Mortgage loan application volume fell 6.3% last week, the Mortgage Bankers Association’s (MBA) weekly survey reported. The Market Composite Index, which measures application volume, fell 6.3% on an adjusted basis. The Refinance Index fell 7% and was 22% lower than a year ago. It’s the Refinance Index’s lowest level since July 2021. The seasonally adjusted Purchase Index fell 5%, while the unadjusted Purchase Index dropped 5% compared to the week before, down 12% from the previous year. “Refinance applications declined for the fourth week as rates increased, bringing the refinance index to its lowest level since July 2021. The 30-year fixed rate has increased 20 basis points over the past month and reached 3.23% last week – the highest since…
Former United Wholesale Mortgage (UWM) executive Judie Levitt joined Scott Griffin Financial as chief growth officer, the company announced in a statement. Chief growth officer is a new position at Scott Griffin. In that role, Levitt will focus on expanding the company into new markets. “We are very excited to have Judie join our team at Scott Griffin,” said Aliza Falk, chief operating officer.” “With our founder Scott Griffin hosting a national show on CNBC, it made sense to expand the mortgage division to the national spotlight, and Judie has a proven track record of recruiting the perfect talent for growth. We are so thrilled to bring on such a talented and passionate industry leader.” Levitt worked at UWM for…
Forbearances fell again last week, dropping to 2.28% of servicers’ portfolio volume, down from 2.62% the week before, according to the Mortgage Bankers Association’s (MBA) latest survey. The estimated number of homeowners in forbearance plans is around 1.1 million. This week’s drop of 34 basis points beats out last week’s decline of 27 basis points, which was at that point the fastest rate of decline since October 2020. For Fannie Mae and Freddie Mac loans, forbearances were down 16 basis points to 1.05%. Ginnie Mae loans fell 17 basis points to 2.77%. Portfolio loans and private-label securities shares fell 108 basis points, from 6.91% to 5.34%. Independent mortgage bank servicers saw a drop of 25 basis points to 2.57%, and…
Good Morning! Today is Tuesday, October 19. DC suspended half of its metro trains after a series of derailings. Lawmakers accused Amazon leadership of misleading or lying to Congress about its business practices. Democrats looking for funding for Build Back Better are bringing back the idea of a carbon tax. And in mortgage and housing news… Red States See Biggest Home Price Jumps: The housing market in red states is white-hot compared to their blue counterparts. Here’s why. LendingHome New CRO: LendingHome announced that senior executive Carrie Weber has joined the company as chief risk officer. Zillow Offers Taking A Break: Zillow’s home-flipping business, Zillow Offers, will stop signing new contracts in order to address renovations on homes it already…
LendingHome announced that senior executive Carrie Weber has joined the company as chief risk officer (CRO). Weber will oversee risk and compliance activities and design a risk management strategy intended to bolster LendingHome during a period of growth for the company. LendingHome recently announced it will change its name to Kiavi this year. It is one of the largest lending companies in the country, catering to professional real estate investors, and has originated more than $7.8 billion in loans. “Managing risk is critical for every company and we’re eager to add Carrie’s experience and unique perspective to our management team,” said LendingHome CEO Michael Bourque. “We’re very confident that she’ll help us create a nimble and modern risk management system…
Good Morning! Today is Monday, October 18. An FDA advisory panel recommended booster shots for recipients of the J&J vaccine. Gang members in Haiti kidnapped as many as 17 missionaries and their families. Former Secretary of State Colin Powell has died. And in mortgage and housing news… September New Listings Down: New listings fell 9% year-over-year, while closed home sales fell 5%. Predicting The Future: Fannie Mae’s ESR group said it expects mortgage rates and home prices to rise in 2022. Originations Set To Break Records: Purchase mortgage originations are expected to grow 9% to a new record of $1.73 trillion in 2022, according to the MBA. Housing Permits Up: Residential single-family housing permits are up by more than 25% …
A Redfin report found the number of new listings in September fell 9% year-over-year (YOY). Closed home sales and active listings also dropped — by 5% and 19% YOY — respectively. September marked the fourteenth month of consecutive double-digit price increases, with the median price of homes sold at $376,800, up 14% from the previous year. It was the slowest growth rate since December 2020. “The severe lack of inventory is restricting home sales,” said Redfin Chief Economist Daryl Fairweather. “Even though plenty of people bought homes last year, many homebuyers waited while the pandemic went from bad to worse and remote-work policies were finalized. The homebuyers who are just beginning their search are finding that the well has run…
Economists from Fannie Mae’s Economic and Strategic Research (ESR) group anticipate that mortgage rates and home prices will increase in 2022, according to the group’s October 2021 Forecast commentary. The group cites inflation, tightening monetary policy, and continuing home stock shortages as drivers of higher prices in 2022. Fannie Mae’s October economic forecast predicts the 30-year fixed-rate mortgage will average 3.3% in 2022. It raised its prediction of 3.1% last month in anticipation of the Federal Reserve tapering its purchase of mortgage-backed securities, which is expected to start by the end of this year. “While we still view the supply chain disruptions and, to a lesser extent, labor market tightness as largely transitory, we now expect both to last even…
Good Morning! Today is Friday, October 15. An FDA panel recommended booster shots for high-risk Moderna recipients. LinkedIn is shutting down in China, the last major social network to shutter there. Retail sales rose a seasonally adjusted 0.7% in September from the month before, the U.S. Commerce Department said. And in mortgage and housing news… Black Knight: Forbearances dropped another 10% this week, and they are now at their fastest rate of improvement since the pandemic began. Was Ishbia’s Crypto Move a ‘Stunt?’: After accepting just six cryptocurrency mortgage payments, UWM has signaled it’s not ready to do more. Millennials Vs. Boomers: A Zillow report found Millennials and Boomers are competing for housing, and Boomers are winning. Redfin: The number…
A Zillow analysis of the age, sex, race, and income of home buyers over the last decade revealed demographics might have more to do with the sizzling housing market than the pandemic. Millennials and baby boomers have been on a path to face off in the housing market since before the pandemic due to retirement trends and Millennials entering their 30s, typical homebuying years. Though Millennials are currently the most impactful force in the housing market, Boomers are currently gaining. The median buyer age rose from 40 to 44 between 2009 and 2019. The share of recent buyers who are over 60 years old rose 47% from 2009 to 2019, while the share of buyers ages 18–39 dropped 13%. Lack…
