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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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Signs of Recovery? Builder Confidence Regains Footing in May

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by Jann Swanson on May 18 2020, 10:26 AM

Nearly all financial indicators took a hit last month as unemployment measures shot higher, businesses shut down, and consumers and their families self-quarantined. Probably none of those measures suffered a bigger bloodbath than the Housing Market Index...
Fannie Says Q2 Will be Tough, but Housing, Healthcare Should Bolster Recovery

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by Jann Swanson on May 15 2020, 11:42 AM

Fannie Mae's Economic and Strategic Research (ESR) group says it expects the U.S. gross domestic product (GDP) to decline by 35 percent (annualized) in the current quarter. The loss of 4.8 percent in the first quarter, the largest decrease in six years...
MBA Says Buyers Will Return by Summer as Lockdown Ends

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by Jann Swanson on May 15 2020, 10:24 AM

The Mortgage Bankers Association (MBA) says applications for financing new home purchases were down 25 percent in April compared to March and by 12 percent year-over-year. This data from MBA's Builder Application Survey (BAS) does not include any adjustment...
Forbearance Volume Continues, but at a Slower Pace

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by Jann Swanson on May 15 2020, 8:37 AM

In its May 5 report on the number of COVID-19 forbearance plans in effect, Black Knight said the rate of new plans had slowed , but speculated they could pick up again as the May mortgage payments came due. As of May 12, that had not happened. The company...
Despite Record Unemployment, Delinquencies are Still Down From Last Year

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by Jann Swanson on May 14 2020, 10:27 AM

The national delinquency rate rose significantly in the first quarter of 2020, driven largely by a surge in the early stage rates. The Mortgage Bankers Association said the rate of loans on one-to-four-unit residential properties rose 59 bps (bps) compared...
FHA Borrowers Offered New Option for Catching Up on Loans

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by Jann Swanson on May 14 2020, 8:08 AM

The Federal Housing Finance Agency (FHFA) and both GSEs (Fannie Mae and Freddie Mac) have announced a new option for homeowners in COVID-19 forbearance plans , to eventually return their mortgages to performing status. As part of the CARES Act, a borrower...
Refi Boom Remains Steady as Purchase Demand Continues to Heal

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by Jann Swanson on May 13 2020, 6:11 AM

Last week was yet another good one for purchase mortgage activity and refinancing, while continuing to fade, was still at double its pace of a year ago. The Mortgage Bankers Association (MBA) said the upshot was a slight increase in its Market Composite...
Pre-Lockdown Home Prices Increase by Double-Digits in Some Metros

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by Jann Swanson on May 12 2020, 12:10 PM

Home prices really ramped up in the first quarter of 2020 as inventory failed to make significant gains. The National Association of Realtors® (NAR) said the median single-family home in the quarter sold at $274,600, a 7.7 percent annual increase...
Calm Before the Storm: Delinquency Rates Hit New Lows in February

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by Jann Swanson on May 12 2020, 6:18 AM

CoreLogic's Loan Performance Insights Report has shown only incremental changes, primarily declines, in most of its measures of delinquency. The most recent report, covering February, is more of the same, marking the 26 th straight month that delinquency...
Local Governments are Preparing for Forbearance Fallout

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by Jann Swanson on May 11 2020, 9:22 AM

The economic consequences of the COVID-19 pandemic are increasingly clear, and so are the results of some efforts to alleviate financial hardships. Ginnie Mae and the Federal Housing Finance Agency have mandated servicers of FHA, VA, and GSE (Fannie Mae...
Servicers on the Hook as 4.1 Million Loans Now in Forbearance

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by Jann Swanson on May 08 2020, 10:58 AM

Black Knight reports that, as of May 7, there were 4.1 million loans in forbearance, up from 3.8 million in the company's last report which covered plans put into effect by mortgage servicers through April 30. The new total represents 7.3 percent of all...
Fannie Mae Sentiment Index Plunges to Nine-Year Low

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by Jann Swanson on May 07 2020, 5:05 PM

Fannie Mae's Home Purchase Sentiment Index (HPSI) plummeted 17.8 points in April. Combined with its 11.7-point loss in March the Index is at 63.0, its lowest reading since November 2011. Several of its components are now in net negative territory. The...
FHFA Extends Emergency Loan Processing Changes

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by Jann Swanson on May 06 2020, 2:07 PM

The Federal Housing Finance Agency (FHFA) has extended several of the " flexibilities " it announced in March to assist mortgage originators in processing loans for Fannie Mae and Freddie Mac during shutdown associated with the COVID-19 emergency. The...
Purchase Volume on Three-Week Winning Streak

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by Jann Swanson on May 06 2020, 4:59 AM

Applications for purchase mortgages increased for the third straight week, keeping overall activity during the week ended May 1 virtually unchanged from the previous week. Refinancing, while drifting lower, still provided the largest share of the market...
Agencies are Cutting Access to Mortgage Data for Low-Income Borrowers

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by Jann Swanson on May 05 2020, 11:57 AM

Two Urban Institute (UI) analysts have raised an alarm about changes to federal regulations that threaten to limit access to important data about the mortgage market and credit availability for low and moderate-income borrowers and communities. Most of...

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