Mortgage News

This Week’s Mortgage News

President Barack Obama delivered his fifth state of the union speech this week, and housing was among the topics he discussed. In addition to mentioning that the “rebounding housing market” was an indicator of a strengthening economy, President Obama also asked Congress to reform the mortgage finance system in such a way that would keep homeownership within reach of households without risking another taxpayer-funded mortgage finance crisis.

A fact sheet released by the White House after the state of the union reiterated President Obama’s position regarding housing as outlined in his housing address in August 2013. As such, he is prepared to work with members of Congress in both parties to enact legislation based on core principles for reform that will (1) put private capital at the center of the housing finance system, (2) make sure taxpayers are never again on the hook for bad loans and bailouts, (3) ensure widespread access to safe and responsible mortgages, and (4) support affordability for creditworthy first-time buyers and access to affordable rental housing for middle-class families.

Industry Trends

WFS Jumbo rate – 5/5 ARM: 2.75%

Refi Index – 1645.2 (-2.19%)

Purchase Index – 187.6 (-3.6%)

NAHB Builder Confidence – 56 (+1.52%)

Existing Home Sales – 4,870,000 (+1.0%)

New Home Sales – 414,000 (-6.97%)

As of Jan. 30, 2014.


SOURCE: Mortgage News Daily



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