Mortgage And Real Estate News

Thursday, June 20, 2019

Even with high expectations for digital, homebuyers want a human touch

In the era of Amazon and one-click purchases, buyers are looking for easier digital experiences when they shop — including when they shop for homes. The mortgage industry has recognized that desire and continues to make the process of applying, getting approved, and closing on a loan faster and more digital than ever before.


Wednesday, June 19, 2019

Google Vows To Invest $1B On New Housing In Silicon Valley

Search giant Google on Tuesday promised to invest more than $1 billion creating thousands of new homes in California's Bay Area, continuing a trend among large companies to spend big sums on solving a growing housing affordability crisis.


New federal tax rules create advantage for real estate investment trusts

As Generation X and millennials inherit their baby boomer parents' assets amid the so-called Great Wealth Transfer, some will look to invest it in rental property to generate income.

Wednesday, June 5, 2019

You can now buy your house on Amazon

Some Americans apparently love to fantasize about an extreme downsize that reduces their personal space to the bare minimum and slashes their cost of living to a fraction of what it once was. Hence, the rise of the tiny house trend.


Multifamily lenders unprepared for end of LIBOR

Many multifamily lenders are preparing for the end of LIBOR, but are waiting on regulators to make decisions before they take action.


Tuesday, June 4, 2019

California Housing Market Driving Millennials Back to Parents' Doorsteps

More millennials are moving back in with their parents in the San Francisco and San Jose, California, areas, according to a report by The Mercury News. More than a fifth of millennials (ages 23-37) lived with their parents in 2017, according to information from Zillow and U.S. Census Data.


California Housing Market Driving Millennials Back to Parents' Doorsteps

More millennials are moving back in with their parents in the San Francisco and San Jose, California, areas, according to a report by The Mercury News. More than a fifth of millennials (ages 23-37) lived with their parents in 2017, according to information from Zillow and U.S. Census Data.


Tuesday, May 7, 2019

CoreLogic: Home Prices Still Going Up

Home prices increased by 3.7 percent year-over-year and one percent month-over-month in March, according to new data from CoreLogic.


The 55+ housing market is booming

The 55+ housing market is thriving right now as more Baby Boomers look to invest in a new nest to live out their retirement dreams.


Friday, April 12, 2019

Fewer first-time home buyers likely to qualify for mortgages under tougher FHA standards

Some first-time and low- to middle-income home buyers will likely be edged out of the housing market under tougher standards recently adopted by the Federal Housing Administration, experts say.


Sunday, March 10, 2019

Got Money Stress? Here Are the Best 5 Steps to Overcome It

So, you're stressed out about money.  You're not alone. I just read a study that confirmed the following:

1.  30% of Americans stress about money constantly

2.  85% of Americans stress about money sometimes

3.  43% of Americans label unexpected expenses as their biggest source of stress

4.  Only 39% of Americans have enough in savings to cover a $1,000 emergency


Goodbye bidding wars: Homebuyers gain edge in this year's housing market

If you're hunting for a house this spring, say goodbye to frenzied bidding wars. And if you're selling, get ready for good, old-fashioned negotiations.


Tuesday, February 26, 2019

Will Individual Agents Be The Real Winners In The IBuyer Game?

While iBuyer companies continue to make news, there's an interesting trend afoot that virtually no one seems to have noticed: Opendoor, Knock, Offerpad and Redfin might not be as formidable as the press makes them out to be. Could it be that the real winner in the iBuyer arena is the agent conducting an old-fashioned print marketing campaign?


Monday, February 25, 2019

Sunday, February 17, 2019

Construction update: Great Wolf Lodge Arizona, Ritz-Carlton

From ultra-luxury to family-friendly, Phoenix is about to see some striking new hotel options. Here's a look at three new additions on the horizon for the Valley's resort scene. 


New Caesars hotel to be built at Scottsdale Fashion Square

Caesars Entertainment Corp. said it will build a non-casino hotel on the northern side of Scottsdale Fashion Square, with construction slated to start later this year.


If you really like Fendi, the Italian designer is building homes in Scottsdale

Developers, architects and government leaders gathered Wednesday to break ground on the highly anticipated retail and dining portion of the Palmeraie master-planned community, as Fendi Private Residences was announced as the first luxury name associated with the $2 billion project.


These 1 percenters are NYC real estate’s biggest losers

Don't believe the brochures. A Billionaire's Row apartment can be a terrible investment.

"One of the things that I struggle to wrap my head around is why people continue to park money in high-end New York real estate when it's not a very lucrative asset class," said Grant Long, senior economist at StreetEasy, a New York listing platform.


Saturday, February 9, 2019

Housing Sentiment May Be Bouncing Back

Respondents to Fannie Mae's January National Housing Survey adopted a new outlook to go along with the new year, primarily in responses about their personal financial situation.  As a result, the Home Purchase Sentiment Index (HPSI) increased 1.2 point to 84.7, taking back some of the 2.3 points it shed in December.


The U.S. Cut Taxes. Why Will Fewer Folks Get Refunds?

U.S. taxpayers are filing their first returns under the 2017 tax code overhaul that lowered rates for most people. What makes the paperwork headaches tolerable for many is the promise of a tax refund at the finish line. Yet more taxpayers will end up with no refund, or a smaller one, compared with a year ago, before the lower rates fully took effect. How could that be? The explanation rests with the many other changes that made it into the revised tax code. Some Americans are venting their surprise and anger.

Read more....

Friday, February 8, 2019

Daily Rate Update for February 8, 2019

Friday – February 8, 2019

Higher household incomes in January pushed home purchase sentiment higher during the month, reports Fannie Mae. The Home Purchase Sentiment Index rose 1.2 points to 84.7 last month though it lower by 4.8 points compared with the same time last year.

Fannie Mae's report revealed that there was an 8-percentage point increase in the net share of Americans who reported higher household income from January 2018. "Overall, these results are in line with our forecast that, amid improving affordability conditions, home sales should stabilize in 2019 after declining last year for the first time in four years," said Doug Duncan, senior vice president and chief economist at Fannie Mae.

Consumer credit in the U.S. hit a record high in December due in part to low unemployment and steady income growth, reports the Federal Reserve. Consumer credit rose $16.6 billion in December to an all-time high of $4 trillion. That's trillion! In December, the report showed that credit card debt rose 2% while auto and student loans were up 6%. Mortgage loan data is not included in the report.

18 Commercial Real Estate Trends To Dominate In 2019

Goodbye 2018, hello 2019! As the new year approaches, Bisnow spoke with several industry execs, researchers and economists to uncover the major trends expected to dominate the commercial real estate industry in the coming year. From the rise of opportunity zones to a slowdown in industrial absorption, these are 18 trends experts forecast for 2019.

Read more

Sunday, February 3, 2019

Friday, February 1, 2019

Daily Rate Update for February 1, 2019

Friday – February 1, 2019

The Bureau of Labor Statistics reported that 304,000 jobs were created in January as the labor market continues to remain on very solid ground. However, there was a large 70,000 downward revision for November and December. But even with that, the three-month job creation average is at a strong 240,000.

The Unemployment Rate ticked up to 4% from 3.9% while the Labor Force Participation Rate rose to 63.2%, the highest since August 2013. Average hourly earnings rose 0.1% from December and up a solid 3.2% year-over-year, which matches the annual December reading. Total unemployed, or the U6 number, rose to 8.1% from 7.6%. Overall, this is another solid report.

Manufacturing activity across the U.S. remained strong in January while the U.S. economy grew for the 117th consecutive month. The ISM Manufacturing Index came in at 56.6 in January, above the 53.6 expected. The report read that continued expanding business strength was supported by strong demand and output.

Courtesy of Mortgage Market Guide

Thursday, January 31, 2019

Daily Rate Update for January 31, 2019

Rate Update Thursday – January 31, 2019

The partial government shutdown ended last Friday so the delay of sales of newly built homes for November was reported today with a big number. November New Homes Sales jumped 17% from October to an annual rate of 657,000 units, well above the 555,000 expected. However, sales were down 7.7% from November 2017. Across the country, sales jumped 100% in the Northeast, up 30.5% in the Midwest, up 20.6% in the South with a 5.9% decline in the West. There was a six-month supply of homes for sale on the market which is seen as normal. A solid report, though somewhat backward looking due to the delay in reporting the numbers.

Mortgage rates were essentially unchanged in the latest week after the rise seen from January 2018 through November. Freddie Mac reports that the 30-year fixed-rate mortgage average 4.46% this week with an average 0.50 in points and fees. A year ago this time, the rate was 4.22%. Sam Khater, Freddie Mac’s chief economist, says, “Purchase applications were down this week after soaring early in the year. However, softening house price appreciation along with increasing inventory of homes on the market – and historically low mortgage rates – should give a boost to the spring homebuying season.”

Americans filing for first-time unemployment benefits rose to a near two and a half year high in the latest week. The partial government shutdown could be attributed to the jump in claims. Weekly Initial Jobless Claims rose 53,000 in the week ended January 26, above the 220,000 expected. The four-week moving average of initial claims, which irons out seasonal abnormalities, rose 5,000 to 220,250.

Courtesy of Mortgage Market Guide

Daily Rate Update for January 30, 2019

Rate Update Wednesday – January 30, 2019

The labor market continues to produce strong numbers while the U.S. economy remains on solid ground. ADP reports that private employment grew by 213,000 in January, well above the 170,000 expected. December was revised lower to 263,000 from 271,000 and also a strong number. “The labor market has continued its pattern of strong growth with little sign of a slowdown in sight. Midsized businesses continue to lead job creation, however the share of jobs was spread a bit more evenly across all company sizes this month,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

Contracts signed but not yet closed for home purchases fell again in December, according the National Association of Realtors (NAR). Pending Homes Sales fell 2.2% from November to December and are down nearly 10% from December 2017. It was the lowest December reading since December 2013 and marks 12 straight months of annual declines. Lawrence Yun, NAR chief economist, cited several reasons for the decline in pending sales. “The stock market correction hurt consumer confidence, record high home prices cut into affordability and mortgage rates were higher in October and November for consumers signing contracts in December,” he said.

The Mortgage Bankers Association (MBA) reports that mortgage rates were essentially unchanged in the latest week and have remained near current levels for several weeks now. The MBA said the 30-year fixed-rate mortgage was at 4.76% in the week ended January 25 with 0.47 in points. Within the report it showed that the refinance index fell 6% while the purchase index fell 2%. The survey covers over 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.

Courtesy of Mortgage Market Guide

Wednesday, January 16, 2019

Mr. Cooper laying off 109 mortgage employees in California

Over the last several months, layoffs have hit companies across the housing industry as the industry works to find solid footing in a shifting mortgage market.


Wednesday, January 2, 2019

CoreLogic: November Home Prices Up 5.1 Percent

Home prices in November increased by 5.1 percent from one year earlier and were up by 0.4 percent from October, according to new data from CoreLogic.


Tuesday, January 1, 2019

FHLBank San Francisco Releases November 2018 Cost of Funds Index

SAN FRANCISCO, Dec. 31, 2018 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (Bank) announced December 31, 2018, that the 11th District Monthly Weighted Average Cost of Funds Index (“COFI”) for November 2018 is 1.060%. The index for October 2018 was 1.079%.

The COFI is computed from the actual interest expense reported for a given month by the Arizona, California, and Nevada savings institutions members of the Bank that satisfy the Bank’s criteria for inclusion in the COFI (“COFI Reporting Members”). For November 2018, 9 eligible institutions reported COFI data. Changes in interest rates on adjustable rate mortgage loans offered by many financial institutions are tied to changes in the COFI.

Although the Bank makes a good faith effort to be accurate in the calculation and publication of the COFI, the Bank does not warrant, confirm, or guarantee the accuracy of the data it receives from its COFI Reporting Members, the accuracy of the COFI calculation, or the accuracy of the COFI as published. The Bank does not examine the books and records of its COFI Reporting Members for the purpose of confirming the accuracy of the data they deliver to the Bank used to calculate the COFI, and the Bank expressly disclaims all liability that may arise from any use of the COFI or the use of inaccurate data received from its COFI Reporting Members in calculating the COFI. In addition, the Bank expressly disclaims any liability to any person for any inaccuracy in the COFI, regardless of the cause, or for any resulting damages.

The Bank accepts data for the COFI for a given month from the COFI Reporting Members until 12 noon California time on the last business day of the following month and publishes the COFI for that given month based on data received by that time. The Bank will not revise or republish the COFI for a given month based on new or corrected data received after that time and expressly disclaims all liability that may arise as a result. In addition, although the Bank makes a good faith effort to publish the COFI on the last business day of the following month at or after 3 p.m. California time, the Bank does not guarantee that it will always publish the COFI at that date and time, and the Bank expressly disclaims any liability for any delay in publishing the COFI.

Certain corporate activity, such as charter changes or mergers, may cause the Bank to determine that a financial institution no longer qualifies as a COFI Reporting Member and will no longer be included in the COFI. Similarly, if a COFI Reporting Member’s Bank membership is terminated, it will no longer be included in the COFI. The impact of such removals on the COFI will depend entirely on the amount of interest expense and total funds of the entity being removed, and may be significant.

For additional information and disclosures about the calculation of the COFI, removal of a COFI Reporting Member, and other matters concerning the COFI, visit the Bank’s website at

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