“Mortgage rates dropped last week, as incoming data point to a slowing economy and support a pivot by the Federal Reserve to begin cutting rates next year.”
–Mike Fratantoni, MBA’s SVP and Chief Economist
Category: News and Trends
MBA: Mortgage Credit Availability Decreased in November
Mortgage credit availability decreased in November according to the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association that analyzes data from ICE Mortgage Technology.
Fannie Mae Survey: Experts See Home Prices Rising 2.4% in 2024
Fannie Mae’s quarterly Home Price Expectations Survey, produced in partnership with Pulsenomics, found experts anticipate home price growth to end up at 5.9% for 2023, with 2.4% predicted in 2024 and 2.7% in 2025.
MBA Chart of the Week: FHFA Purchase Only House Price Index; MBA Forecast
This week’s Chart of the Week shows the historical national home price growth and MBA’s forecast through 2026.
CMBS Special Servicing Rate Ticks Upward in November: Trepp
Trepp, New York, reported the commercial mortgage-backed securities special servicing rate increased 4 basis points in November to 6.84%.
MBA, Other Associations Announce Support for Workforce Housing Tax Credit Act
A bipartisan group of Senators and Representatives introduced the Workforce Housing Tax Credit Act, intended to increase the supply of affordable housing for middle-income families who earn too much to qualify for low-income affordable housing but not enough to afford housing near where they work. MBA joined several other organizations to support the legislation.
Dealmaker: Bandon Capital Advisors Secures $20M for California Industrial Property
Bandon Capital Advisors, Los Angeles, secured $20 million to refinance a 7-acre site with industrial outdoor storage and an industrial building in El Monte, Calif.
People in the News, Dec. 12, 2023
Personnel news from FormFree, Certainty Home Lending, Argyle and DocMagic.
Quote: Dec. 12, 2023
“We are writing to thank you for introducing the Workforce Housing Tax Credit Act to establish a tax credit for workforce housing. Our industry strongly supports this groundbreaking legislation that represents an integral step to address the severe shortage of workforce housing available to millions of this nation’s hardworking families.”
–MBA and other trade associations in a letter to Congress supporting the Workforce Housing Tax Credit Act
Sponsored Content from CreditXpert: If Millennials Aren’t Buying Homes, Where Can Lenders Find Opportunity in this Market?
It’s common knowledge that Millennials are primed to be the next wave of homebuyers, stepping into their first homes, and laying down roots. However, a deep dive into macroeconomic data paints a very different picture.