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

Mortgage rates return to 3-year low

This week, the 30-year fixed-rate mortgage averaged 3.45%

The average U.S. fixed rate for a 30-year mortgage fell to 3.45% this week, matching the three-year low set three weeks ago.

The rate declined as global money managers spooked by the coronavirus named Covid-19 piled into the U.S. bond markets, boosting competition for securities back by home loans.

Although the rate is only four basis points below the previous week’s level, it’s almost a percentage point below the 4.35% of the same week a year ago, according to Freddie Mac.

“Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped,” said Sam Khater, Freddie Mac’s Chief Economist. “These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”

According to the survey, the 15-year FRM averaged 2.95% this week, down from last week’s rate of 2.99%. This time last year, the 15-year FRM came in at 3.77%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.2% this week, down from last week’s rate of 3.25%. Last year, the 5-year ARM averaged 3.84%.

The image below highlights this week’s changes:

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