D.C. The Mortgage Note Reports Working With Professionals In Person Is Important When Buying Property: The CEO of Comey & Shepherd in Cincinnati says there is something to be said for working with realtors and mortgage lenders in person at a time when it seems like more and more of the home buying process can be done from a cell phone. Big City Glow Up: Gen Z is reviving urban hotspots assumed to be dying out …
U.S. delinquencies hit their lowest level ever recorded by CoreLogic in December 2021, the result of improving employment and soaring equity, the company’s Loan Performance Insights Report revealed. Only 3.4% of all mortgages were in some stage of delinquency (30 days or more past due), down 2.4% annually. This is the lowest recorded delinquency rate since at least January 1999. Delinquencies declined in every state, with the largest drops in Nevada, Hawaii, Florida, New Jersey, and New York. Early-stage delinquencies (30-59 days past due) accounted for 1.2% of mortgages, down from 1.4% YOY, while adverse delinquencies (60-89 days) fell from 0.5% to 0.3%. Serious delinquencies (90 or more days), which peaked at 4.3% in August 2020, saw a serious drop…
By KIMBERLEY HAAS The CEO of Comey & Shepherd in Cincinnati says there is something to be said for working with realtors and mortgage lenders in person at a time when it seems like more and more of the home buying process can be done from a cell phone. Scott Nelson collects data about what is happening in their market, where the median buyer is 47 years old with a $98,750 annual income. His realtors have been helping people navigate the process of looking for a home through the market’s changes in Ohio, where potential buyers who would use a traditional mortgage are losing out due to a high percentage of cash offers. Nelson estimates that 30% of home purchases…
