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Construction Spending Showing Promise

More Covid Data Rolls in, Are Refis Here to Stay?

Forbearance Plans Resume Downtrend After Last Week's Uptick

CFPB Proposes New Escrow Rule

Freddie Mac's Growth Slowed, Delinquencies Spiked in May

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Mortgage Rates Staying Very Flat and Very Low

MBS RECAP: Record High MBS Prices, Record Low Rates. What Next...

MBS Day Ahead: Last Week's Comeback Was Nice, But Threats...

DPA, Leads, PMI Products; Investors Ruminate on Employment Data

MBS RECAP: Record-Breaking Job Gains, But Bonds Ultimately Improve

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Tracking Covid's Impact on Mortgages; Record Low Rates For How Long?

Published: 7/6/2020

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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Construction Spending Showing Promise

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by Jann Swanson on July 06 2020, 1:48 PM

Despite any impact from the COVID-19 pandemic, construction spending is still largely managing to stay ahead of its 2019 levels . The U.S. Census Bureau said total spending in May was at a seasonally adjusted annual rate of $1.356 trillion, down 2.1 percent...
More Covid Data Rolls in, Are Refis Here to Stay?

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by Jann Swanson on July 06 2020, 11:24 AM

Black Knight has again taken a look at the number of Americans who could benefit significantly from refinancing their first mortgages, but the facts are shifting almost faster than they can report them. In its current Mortgage Monitor , the company reports...
Forbearance Plans Resume Downtrend After Last Week's Uptick

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by Jann Swanson on July 03 2020, 9:33 AM

The number of homeowners in COVID-19 forbearance dropped sharply this week, to the lowest level since the first week of May. The number of plans which hit a peak on May 22 then declined slowly over the next three weeks but shot up by nearly 80,000 loan...
CFPB Proposes New Escrow Rule

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by Jann Swanson on July 02 2020, 12:43 PM

The Consumer Financial Protection Bureau (Bureau) today issued a notice of proposed rulemaking (NPRM) that would amend Regulation Z of the Truth-in-Lending (TIL) Act. The rule would provide a new exemption for some insured depository institutions and...
Freddie Mac's Growth Slowed, Delinquencies Spiked in May

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by Jann Swanson on July 01 2020, 9:48 AM

Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 5.5 percent in May compared to a 14.3 percent gain in April. The portfolio balance at the end of the period was $2.407 trillion compared to $2.396 trillion...
Purchase Apps Retreat Again as Inventory Dries Up

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by Jann Swanson on July 01 2020, 6:56 AM

Applications for both refinancing and purchase mortgages retreated last week , pulling the Mortgage Bankers Associations (MBA's) Market Composite Index lower for the second time in as many weeks. MBA said the index, a measure of application volume, declined...
Home Prices "Remarkably Stable" in April

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by Jann Swanson on June 30 2020, 9:51 AM

Home prices continued to hold up on a national basis in April. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 4.7 percent annual gain in April, up from 4.6 percent in March. The National...
Supreme Court Rules Single CFPB Director Unconstitutional

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by Jann Swanson on June 29 2020, 1:32 PM

The Supreme Court, in a 5-4 decision along partisan lines, took a chunk out of the intentions the Dodd-Frank Act had for the Consumer Financial Protection Bureau (CFPB) when it created it. The court ruled that the single-director structure of the agency...
Record Surge in Pending Home Sales

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by Jann Swanson on June 29 2020, 10:11 AM

Lawrence Yun, chief economist for the National Association of Realtors® (NAR), predicted last month that April's home sales contract activity "will be the lowest point for pending sales." That turns out to have been a huge understatement--at least...
Surge in Forbearances This Week

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by Jann Swanson on June 26 2020, 9:08 AM

After three weeks of declining totals, Black Knight says the number of active COVID-19 forbearance plans shot up over the past week. As of June 23, there were 4.68 million homeowners in forbearance, an increase of 79,000 from the prior week. This surge...
Forbearance is Major Cause of Lender Overlays

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by Jann Swanson on June 25 2020, 12:20 PM

In his analysis of current mortgage credit tightening for the Joint Center on Housing Studies excerpted here earlier, Don Layton included a special section on lender overlays . The former Freddie Mac CEO focused specifically on how those overlays may...
Home Price Gains Defied The Odds in April

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by Jann Swanson on June 24 2020, 9:38 AM

House prices continued to be unfazed by the current economic upheaval. The Federal Housing Finance Agency (FHFA) reports that its U.S. House Price Index for April, the first full month that reflects the impact of the pandemic, continued to rise almost...
Amazing Winning Streak For Home Purchase Applications Finally Levels Off

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by Jann Swanson on June 24 2020, 6:27 AM

The nine-week string of increases in purchase mortgage applications came to an end last week and refinancing volume pulled back as well. Consequently, the Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of overall application...
April New Home Sales Surge, Rising Over 16%

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by Jann Swanson on June 23 2020, 10:40 AM

After its pandemic-related plunge in April, the rapid recovery of the Housing Market Index, a measure of builder confidence, seems justified by today's Census Bureau report on new home sales. For the second month in a row, sales of newly constructed homes...
CFPB Looks at Changing Qualified Mortgage Rule, Lifting DTI Limits

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by Jann Swanson on June 23 2020, 10:15 AM

With its so-called GSE Patch set to expire on January 10, 2021 (unless by some miracle the conservatorship of Fannie Mae and Freddie Mac (the GSEs) ends earlier), the Consumer Financial Protection Bureau (CFPB) has issued two proposed amendments to the...

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