“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 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.
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%.
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 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.
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, 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.
“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.
In a highly unusual move, the Consumer Financial Protection Bureau on Monday announced it would invoke a largely unused legal provision to examine nonbank financial companies that pose risks to consumers.
The Mortgage Bankers Association on Monday sent a letter to the Federal Housing Finance Agency, offering detailed recommendations on the agency’s re-proposal of eligibility requirements for seller/servicers of single-family loans backed by Fannie Mae and Freddie Mac.
