Today’s News Synopsis:

Mortgage rates decreased again to below 4% with 30-year rates now at 3.97% and 15-year rates at 3.23%.  Confidence in the housing market is higher as shown by the increase in home remodeling.  Zillow reported the slowest increase in rents since November 2012 in their latest Real Estate Market Reports, having only increased 0.7% year-over-year.

In The News:

Zillow – “Rents Rise at Slowest Pace in Five Years” (4-20-2017)

“Rents across the country rose 0.7 percent from last March, the slowest rate of appreciation since November 2012, as new construction began to meet renter demand and soften the market.”

NAHB – “Increases in Remodeling Market Indicators Reflect Broad-Based Confidence” (4-20-2017)

“The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) rose to 58 in the first quarter of 2017, an increase of five points from the fourth quarter of 2016 and the highest reading since 2015.”

Freddie Mac – “Mortgage Rates Tumble Below 4 Percent” (4-20-2017)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS^®), showing the 30-year mortgage rate dropping below four percent and hitting its lowest mark since November 2016.”

Mortgage Bankers Association – “MBA Offers Detailed GSE Reform Proposal” (4-20-2017)

“The Mortgage Bankers Association (MBA) today released a white paper GSE Reform: Creating a Sustainable, More Vibrant, Secondary Mortgage Market which provides a detailed picture of a reformed and revitalized secondary mortgage market.”

Bloomberg – “Fed Intensifies Balance-Sheet Discussions With Market Players” (4-20-2017)

“Federal Reserve staff, widening their outreach to investors in anticipation of a critical turning point in monetary policy, are seeking bond fund manager feedback on how the central bank should tailor and communicate its exit from record holdings of Treasuries and mortgage-backed securities.”

CNBC – “Vacant department stores make way for beer houses, high-end sushi joints” (4-20-2017)

“By the time August rolls around, there will be about 350 fewer J.C. Penney, Macy’s, Sears and Kmart stores at shopping centers across the U.S.  For some of those properties, the loss of these stores could be the final blow that puts them out of business. Yet in other instances, the vacancies will provide landlords an opportunity to reinvent the space for more in-demand tenants — allowing them to charge a higher rent, to boot.”

CoreLogic – “CoreLogic brings Mobile-Friendly Tenant Screening Platform to Landlords” (4-20-2017)

“CoreLogic^® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced that CoreLogic Rental Property Solutions has released the second generation of its tenant screening services offered through myrental.com.”

DS News – “Non-foreclosure Solutions Remain Strong” (4-20-2017)

“Approximately 30,000 permanent loan modifications were completed in February, according to new data from HOPE NOW, an alliance of mortgage servicers, investors, insurers, and counselors.”