No record-low interest rates this time, but the 30-year fixed rate was low enough to attract another push of refinance applications for the second straight week, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending December 18.
Category: News and Trends
Industry Briefs Dec. 24, 2020
The Federal Housing Administration announced completion of its revised and streamlined loan-level certification form required from lenders when originating a single-family mortgage intended for FHA insurance endorsement.
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“The relationship between historically low mortgage rates and surging home prices has been fascinating to watch this year. We’ve seen mortgage rates drive unforeseen levels of homebuyer demand, which has pushed prices up by upwards of 15% in recent weeks. The good news for those buyers who are persevering through a dearth of homes for sale and fierce bidding wars is that once you do land a home, today’s sub-3% mortgage rates are largely cancelling out the high prices.”
–Redfin Chief Economist Daryl Fairweather.
Chris Mason: ‘Dear Management’…
2020 is ending…and 2021 is coming into view. A few thoughts that should be dancing around in your head…along with those sugar plums.
People in the News Dec. 24, 2020
The Mortgage Bankers Association hired mortgage industry veteran Charmaine Brown to fill its newly created position of Director of Diversity and Inclusion. Brown, who will start on Jan. 4, will be responsible for developing, promoting and advancing diversity and inclusion programs for the real estate finance industry.
Mortgage Applications Increase 2nd Straight Week in MBA Weekly Survey
No record-low interest rates this time, but the 30-year fixed rate was low enough to attract another push of refinance applications for the second straight week, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending December 18.
Industry Briefs Dec. 23, 2020
The Federal Housing Administration announced completion of its revised and streamlined loan-level certification form required from lenders when originating a single-family mortgage intended for FHA insurance endorsement.
Some Institutions Still Lending on Retail
The retail sector downturn started even before the pandemic and has suffered more than other property types this year. But some institutions are willing to lending on retail assets, said JLL, Chicago.
Consumer Confidence Dips for 2nd Straight Month
The Conference Board, New York, said its Consumer Confidence Index declined in December, the second straight monthly decline economic uncertainty following a resurgence in the coronavirus pandemic.
November Existing Home Sales Down 2.5%
Low housing inventories finally caught up with November existing home sales, which fell for the first time in five months, the National Association of Realtors reported yesterday.