Though home price appreciation slowed slightly in March, 30-year mortgage interest rates above 5 percent have pushed affordability to nearly its worst-ever level, said Black Knight, Jacksonville, Fla.
Category: News and Trends
FHFA Announces Mandatory Supplemental Consumer Information Form Use
The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form as part of the application process for loans that will be sold to the Enterprises.
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“It is important to recognize how well U.S. mortgage markets have performed for borrowers, delivering record-low rates to millions of homeowners who refinanced, meeting mortgage demand in a booming housing market and keeping millions of Americans in their homes during the pandemic through the wide-scale implementation of forbearance plans.”
–MBA President & CEO Bob Broeksmit, CMB.
Fitch: Weaker Borrowers in U.S. Securitizations Vulnerable to Inflation
Fitch Ratings, New York, said inflation and rising rates will pressure consumers, with the greatest burden on households with low incomes and savings and who have not fully recovered from pandemic-related financial stresses.
Typical Buyer’s Monthly Payment Up Nearly 40%
Redfin, Seattle, reported the typical homebuyer’s monthly mortgage payment shot up 39%, the largest year-over-year gain on record, as the average 30-year-fixed rate hovered at 5.1%.
Typical Buyer’s Monthly Payment Up Nearly 40%
Redfin, Seattle, reported the typical homebuyer’s monthly mortgage payment shot up 39%, the largest year-over-year gain on record, as the average 30-year-fixed rate hovered at 5.1%.
Fitch: Weaker Borrowers in U.S. Securitizations Vulnerable to Inflation
Fitch Ratings, New York, said inflation and rising rates will pressure consumers, with the greatest burden on households with low incomes and savings and who have not fully recovered from pandemic-related financial stresses.
FHFA Announces GSEs’ Duty to Serve Plans for 2022-2024
The Federal Housing Finance Agency published the 2022-2024 Underserved Markets Plans for Fannie Mae and Freddie Mac under the Duty to Serve Program., which outline the government-sponsored enterprises’ commitment to serving manufactured housing, affordable housing preservation and rural housing.
ATTOM: 1Q Home Sales, Seller Profits Decline
ATTOM, Irvine, Calif., said profit margins on median-priced single-family home sales across the United States dipped to 47.2 percent in the first quarter – the first quarterly decline since late 2019 and the largest in a decade.
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“Securitizations backed by weaker borrowers, such as retail credit cards, certain marketplace lending/unsecured loans and subprime auto, will be more vulnerable to asset-performance deterioration, given rising prices and increasing debt service costs that will erode borrowers’ disposable income.”
–From a Fitch Ratings report on U.S. consumer debt and securitization performance.