Today’s News Synopsis:

Zillow’s latest real estate market report showed homes for sale are not only decreasing but are doing so at their fastest rate since 2013.  Freddie Mac reported mortgage rates remained relatively the same with 30-year rates at 3.9% and 15-year rates at 3.17%.  Lower-end buyers are having less and less of a chance of buying a home with the continuing decrease in the supply of inventory.

In The News:

Freddie Mac – “Mortgage Rates Continue to Hold” (6-22-2017)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing average mortgage rates continuing to hold at year-to-date lows amidst ongoing economic uncertainty.”

DS News – “What Goes Up Must Come Down” (6-22-2017)

“A bill by Representative Tom Emmer (R-Min) that would increase the reporting threshold under the Home Mortgage Disclosure Act of 1975 for open-end lines of credit and closed-end mortgage was introduced Tuesday.”

Bloomberg – “Top-Heavy U.S. Housing Market Is Crowding Out the Little Guys” (6-22-2017)

“The U.S. housing market is looking a little top-heavy these days.  Beneath a steady May existing home-sales number that helped put to rest fears that the busy selling season had perhaps hit a lull, the lingering supply issues haunting the industry could be making the market less stable as it continues to limit entry for lower-end buyers.”

CNBC – “Reason to refinance: 4 million homeowners are leaving $1 billion on the table” (6-22-2017)

“Falling mortgage rates and rising home values are a tasty combination for homeowners looking to save some cash on their monthly mortgage payments.”

Zillow – “Number of Homes for Sale Drop at Fastest Pace in Four Years” (6-22-2017)

“The number of for-sale homes hitting the market is dropping at its fastest pace in almost four years, according to the May Zillow Real Estate Market Reports. The typical home stayed on the market for just 77 days, the fewest days on Zillow ever reported.”

Mortgage Bankers Association – “MBA Forecasts Commercial/Multifamily Mortgage Originations to Decline in 2017” (6-22-2017)

“The Mortgage Bankers Association (MBA) projects commercial and multifamily mortgage originations will be down slightly in 2017, ending the year at $478 billion, a decrease of 3 percent from the 2016 volumes.”

DS News – “Foreclosure Prevention is Paying Off  for the GSEs” (6-22-2017)

“The GSEs prevented more than 49,000 foreclosures in the first quarter, an increase of nearly 5,000 preventions compared to Q4, according to the Federal Housing Finance Agency’s Q1 Foreclosure Prevention Report.”