Between Q3 and Q4, the US economy went through the biggest single drop in real GDP in history, followed by the biggest single rise in real GDP in history. Amid the chaos and confusion of those months, the sheer scale of that economic earthquake has sometimes been lost. While estimates vary, that initial drop equated … [Read more…]
A gauge of U.S. pending home sales fell to a six-month low in January as buyers competed for a limited number of properties.
Today’s mortgage and refinance rates Average mortgage rates soared yesterday, rising by a greater amount than we’ve seen in a long time. Of course, they’re still very low in a […]
Rising rates have been on the menu for months, but the drama kicked into a higher gear this week. Maybe you heard about this? We’ve certainly been discussing it in recent newsletters ( especially last week’s ). The rising rate narrative hit the mainstream this week as it was widely credited for doing damage to the stock market. Perhaps you even caught one of Thursday’s many mortgage rate headlines citing the spike in Freddie Mac’s weekly mortgage rate survey. Freddie reported a jump in 30yr fixed rates from 2.81 to 2.97, their biggest in nearly a year. Unfortunately, Freddie was low last week and they’re WAY low this week. This is a common problem when things are this volatile. Although their survey is published on Thursdays, most of the responses are in by Monday. As such, their numbers didn
Posted To: MND NewsWire
Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 16.1 percent in January compared to a 22.4 percent gain in December. The portfolio balance at the end of the period was $2.777 trillion compared to $2.740 trillion the prior month and $2.339 trillion a year earlier. Purchases and Issuances totaled $120.128 billion and Sales were ($.588) billion. The December numbers were $129.639 billion and ($1.330) billion, respectively. Single-family refinance loan purchase and guarantee volume was $84.5 billion in January compared to $77.6 billion in December, representing a 73 percent share of total single-family mortgage portfolio purchases and issuances, up from 70 percent the previous month. Purchases in Freddie Mac’s Mortgage Related Investments Portfolio…(read more)
The Homepoint exec will speak on a panel titled “Operational Strategies in the Current Market” at the HousingWire Spring Summit March 4.
The post Homepoint COO Lisa Patterson to speak at Spring Summit appeared first on HousingWire.
US mortgage rates rose for the second consecutive week, hitting a six-month high, according to Freddie Mac. Freddie Mac chief economist Sam Khater said that this week’s uptick in mortgage rates is a result of growing optimism about the economy’s recovery from the pandemic. The average rates for a 30-year fixed mortgage climbed 16 basis … [Read more…]
Today’s mortgage and refinance rates Average mortgage rates nudged higher yet again yesterday. Of course, these rates remain exceptionally low by historical standards and are at dream levels for most. […]
Posted To: MND NewsWire
January marked the fifth straight month that the National Association of Realtors® (NAR) has reported a decline in its Pending Home Sales Index (PHSI). The index, based on newly signed contracts for the purchase of existing homes, was down 2.8 percent from its December level. The index in January was at 122.8 compared to 125.5 in December and has lost 10 points since August. Still, pending sales were up 13 percent compared to a year earlier. This January’s PHSI was, in fact, the highest for any January on record. Analysts had expected the index to be flat but individual estimates by those polled by Econoday all overshot the actual results. They covered a range from a 1.5 percent downturn to 0.5 percent growth. The consensus was for zero change. “Pending home sales fell in January because…(read more)
The commercial office sector continued to weather the storm as office-using employment recovers from the pandemic’s impact. On average, the national full-service equivalent listing rate increased 26 cents from December to $38.32 per square foot in January, the latest CommercialEdge Office National Report showed. CommercialEdge noted a stark contrast from past recessions when office-using job … [Read more…]