Good Morning! Today is Tuesday, Aug. 31. The war in Afghanistan ended yesterday when the final US military plane left Kabul. President Biden, who was silent yesterday, is expected to address the nation this afternoon. Hurricane Ida left more than one million people with no electricity or water on the Gulf Coast. California ordered an evacuation along Lake Tahoe due to the Caldor fire.And in mortgage and housing news… Forbearance Numbers Hold: The number of mortgage loans in forbearance remains unchanged from last week, holding at 3.25% according to the latest report from the Mortgage Bankers Association. Freddie’s Here To Help: Freddie Mac reminded homeowners and mortgage servicers of its immediate disaster relief options for those affected by Hurricane Ida. In Further Freddie News: Freddie Mac now projects that…
The number of mortgage loans in forbearance remains unchanged from last week, holding at 3.25%, according to the latest numbers from the Mortgage Bankers Association. The report, released yesterday, estimates that 1.6 million homeowners are in forbearance plans. The share of Fannie Mae and Freddie Mac loans in forbearance remained the same relative to the prior week at 1.66%. Ginnie Mae loans in forbearance also remained the same at 3.92%, while the forbearance share for portfolio loans and private-label securities (PLS) increased 3 basis points to 7.18%. The percentage of loans in forbearance for independent mortgage bank (IMB) servicers increased 2 basis points to 3.50%, and the percentage of loans in forbearance for depository servicers was unchanged at 3.35%. But…
Home prices in the major world housing markets that have soared since the COVID-19 pandemic began have likely peaked, but affordability is set to remain stretched or worsen in the next few years, according to a new Reuters poll of experts. Reuters poll of more than 100 property market experts taken Aug. 10-25 covering eight markets – the US, Canada, Britain, India, Australia, New Zealand, China and Dubai – mostly predicted price increases over the next two years would slow. But house price inflation is still expected to outpace wage increases, especially when rising material costs are taken into account. Out of 94 poll respondents, 49% said housing affordability would worsen across all markets in the next few years, and…
Mortgage rates held steady despite a tug-of-war between economic recovery and the fiscal impact of rising Covid-19 cases, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS®). The 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.6 point for the week ending August 26, 2021, up slightly from last week’s 2.86 percent. A year ago at this time, the 30-year FRM averaged 2.91 percent. The 15-year fixed-rate mortgage averaged 2.17 percent with an average 0.6 point, up slightly from last week when it averaged 2.16 percent. A year ago at this time, the 15-year FRM was 2.46 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.42 percent with an average 0.2 point, down slightly from last week when…
The Mortgage Bankers Association (MBA) reports mortgage applications increased 1.6 percent during the week ending August 20, 2021. They also report the Refinance Index increased 1 percent from the previous week and was 3 percent higher than the same week one year ago. Refis accounted for 67.3 percent of total applications, no change from the week before, while adjustable-rate mortgages fell to 3.1 percent of total applications. Lower rates led to an increase in refinance applications, with government loan applications jumping 10 percent to the highest level since May 2021,” said MBA’s Associate Vice President of Economic and Industry Forecasting Joel Kan. As for the housing market as a whole, Kan says there may be signs of cooling. “There was…
The 30-year fixed-rate mortgage average fell below 3 percent for the week again in Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.95 percent with an average 0.7 point for the week, down from last week’s 3 percent and 3.15 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.27 percent with an average 0.6 point, down from last week’s 2.29 percent and last year’s 2.62 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.59 percent with an average 0.2 point, unchanged from last week and down from last year’s 3.13 percent. “Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their…
Average 30-year mortgage rates edged up to 3.00 percent this week, Freddie Mac announced Thursday in its weekly Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 3.00 percent with an average 0.6 point for the week, up from last week’s 2.94 percent and down from 3.24 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.29 percent with an average 0.7 point, up from last week’s 2.26 percent and down from last year’s 2.70 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.59 percent with an average 0.3 point, unchanged from last week and down from last year’s 3.17 percent. “After a run up over the first few months of the year, rates have paused and…
Mortgage rates are holding steady below 3 percent in Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.94 percent with an average 0.7 point, down from last week’s 2.96 percent and last year’s 3.28 percent.The 15-year fixed-rate mortgage averaged 2.26 percent with an average 0.6 point, down from last week’s 2.30 percent and last year’s 2.72 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.59 percent with an average 0.3 point, down from last week’s 2.70 percent and last year’s 3.18 percent. “Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under three percent for the past month,” said Sam Khater,…
Mortgage rates dropped slightly again, remaining under 3 percent for the week, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.96 percent with an average 0.6 point for the week, down from last week’s 2.98 percent and last year’s 3.26 percent.The 15-year fixed-rate mortgage averaged 2.30 percent with an average 0.6 point, down from last week’s when it averaged 2.31 percent and last year’s 2.73 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.70 percent with an average 0.3 point, up from last week’s 2.64 percent and below last year’s 3.14 percent. “Mortgage rates have remained under three percent for three consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist.…
Still below 3 percent. Mortgage rates inched up ever so slightly this week to 2.98 percent, Freddie Mac reported Thursday in its weekly Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.98 percent with an average 0.7 point for the week, up from last week’s 2.97 percent and down from last year’s 3.23 percent.The 15-year fixed-rate mortgage averaged 2.31 percent with an average 0.7 point, up from last week’s 2.29 percent and down from last year’s 2.77 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.64 percent with an average 0.3 point, down from last week’s 2.83 percent and last year’s 3.14 percent. “In light of the rising COVID caseloads globally, U.S. Treasury yields stopped moving up…
