A look at Biden’s first week in office

This episode reviews last week’s inauguration of President Joe Biden, examining which housing issues the new administration has already taken action on.

Biden’s executive order will extend foreclosure moratorium

President Biden revealed his plan to sign 17 executive orders his first day in office, including am extension of the eviction and foreclosure moratorium to at least March 31.

If consumers aren’t holding lenders back, then who or what is?

The challenge for lenders and investors is understanding how to meet borrowers where they are without layering on risk or getting bogged down in third-party intermediation.

HomeBridge’s Brian White on diversity at a practical level

HomeBridge's Brian “Woody” White discusses ways to increase diversity within the housing finance industry.

Mortgage

Freddie Mac: Mortgage rates remain stagnant

The average U.S. fixed rate for a 30-year mortgage holds steady at 3.73%

This week, the average U.S. fixed rate for a 30-year mortgage held steady at 3.73%. Although this rate remains the same as last week’s percentage, it’s still more than a percentage point below the 4.55% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey.

The 15-year FRM averaged 3.19% this week, remaining unchanged from last week’s rate. This time last year, the 15-year FRM came in at 4.01%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.37%, inching forward from last week’s rate of 3.36%. Last year, the 5-year ARM sat much higher at 4%.

Although rates continue to hover near historic lows, Sam Khater, Freddie Mac’s Chief Economist, warns a lack of housing supply is likely to dampen home sales moving into 2020.

“The economy continued to pick up momentum with a solid increase in residential construction, improvement in industrial output in our nation’s factories and a rise in job openings,” Khater said. “While the economy is in a sweet spot, improvements in housing market sales volumes will be modest heading into next year simply due to the lack of available inventory.”

The image below highlights this week’s changes:

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