MBA Newslinks Archive

“Demand for rental housing has greatly outstripped supply, rapidly pushing vacancies down and rents up even as incomes fell. We are still trying to catch up.”–Lynn Fisher, RIHA Executive Director and MBA Vice President for Research and Economics.

“The mortgage on a median-priced home is still more affordable than it was in December, despite rising prices, just not as much as one might expect given that rates are as low as they are.” –Black Knight Senior Vice President of Data and Analytics Ben Graboske.

“MBA believes this approach should provide a swift path to issuing a final rule that will give lenders, the secondary market and consumers the clarity and consistency of disclosures the market needs. In the interim, we appreciate that the Bureau’s ‘diagnostic period’ for the KBYO rule will continue to accommodate good faith compliance efforts. We view today’s letter as a positive step, and we look forward to working with the Bureau to ensure industry priorities are addressed.”–Pete Mills, MBA senior vice president of residential policy and member engagement.

“No one had anticipated that the Fed would raise rates at this meeting. Rather, we and others had expected somewhat more of a signal that they would be increasing rates again in June. Odds of a June have decreased a bit, but we expect that is still the most likely outcome.”
–Mortgage Bankers Association Chief Economist Mike Fratantoni.

“H.R. 2121 is an important bill for the mortgage industry. Transitional authority would be available to MLOs who have been registered for at least 12 months and have a clean history as an originator.”–From an MBA Mortgage Action Alliance Call to Action, urging its members to ask their members of Congress to support a bill giving transitional licensing authority to mortgage loan originators.

“It’s going to be a tough home-buying market this spring, especially for first-time buyers or even people looking to move up into a slightly more expensive home. To stand out in a competitive market, buyers should get pre-approved for a loan, find an agent who has experience with bidding wars and consider coming in at the asking price, so the seller knows they’re serious.”–Zillow Chief Economist Svenja Gudell.

“The lack of stability and strength engendered by eliminating the GSEs’ capital buffer has particularly serious consequences for the residents of underserved markets across the country. The GSEs are the largest participants in the mortgage market today. Yet, they are unable to make the types of investments in affordable housing and underserved areas that they once did prior to conservatorship.” –From a draft letter by Rep. Mike Capuano, D-Mass., concerning the future of Fannie Mae and Freddie Mac.

“Home sellers in many markets are now seeing average price gains close to or above what home sellers experienced during the last housing boom. That should encourage more homeowners to take advantage of the prime seller’s market and list their homes for sale this year. Banks are already taking advantage of that market as evidenced by the uptick in the distressed sales share over the last two quarters.”
–RealtyTrac Senior Vice President Daren Blomquist.

“We look for existing home sales to rise roughly 4 percent by year-end 2016 as low mortgage rates and strengthening employment conditions are likely to support sales in the coming quarters.”
–Mark Vitner, Senior Economist with Wells Fargo Securities, Charlotte, N.C.

“Conventional loan applications were up slightly this week while rates showed little change. However, although incoming economic data were muddled and the retail sales report was relatively weak, rates and stock markets rose through the week.”
–MBA Chief Economist Mike Fratantoni