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Mortgage delinquency decline reflects ‘continued resiliency’ of borrowers

Housing Wire

” In January, serious delinquencies (loans 90 or more days past due) were down month over month, subtracting 5,000 borrowers in that category and affecting 470,000 loans in total. On a yearly basis, the rate of serious delinquencies was 19% below the January 2023 rate of 579,000 borrowers.

Mortgages 361
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Mortgage rates rise to the occasion at 3%

Housing Wire

Because mortgage rates held for so long in the sub-3% category, Fannie Mae ‘s economic and strategic research group revised its expectations for 2021 and 2022 origination volume, noting that originations could have been higher if the market weren’t struggling with supply.

Mortgages 409
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FHFA imposes a $140B cap to GSEs’ multifamily loan purchases in 2024

Housing Wire

This loans category, first developed in 2023, preserves rents at affordable levels in multifamily properties, typically without public subsidies. The Mortgage Bankers Association (MBA) forecasts that multifamily lending is expected to drop to $285 billion this year – a 41% decline from last year’s total of $480 billion.

Loans 329
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Hawkish Fed couldn’t curb market optimism — and mortgage rates tumbled 

Housing Wire

“Inflation remains well above our longer-run goal of 2% over the 12 months ending in December: total PCE prices rose 5%; excluding the volatile food and energy categories, prices rose 4.4%,” Powell told journalists. Goldman Sachs’s team forecasts two more 25 basis points hikes to the federal funds rate in March and May.

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Refis lead the way as mortgage applications rise 1.7%

Housing Wire

The refinance index led the rebound after it gained 3% from the previous week, however, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting, refinance activity has been somewhat volatile over the past few months. from the week prior, according to a report from the Mortgage Bankers Association.

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Insatiable demand drives July pending home sales up 15% annually

Housing Wire

Yun forecasts existing home sales to increase to a 5.8 However, a category 4 hurricane in the Gulf could put some of those deals at risk. There is no indication that contract activity will wane in the immediate future, particularly in the suburbs, Yun said. million annualized pace in the second half of 2020. million, a 1.1% rose 25.2%

Sales 485
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What’s behind the sharp decline in mortgage delinquencies?

Housing Wire

Our forecast is for the unemployment rate to continue to decline, reaching 4.5% Although delinquency rates decreased across categories in the second quarter, as shown in Exhibit 2, the biggest decline was for loans that were 90+ days past due. by the end of 2021, and likely dropping below 4% by the end of 2022. This represents about 1.5

Mortgages 485