Freddie Mac’s Primary Mortgage Market Survey (PMMS) showed rates stayed basically flat for yet another week, with 30-year fixed-rate mortgage averaging 2.86%. It was 2.87% this week a year ago. Last week it inched up 0.1% to 2.88%. This week it dropped 0.2%. Overall, it’s been months since it moved significantly. Rates on 15-year fixed-rate mortgages dropped to 2.12%, down from 2.19% last week. Fifteen-year rates averaged 2.35% a year earlier. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.51%, increasing from last week’s 2.42%. Last year it was 2.96%. “It’s Groundhog Day for mortgage rates, as they have remained virtually flat for over two months. The holding pattern in rates reflects the markets’ view that the prospects for the economy…
Fitch Ratings’ Q2 RMBS Servicer Metric Report found late-stage non-prime delinquencies down year-over-year (YOY) for both bank and non-bank mortgage servicers. Bank servicers reported a drop in 90+ day delinquencies, from 13% to 10% YOY, down 12% last quarter. Non-bank servicers saw a drop from 8% to 4% YOY, with a 2% fall from Q1. The numbers suggest that holders with loans in forbearance might be financially recovering and exiting policies before many expire. “Bank servicers showed the most significant loss mitigation results over the past year with forbearance plans now down to 38% from 93% of all loan workout plans while repayment plans and loan modifications have seen significant increases as borrowers exit forbearance plans,” said Director Richard Koch. “Non-bank servicers are…
Good Morning! Today is Wednesday, September 15. Californians voted not to recall Gov. Gavin Newsom. Senate Democrats proposed a compromise voting rights bill that includes voter ID requirements. Facebook documents reportedly show Instagram is harmful to teenage girls. North Korea violated U.N. resolutions by testing two ballistic missiles. And in mortgage and housing news… Purchase Applications Up: MBA’s weekly survey showed mortgage applications bouncing back from last week’s low, driven by purchase applications. Debt Burdens: More than half of non-homeowners say their student debt delayed them from buying a home, a NAR poll found. PSPA Provisions Suspended: FHFA and the Department of the Treasury suspended certain provisions from the Preferred Stock Purchase Agreements, FHFA announced in a press release. Delinquencies…
Good Morning! Today is Tuesday, September 14. Californians vote on whether to recall Governor Gavin Newsom today. Chevron pledged to spend $10 billion in its new low-carbon unit, focusing on biofuels and hydrogen production. A Wall Street Journal investigation found that Facebook exempts high-profile users from its content rules. And in mortgage and housing news… Good News For Struggling Borrowers: The total number of loans in forbearance took a nosedive this week, with numbers down in every category. Cash-Outs Soar: Black Knight’s latest Originations Market Monitor report showed cash-out refinancing rose 41% in the last three months, while overall rate locks for mortgage originations increased in August. MHCs: Freddie Mac rolled out new tenant protections for manufactured home owners who rent the land they live on. Breathing Room: Ginnie Mae is…
Good Morning! Today is Monday, September 13. Democratic Senators returning from a week long break are considering a compromise on the $3.5 trillion spending bill. The Federal Reserve said continuing inflation comes from unusually high prices for goods like electronics and cars. Supreme Court Judge Amy Coney Barrett said she’s worried the public sees the Court as a partisan body, while refusing to comment on the unsigned Texas abortion ruling. And in mortgage and housing news… Bidding-War Rates Hit New Low: A Redfin analysis found 58.8% of home offers faced competition, the lowest rate in 2021. Forbearances Down: After dropping last week, the total number of mortgages in active forbearance declined another 2% this week, according to Black Knight. Love Letters: Prospective homebuyers are writing “love letters” to get an…
Good Morning! Today is Friday, September 10. Tomorrow is the 20th anniversary of the 9/11 terror attacks. US unemployment hit a new pandemic low as it continues to trend down. President Biden announced a new plan to require vaccinations in workplaces of 100 employees or more or face weekly testing. The Taliban allowed 113 Americans and other Western passport holders to leave Kabul. And in mortgage and housing news… Tap That: American homeowners gained a record $1 trillion in tappable equity in the second quarter of 2021, a single-quarter record according to Black Knight. Speeding Like A Bullet: The national median monthly mortgage payment for homebuyers rose 67% faster than rents year-over-year in August, but mortgage hikes are starting to…
The national median for monthly mortgage payments increased faster than rents in 25 out of 50 major U.S. metro areas, but rents are speeding up as mortgage hikes begin to slow, a Redfin report found. Average monthly rents increased 9% over the past year, reaching $1,836 in August, but median mortgage payments rose 67% faster. August’s numbers represent the seventh month in a row mortgages outpaced rents. But August also saw a dip in mortgage payment growth, dropping to $1,494, while rents continued to climb. Rent prices have exploded as would-be homeowners struggled to find affordable houses and battled cash-rich investors in bidding wars. “Record high home price growth has priced many renters out of buying, leaving many facing higher…
Good Morning! Today is Thursday, September 9. Elizabeth Holmes’ trial starts today; she’s accused of defrauding investors and patients through her blood-testing company Theranos. Job openings in the US have leveled off after breaking records over the summer. Eighty percent of gas and oil production on the Gulf coast is still down after Hurricane Ida. And in mortgage and housing news…Rates Don’t Budge: Freddie Mac’s latest Primary Mortgage Market Survey found that mortgage rates held steady another week, up just .01% from last week to 2.88%. Feminists, Former Employees Cry Foul Over Ishbia’s Big-Dollar MSU Player Stipends: UWM’s Mat Ishbia is paying $6,000/year in stipends to MSU football and basketball players — but only the men. Women’s advocates see sexism,…
Freddie Mac’s latest Primary Mortgage Market Survey (PMMS®) found that mortgage rates held steady another week, up just .01% from last week to 2.88%. Rates haven’t moved much in several weeks. The rate on a 30-day fixed-rate mortgage averaged 2.88%, inching up compared to last week. It was 2.86% a year ago. Rates on 15-year fixed-rate mortgages followed the same trend, averaging 2.19%, nearly identical to the 2.18% rate in the previous week. Fifteen-year rates averaged 2.37% a year earlier. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.42%, shaking things up with slight decrease from last week’s 2.43%. Last year it was 3.11%. “While the economy continues to grow, it has lost momentum over the last two months due to…
Good Morning! Today is Wednesday, September 8. The Taliban named a wanted man on the US terrorism list as interior minister. Bitcoin selloff has cooled after a flash crash yesterday erased billions in its value. RFK’s widow Ethel Kennedy says his assassin, Sirhan Sirhan, should not be released from prison in California. And in mortgage and housing news… Mortgage Applications Down: Mortgage applications are down again this week, with refi applications dropping 3%, according to the MBA’s latest survey. Forbearances Down, Too: The MBA reported that number of loans in forbearance fell from 3.25% to 3.23%. Residential Construction Gains: Residential construction, especially multi-family properties, grew in suburban and small metro urban core markets during Q2, NAHB’s Home Building Geography Index reported. Ginnie Mae-king…
