Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.
- After seeing consistent decreases for the past several weeks, mortgage rates rose to 6.39% this week, according to the latest Primary Mortgage Market Survey® from Freddie Mac. The 15-year fixed-rate mortgage also rose, to 5.76%. Sam Khater, Freddie Mac’s chief economist, commented that “Home prices have stabilized somewhat, but with supply tight and rates stuck above 6%, affordable housing continues to be a serious issue for many potential homebuyers.”
- Mortgage applications continue their fluctuations in conjunction with mortgage rates, decreasing 8.8% from one week earlier, according to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association (MBA). Joel Kan, MBA’s vice president and deputy chief economist, commented that “Affordability challenges persist, and there is limited for-sale inventory in many markets across the country, so buyers remain selective on when they act.”
- The number of mortgage loans in forbearance registered at 0.55% in March, a five point month-over-month drop, according to the MBA’s latest Loan Monitoring Survey. This means that a total of 275,000 homeowners are in forbearance plans. Marina Walsh, MBA’s vice president of Industry Analysis, commented that “MBA’s forecast still calls for a recession in 2023, which may change the current performance levels, but credit quality is generally good and many borrowers facing financial hardship can now access enhanced loss mitigation options that resulted from successes of pandemic-related policies.”
- Foreclosures rose again by 20% to 36,616 properties, the 23rd consecutive increase, according to ATTOM’s Foreclosure Market Report for Q1 2023. From Q4 2022 to Q1 2023, foreclosures rose 6% to 95,172 properties. “Despite efforts made by government agencies and policymakers to try and reduce foreclosure rates, we are seeing an upward trend in foreclosure activity,” said ATTOM CEO Rob Barber.
