Good Morning! Today is Friday, December 17. France is banning travel to and from Britain due to high levels of Omicron infection. A federal judge overturned Purdue Pharma’s opioid settlement, ruling that members of the Sackler family could not receive protection from civil lawsuits. Haiti announced that the last of the 17 kidnapped US missionaries have been freed. And in mortgage and housing news… Buying Houses With Friends: As the number of homes purchased by people with different last names increases, it is being reported that Millennials are choosing to buy single-family houses with their friends. Rates Up Slightly: Mortgage rates rose slightly over the last week, up from an average of 3.10% to 3.12%, Freddie Mac reported Thursday. Forbearances…
Mortgage rates rose slightly over the last week, up from an average of 3.10% to 3.12%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.12%, rising slightly after a weeks-long pattern of hovering around 3.10% or 3.11%. A year ago at this time, the 30-year FRM averaged 2.67%. “Mortgage rates inched up as a result of economic improvement and a shift in monetary policy guidance,” said Sam Khater, Freddie Mac’s Chief Economist. “While house price growth is slowing, prices remain high due to solid housing demand and low supply. We expect rates to continue to increase into 2022 which may leave some potential homebuyers with less room in their budgets…
The Federal Open Market Committee (FOMC) announced it will double the pace of tapering its pandemic asset purchase program, and signaled it would likely raise interest rates next year. This would be its first rate hike since March 2020. The move comes in response to concerns about rising inflation. At its November meeting, the FOMC said it would reduce its purchases of Treasury securities from $80 billion to $70 billion and from $40 billion to $35 billion for mortgage-backed securities. Since then, inflation has reached a 39-year high and become a major sticking point for the American public. As to how this announcement affects the mortgage and real estate industries, analyst response has focused on rising costs. “Increasing mortgage rates…
Good Morning! Today is Wednesday, December 15. Congress passed a measure raising the government’s borrowing limit by $2.5 trillion. Mr. Trump lost his bid to shield his tax returns from the House Ways and Means Committee after a federal judge dismissed the case. Britain’s antitrust regulator said Apple and Google hold a “vise-like grip” over how people use mobile devices, limiting innovation and choice and leading to higher prices. And in mortgage and housing news… Thompson Tapped For Full Term…: President Biden will nominate Sandra Thompson, currently the acting director of the Federal Housing Finance Agency, to a full term at the regulator, the White House announced. …And The Industry Responds: The industry’s response has been largely positive. Mortgage App…
Good Morning! Today is Tuesday, December 14. Members of the Federal Open Market Committee begin their two-day policy-setting meeting today. Larry Nassar’s victims reached a $380 million settlement. The Supreme Court turned down emergency requests by New York healthcare workers for a religious exemption from state requirements to vaccinate against Covid-19. And in mortgage and housing news… Rental Rates Skyrocket: More than a quarter of the states in the country have experienced a rental price increase of 20% or more in 2021 and a senior research analyst says people moving out of cities and into more rural communities are partially to blame. November 2021 Originations: Rate lock volume fell 4.7% month-over-month in November, Black Knight’s latest Originations Market Monitor report…
Mortgage credit availability shrank in November, falling by 0.6% to 124.9, according to the Mortgage Banker Association’s (MBA) Mortgage Credit Availability Index (MCAI). The Conventional MCAI rose by 1.9% but was offset by the Government MCAI dropping 2.7%. Within the Conventional MCAI, the Jumbo MCAI rose by 3% and the Conforming MCAI rose by 0.2%. The decline comes on the heels of a four-month period of mortgage credit growth. “Credit availability in November was down slightly, even as the housing market continues to thrive amidst the improving job market. However, the picture was different depending on the market segment. An increase in conventional credit availability was offset by a decrease in government credit, as lenders reduced their offerings of government…
Good Morning! Today is Friday, December 10. The Senate voted to allow Congress to raise the debt ceiling with a simple majority vote. The FDA authorized Pfizer boosters for 16- and 17-year-olds. Workers at a Buffalo Starbucks voted to unionize, making them the first of 9,000 stores to do so. And in mortgage and housing news… Rates Stay The Same: Mortgage rates once again remained basically the same over the last week, averaging 3.10%, Freddie Mac reported. Forbearances Plunge: Forbearances plan exits surged during the first week of December, though plan starts grew for another week. Equity Continues To Soar: Homeowners with a mortgage gained over 31% in equity YOY in Q3, according to CoreLogic. Inflation Up To 39-Year-High: U.S. inflation reached a nearly four-decade high in November, as…
Mortgage rates once again remained basically the same over the last week, averaging 3.10%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.10%, sticking with a weeks-long pattern of hovering around 3.10% or 3.11%. A year ago at this time, the 30-year FRM averaged 2.71%. “Mortgage rates have moved sideways over the last several weeks, fluctuating within a narrow range,” said Sam Khater, Freddie Mac’s Chief Economist. “Going forward, the path that rates take will be directly impacted by more information about the Omicron variant as it is revealed and the overall trajectory of the pandemic. In the meantime, rates remain low and stable, even as the nation faces declining…
Good Morning! Today is Thursday, December 9. British government members are under fire for a video showing them laughing about attending a party last year when group gatherings were prohibited. President Biden ordered government agencies to phase out gas-powered vehicles. New Zealand wants to ban all cigarette sales by raising the legal smoking age. And in mortgage and housing news… Webinar Hot Topics: Millennials keeping the market hot, racial bias affecting home appraisals, and automated valuation technology were discussed on Tuesday during a webinar designed to address what mortgage professionals should expect in 2022 and beyond. CFPB Finds Lending Violations: A CFPB report highlighted mortgage-related violations in 2021, including late fees charged to people in forbearance and discriminatory lending practices.…
Good Morning! Today is Wednesday, December 8. The US will spend $400 million on vaccine distribution in Africa and elsewhere. The House passed a $768 billion defense policy bill, which now moves to the Senate. Chris Cuomo’s publisher canceled his planned book. And in mortgage and housing news… Mortgage Applications Up: Mortgage loan application volume rose 2% last week, MBA’s weekly survey reported. Missed Rent Payments: Renters were three times more likely to miss payments than homeowners during September and October, according to research from RIHA. Commercial/Multifamily Delinquencies: Delinquencies on commercial and multifamily mortgages fell in Q3 2021, according to MBA’s Commercial/Multifamily Delinquency Report. NAR Political Spending: NAR’s political spending is in opposition to its stated desire to support education…
