That's $1.9T, with $10 billion for struggling homeowners, $50 billion for small businesses and $14 billion for vaccine distribution.
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HousingWire readers —
There is no shortage of news today! To get you caught up:
Mortgage rates rise again to 3.05%. This is the second consecutive week rates have risen above 3% — a trend not seen since July of 2020. At its current pace, the MBA is forecasting rates will reach nearly 3.5% by the end of 2021. More details here.
Biden signed the American Rescue Plan. That's $1.9T, with $10 billion for struggling homeowners, $50 billion for small businesses, and $14 billion for vaccine distribution, among other things. Read more here.
The FHFA extends relaxed appraisal standards again for GSE loans. Originally set to expire on March 31, those standards are now in place until at least April 30. That story is here.
Related stories on vacation homes yesterday provide mixed messages. In a study of counties with the largest uptick of homebuyers, the top 10 are all in either vacation destinations or suburbs of big cities. But in its newest lender letter, Fannie Mae said it is tightening the underwriting criteria for second homes and investment properties. Look for clarity here and here.
And, a smart opinion piece on the broker battle. Julian Hebron asks a pertinent question for originators: Who's the customer in UWM's wholesaler war? Read it here.
In this HousingWire Daily episode, Bryan Bergjans, SVP and national director of military lending and retail business development at Caliber Home Loans, joins the podcast to discuss how the industry can address homeownership barriers for veterans.
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Labor market optimism, continued vaccination roll-out and additional stimulus spending helped to push the average mortgage rate for a 30-year fixed loan up three basis points last week to 3.05%, according to Freddie Mac's Primary Mortgage Market Survey.
In the last few years, the number of existing single-family homes for sale has decreased. But home prices have increased. To make homeownership a possibility for everyone, there needs to be a higher supply of affordable homes. Presented by Fannie Mae
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