A closer look at mortgage rates, loan limits and forbearance numbers
In today HousingWire Daily Episode HW + management editor Brena Nath joins HousingWire editor-in-chief Sarah wheeler to discuss the most compelling articles reported by the HousingWire newsroom. Brena and Sarah review the ad that compliant loan limits for Fannie Mae and Freddie mac should now increase and consider which record mortgage rates and recent abstention numbers could mean for the housing market.
For more information on what is discussed, here is a look at today’s interview. The transcript below has been edited slightly for length:
Question: What other news should we be watching out for right now?
Sarah Wheeler: Even though it was a public holiday, Black Knight published their recent abstention numbers on Friday and notably, the Mortgage Bankers Association should do the same soon. Black Knight’s latest numbers show a slight increase, but just week after week and the abstention numbers that we can see right now are still very good. This is great news for all of us. No one wants to see a big increase in abstentions, but also, it feels like a lot of people who are in abstention now have extensions. These are things that we are looking at. We’re also looking at defaults and seeing how it progresses. Worth mentioning, we have seen an increase in the amount of interest for distressed properties, which are vacant properties that were likely foreclosed on before COVID-19. We’re finding out some really interesting things about it, but forbearance is something we’ll be looking at by this time next year or so. Currently, HousingWire has a Forbearance FAQ which we did in coordination with Freddie Mac. This is just to educate our industry and our consumers because we still see people coming out of forbearance who have never spoken to their repairman. I mean, there’s just no reason for it, and it might not be the best decision. I think forbearance will always be something we will be looking at.
The HousingWire Daily reviews the most compelling articles published by the HousingWire Newsroom. Each afternoon, we provide our listeners with a deeper insight into the stories broadcast in our newsroom that help drive the markets forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode: