MBA Advocacy Update
On Thursday, the Financial Stability Oversight Council issued its 2019 Annual Report on the state of financial markets and potential emerging risks. On Tuesday, HUD published two Mortgagee Letters that raise FHA forward mortgage limit “floors” and “ceilings,” as well as the maximum claim amount for HECMs. Last week, FASB issued an update on new CECL standards.
November Hiring Defies Expectations
Total nonfarm payroll employment rose by a better-than-expected 266,000 in November, the Bureau of Labor Statistics reported Friday.
MBA Chart of the Week: Average Loan Size to First-Time Home Buyers
On average, the size of a first-time home buyer’s mortgage was $231,974 in the first three quarters of 2018, based on loan acquisitions data from Fannie Mae and Freddie Mac. This represents a 4.2% increase over the average size of $223,000 for mortgages to first-time home buyers originated in 2017 and an acceleration from the 1.8% annual gain in 2016.
