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…
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 Thursday, October 14. Interior Secretary Deb Haaland announced plans to line U.S. coastlines with wind farms. The Energy Information Administration predicts that home heating costs will go up because fuel prices are rising and fuel demand has increased over the previous winter. Democrats are still butting heads over what to cut from President Biden’s $3.5 trillion legislation, with Bernie Sanders saying Medicare benefits are non-negotiable.  And in mortgage and housing news… Interest Rates Top 3%: Mortgage rates rose their highest point since April, hitting 3.05% over the past week, Freddie Mac reported.“Forbearance Cliff?”: Housing advocates have warned of a flood of forbearance filings. So far there’s no sign of it, and analysts don’t see it coming.Homeownership…
Good Morning! Today is Wednesday, October 13. IMF’s latest World Economic Outlook report listed Covid-19 vaccination as a top priority. Texas Gov. Gregg Abbott banned vaccine requirements for employees, including in hospitals. President Biden hasn’t nominated anyone to replace Randal Quarles as The Fed’s vice chairman. And in mortgage and housing news… Refis Down, Loans Up: Mortgage loan application volume ticked up 0.2% last week, as refinance applications fell 16% year-over-year, according to the MBA. MCAI Rises: Mortgage credit availability rose by 1.5% in September, according to MBA’s Mortgage Credit Availability Index. Delinquencies Leveling Out: Delinquencies are closing in on pre-pandemic levels, with serious delinquencies at their lowest level since May 2020, CoreLogic reported. Closing Costs: The average closing cost…
Mortgage loan application volume ticked up 0.2% last week, the Mortgage Bankers Association’s (MBA) weekly survey reported. The Market Composite Index, which measures application volume, rose 0.2% on an adjusted basis. On an unadjusted basis, they rose 0.4% from the week before. The Refinance Index fell 1% and was 16% lower than a year ago. The seasonally adjusted Purchase Index rose 2%, while the unadjusted Purchase Index rose 2% compared to the week before, down 10% from the previous year. “Mortgage rates reached their highest level since June 2021, but application activity changed little this week. An increase in home purchase applications offset a slight decline in refinances,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The increase…
Good Morning! Today is Friday, October 8. Senate Republicans and Democrats reached a deal to temporarily extend the debt ceiling through December. Tokyo was hit by a 6.1 magnitude earthquake. Ireland signed onto a global agreement to set a minimum 15% corporate tax rate. And in mortgage and housing news… Black Knight: The number of plans in active forbearance fell by 11% since last Tuesday, the largest weekly decline in twelve months. HPSI Drops: Fannie Mae’s HPSI fell 1.2 points to 74.5 in September, as consumers continued to report that housing prices make it a bad time to buy a home. Housing Affordability Concerns Nationwide…: The latest Market Pulse report shows troubling trends in housing affordability. …And in California: A …
Good Morning! Today is Thursday, October 7. Facebook has slowed the release of new products for “reputational reviews.” GM wants to double its revenue by 2030 with battery-electric models and auto services. WHO approved the first Malaria vaccine. A federal judge issued a preliminary injunction blocking the Texas abortion ban. And in mortgage and housing news… Freddie: Mortgage rates fell slightly to 2.99% over the past week, Freddie Mac reported. Non-QM Tech: Angel Oak Mortgage Solutions is focusing on streamlining the process of closing non-QM loans so that it more closely resembles closing an agency loan. Averages Rise: The average homebuyer’s monthly mortgage payment rose $50 over the last six weeks. Hispanic Homeowners: Hispanic homeowners are driving the U.S. market.…
