January 2021 - MND NewsWire

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Refinance Volume Ramps Down on Rising Rates; Mortgage Bonds Beat Treasuries, But No Big Bounce

Published: 3/3/2021

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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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Still Cheaper to Own than Rent in Majority of U.S. Counties

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by Jann Swanson on January 08 2021, 1:23 PM

In most parts of the country owning a home is more affordable than renting one according to ATTOM Data Solutions' 2021 Rental Affordability Report . The company looked at the median price of a three-bedroom home in 915 U.S. counties and the rent for a...
DACA "Dreamers" Given FHA Loan Eligibility

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by Jann Swanson on January 20 2021, 3:02 PM

The Department of Housing and Urban Development (HUD) announced on Tuesday that it has extended eligibility for FHA mortgages to individuals who are classified under the Deferred Action for Childhood Arrivals program (DACA). These individuals are perhaps...
Five Questions for the New Year

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by Jann Swanson on January 05 2021, 8:58 AM

While COVID-19 has wreaked havoc on most of the economy last year, Wells Fargo's Securities Economic Group says many of the responses to the pandemic - lockdowns, remote schooling, and remote work - served to "flip the script" on housing, increasing demand...
Loans Still Taking 2 Months to Close as Refi Demand Stays Strong

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by Jann Swanson on January 25 2021, 9:46 AM

The interest rates on 30-year fixed rate mortgages originated in December reached an all-time low in ICE Mortgage Technology's (formerly Ellie Mae's) records, an average of 2.93 percent and a 4-basis point decline from the November rate. The company,...
Existing Home Sales Reach Highest Levels Since 2006

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by Jann Swanson on January 22 2021, 12:28 PM

Existing home sales resumed an upward trajectory in December. After drifting lower by 2.5 percent in November, breaking a five-month streak of gains , the National Association of Realtors® (NAR) said sales in the last month of the year rose 0.7 percent...
Upbeat 2021 Econ Forecast From Fannie Mae

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by Jann Swanson on January 22 2021, 12:33 PM

Optimism is running high in Fannie Mae's first Economic and Housing Outlook of the year. The company's Economic and Strategic Research (ESR) team says expanding vaccination efforts, the potential of greater than previously expected fiscal stimulus, and...
Biden Nominates Two Picks for Important Financial Positions

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by Jann Swanson on January 19 2021, 11:05 AM

President-elect Joe Biden has announced his picks for two important financial regulatory positions. The chairmanship of the Consumer Financial Protection Bureau (CFPB) will be filled by Rohit Chopra while Gary Gensler is expected to be named to head the...
End-of-Year Delinquencies a Challenge for 2021

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by Jann Swanson on January 22 2021, 10:18 AM

Mortgage performance understandably deteriorated over the course of 2020. Black Knight, in its "first look" at December data, noted that the year ended with 1.54 million more delinquent mortgages and 1.7 million more that were seriously delinquent than...
Freddie Sees Mortgage Originations Contracting Nearly 20% in 2021

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by Jann Swanson on January 15 2021, 10:19 AM

Freddie Mac's first quarter 2021 economic forecast is unusually short, and, unlike recent forecasts from either of the GSEs, has relatively few revisions. The company's economists say that nearly a year after the first cases of COVID-19 were diagnosed...
FHA Forbearance Eligibility and Eviction Moratoria Extended

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by Jann Swanson on January 27 2021, 9:02 AM

The Acting Secretary of the Department of Housing and Urban Development (HUD) has announced an extension of the deadline for borrowers with FHA mortgage loans to apply for and receive forbearance. Matthew Ammon said up to six months of deferred or reduced...
Refi Applications Highest Since March

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by Jann Swanson on January 13 2021, 6:42 AM

It was a typical first-work-week-after-the holiday bounce for the mortgage indexes, although the surge was significantly more restrained than last year. Perhaps the nation was otherwise distracted. The Mortgage Bankers Association (MBA) said its Market...
Tentative Recovery in Mortgage Availability With Help From Government and Jumbo Loans

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by Jann Swanson on January 12 2021, 1:39 PM

While it did dip a bit last month, the availability of mortgage credit appears to be stabilizing , having moved only slightly over the last three months. The Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) was down 0.1...
More Evidence of Covid's Effect on Home Buying Preferences

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by Jann Swanson on January 26 2021, 1:31 PM

It probably wasn't on your COVID Bingo card, but the National Association of Home Builders (NAHB) is finding more and more evidence that the pandemic is changing America's home buying plans . Rose Quint writes in NAHB's Eye on Housing Blog that the percentage...
Construction Surges to Highest Levels in 15 Years

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by Jann Swanson on January 21 2021, 10:00 AM

Residential construction finished out 2020 much more strongly than analysts had expected. The U.S. Census Bureau and Department of Housing and Urban Development reported significant increases in both residential permitting and housing starts in December...
Affordability Issues Expected to Dampen Home Price Gains

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by Jann Swanson on January 05 2021, 10:16 AM

Home prices rose another 1.1 percent in November according to the CoreLogic report on its Home Price Index. The year-over-year gain was 8.2 percent , accelerating from the annual increase of 7.3 percent posted for October. The company said that home price...

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