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…
Good Morning! Today is Monday, October 25. FDA regulators said vaccine benefits outweigh risks in children aged 5 through 11, and an emergency authorization could come next week. Set workers on “Rust” warned of unsafe working conditions days before the film’s cinematographer was fatally shot. The Houston Astros will play the Atlanta Braves in the World Series. And in mortgage and housing news… “If You Haven’t Re-fi’d, Do So Now”: A growing consensus among housing and banking analysts is that the real force impacting mortgage rates in the coming months will be inflation. Black Knight First Look: Delinquencies, active foreclosures, and foreclosure starts all dropped to serious lows in September, Black Knight’s “first look” report shows. DOJ To Address Redlining: Attorney General Merrick Garland announced a DOJ…
Good Morning! Today is Friday, October 22. The CDC endorsed a “mix and match” strategy for distributing Covid-19 vaccine boosters. President Biden said he was open to ending the filibuster in order to pass bills on the debt limit and voting rights. A woman was killed on a Western film set when Alec Baldwin fired a prop gun. And in mortgage and housing news… Black Knight: The number of loans in active forbearance fell 0.6% since last Tuesday, entering an expected, mid-month period of “lull”. “Eviction Tsunami” Still Elusive: As federal protections ended, housing activists warned a “tsunami” of evictions would follow. Where is it? Counties Face Pandemic Damage: Some housing markets at the county level are still susceptible to damage from the pandemic, according to a new report from…
Despite the pandemic receding and a housing market cooldown, some housing markets at the county level are still susceptible to damage from the pandemic, according to a new report from ATTOM. The Q3 2021 Special Coronavirus Report showed that New Jersey, Illinois, and Delaware had the highest concentrations of at-risk markets, totaling 26 of the 50 counties whose housing markets might be most impacted by Covid-19. To determine risk to the market, the report looked at the percentage of homes facing possible foreclosure, the portion with mortgage balances exceeding property values, and the percentage of average local wages required to pay for homeownership expenses on median-priced houses or condos. Included on the list are eight counties in the Chicago metro…
Good Morning! Today is Thursday, October 21. U.S. unemployment claims fall to a new pandemic low of 290,000. The gunman in the Parkland school shooting pleaded guilty to 17 counts of murder. Donald Trump is launching a new social media platform, TRUTH Social. And in mortgage and housing news… Freddie Mac: Mortgage rates continued climbing, hitting 3.09% over the past week, Freddie Mac reported. “In Front Of Every Fight”: MBA President and CEO Bob Broeksmit said that “aggressive” federal regulation is back but that the MBA would fight tax hikes on mortgage servicing. Advocates Rally For “Robust” Spending: Housing stakeholders gathered at the capitol to call for the budget reconciliation package being negotiated in Congress to substantially represent housing. Runaway Demand: …
Mortgage rates continued their upward trajectory, hitting 3.09% over the past week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.09%, up from last week’s 3.05%. A year ago at this time, the 30-year FRM averaged 2.80% “Mortgage rates continued to rise this week due to the trajectory of both the economy and the pandemic,” said Sam Khater, Freddie Mac’s Chief Economist. “Even as the availability of existing homes is improving, prices remain high due to homebuyer demand and limitations on housing starts and permits resulting from the ongoing labor and material shortages. Despite these countervailing forces, we expect the housing market to remain strong as we head into the end of the…
Good Morning! Today is Wednesday, October 20. The White House announced a plan to vaccinate 28 million children between the ages of 5 and 11. Kidnappers in Haiti are demanding $1 million per person for 17 members of a U.S.-based missionary group. Southwest Airlines has dropped its plan to put unvaccinated workers on unpaid leave starting in December. And in mortgage and housing news… Applications Down: Mortgage loan application volume fell 6.3% last week while refis hit their lowest level since July. Rocket Enhancements: Rocket Mortgage’s Rocket Pro TPO announced tech changes to help brokers grow and strengthen their businesses. Ex-UWM Exec Joins Scott Griffin: Scott Griffin Financial has announced that former UWM exec Judie Levitt has joined its senior…
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…
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…
