Good Morning! Today is Tuesday, November 9. Four SpaceX astronauts returned to Earth after 200 days in orbit. The Justice Department charged a Russian man with conducting cyberattacks and recovered $6 million in ransom. A missing girl was recovered after a motorist noticed her using an emergency hand signal that has gained attention on TikTok. And in mortgage and housing news… HPSI Stays Flat: Consumers have mixed feelings about the housing market and are slightly more pessimistic about the economy overall, especially when it comes to their personal finances. Forbearances Improve Again: The number of loans in forbearance dropped to 1 million as homeowners exited their plans, most entering modifications. Inflation Fears Climb: Inflation fears rose for the 12th consecutive…
Good Morning! Today is Friday, November 5. Employers added 531,000 jobs last month, while the unemployment rate fell to 4.6%. Eleven states have filed lawsuits against President Biden’s vaccination mandate for employers. A high school principal is apologizing for lack of sportsmanship after their football team won a game with a score of 106-0. And in mortgage and housing news… Own to Rent?: Forbearance exits picked up in the final week of October, with the number of active plans dropping 23% month-over-month as some owners opt to sell and become renters. Commissions Falling Alongside Refis: Loan officer commission dropped 17% YOY in Q3 2021 as rising interest rates cause refi slowdowns. Meet The New Boss?: The White House is asking…
Good Morning! Today is Thursday, November 4. OSHA is expected to release its ’emergency order’ mandating vaccines for employees of large businesses. The U.K. approved a pill designed to treat symptomatic Covid. The attorney for the armorer on “Rust” suggested the live round that killed a woman may have been an act of “sabotage.” And in mortgage and housing news… Fed Says Tapering Is On: The Federal Open Market Committee laid out a framework for tapering its emergency bond-buying, but rate hikes weren’t discussed. Affordable Housing Up: The supply of affordable homes jumped 13% YOY in Q3, though supply dropped in the luxury market. Will Rising Rates Help Or Hurt?: Rising interest could hurt homebuyers by raising their monthly payments,…
The Federal Reserve outlined a plan to begin tapering its emergency bond purchases. The purchases of $120 billion per month in Treasuries and mortgage-backed securities (MBS) were a government effort to keep financial markets afloat after the economic fall out from Covid-19. The Federal Open Market Committee (FOMC) met for two days this week then released a statement saying the Fed will begin tapering those purchases later this month. It will reduce its purchases of Treasury securities from $80 billion to $70 billion and from $40 billion to $35 billion for mortgage-backed securities. “In light of the substantial further progress the economy has made toward the Committee’s goals since last December, the Committee decided to begin reducing the monthly pace…
Good Morning! Today is Wednesday, November 3. Republican Glenn Youngkin won the Virginia Governor race, while New Jersey’s is too close to call. The Federal Reserve is likely to announce that it will begin steadily reducing its bond-buying program. The Atlanta Braves won the World Series. And in mortgage and housing news… Mortgage Applications Down: Mortgage applications dropped 3.3% last week, according to MBA’s weekly survey. Zillow iBuying Up In Smoke: Zillow is giving up its iBuying arm, Zillow Offers, after losing $381 million last quarter and will be laying off 25% of its staff. October Home Prices Up: Clear Capital’s October 2021 Home Data Index found home price growth was up 5.3% from last quarter, and up nearly 20%…
Good Morning! Today is Friday, October 29. Congressional Democrats failed to get enough votes to pass the basic infrastructure bill on Thursday as President Biden requested. Andrew Cuomo was charged with a misdemeanor sex crime, forcible touching. Facebook changed its corporate name to Meta, a reference to the online “metaverse.” And in mortgage and housing news… Black Knight: The number of loans in forbearance rose marginally this week, while forbearance starts ticked up. “They’re Coming To Get You, Barbara”: A new report from ATTOM shows a drop in the number of vacant “zombie” properties, but suggests increases to come. Pending Home Sales Down: Pending home sales fell in September, down in every region both year-over-year and month-over-month. Americans Priced Out: …
Good Morning! Today is Thursday, October 28. The Biden White House announced a framework for the $1.75 trillion in social spending known as “Build Back Better.” Iran said it would rejoin negotiations to revive the 2015 nuclear deal. The Taliban have allowed some teenaged girls to go back to school. A study found that a cheap anti-depressant may reduce the chance of hospitalization for those with Covid-19. And in mortgage and housing news… Freddie Mac: Interest rates rose again this week, reaching 3.14%. Fraud On The Rise: Mortgage fraud is back up to pre-pandemic levels as low-risk refinances lose favor and purchase applications tick up. Pace of Home Sales Picking Up: One-third of houses sold in the last four weeks…
Mortgage rates rose again over the past week, reaching 3.14%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.14%, up from last week’s 3.09%. A year ago at this time, the 30-year FRM averaged 2.81% “The yield on the 10-year Treasury note has been trending up due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers.” Industry experts have noted minor decreases in home prices and other factors that would point to a cool-down, but the market remains hot. The…
Good Morning! Today is Wednesday, October 27. The nor’easter battering the East Coast has left 400,000 without power in Massachusetts. Progressive Democrats proposed a plan to tax the unrealized capital gains of the super-wealthy. Atlanta beat Houston 6-2 in the first game of the World Series. And in mortgage and housing news… MBA: Mortgage applications rose slightly from last week, but refis dropped to their lowest point since January 2020. FHFA Housing Index: FHFA’s House Price Index reported a 1% increase in house prices from last month and an 18.5% increase year-over-year. Maxwell Makes More: Digital mortgage platform Maxwell has raised another $52.5 million in funding, backed by Wells Fargo. First American RHPI: First American’s Real House Price Index shows…
Good Morning! Today is Tuesday, October 26. Two were killed and five injured in a mall shooting in Boise, Idaho. Minneapolis residents will vote on whether to replace their police department with an agency focused on “public health.” A record-breaking storm hit California ahead of the Northeast’s first nor’easter, which is expected to cause flooding. And in mortgage and housing news… Forbearance Exits Slow: The number of loans in forbearance fell to 2.21% this week, cooling after two weeks of high exit rates, MBA reports. Summers Storms: Larry Summers warns “housing inflation is almost certain to soar,” says Biden admin underestimating inflation risks. CRA In NY: New York State may approve a bill that expands the requirements of the state community…
