2021 Home Loans Broke Records with 9% Increase
Mortgage bankers say buyers borrowed $1.6T last year for home purchases, topping the 2005 housing bubble’s $1.5T. They expect another new record this year.
Fed: Expect an Interest Rate Hike Sooner than Later
Notes released Wed. suggest a shift in Fed officials’ attitudes, and policy changes could soon induce interest rates, including mortgages, to move higher.
Fannie, Freddie Increasing Fee on Second-Home Loans
FHFA is increasing the “G-fee” on most high-balance and second-home mortgages. Translation: After April 1, buyers seeking these loans will pay a bit more.
High Prices for Lumber? It’s Back
After a summer dip, lumber prices almost tripled over the past four months. Builders say the increase adds more than $18.6K to the price of a new home.
Class-Action Surfside-Collapse Lawsuit Pushed to 2023
The judge says he’s disappointed a late-summer trial won’t work, but lawyers argued it wasn’t a realistic timeline given the pace of the investigation.
Mortgage Rates Hit 3.22%, Highest Level in 20 Months
The 30-year, fixed-rate loan rose from last week’s average 3.11%. A year ago, the FRM was 2.65%, though this week’s average remains low by historical standards.
Beware Smishers: Not All Texts Are Good Texts
Many texts from scammers get blocked by security software, but sophisticated ones from professional scammers can still get through.
Home Co-owner: Leave Share to Other Owner in Will?
RE Q&A: Is that the better plan, or should the co-owner draft a deed to safeguard his share for his friend and co-owner of the house?
Millennials Are Supercharging the Housing Market
CoreLogic: From Jan.-Aug. 2021, millennials made up about 67% of first-time home purchase loan applications and 37% of repeat purchase applications.
Americans Quit at Record Pace in Nov.
Despite high job openings, 4.5M workers (3%) quit their jobs in Nov. Analysts predict worker shortages likely will continue, but ease in 2022.