October 21, 2016
Friday’s Government Reports Roundup
- Since this spring the U.S. Department of Housing and Urban Development has issued several new guidelines and rulings to the Fair Housing Act, a law passed in 1968 that prohibits housing discrimination based on race, color, national origin, religion, sex, disability or family status. These new guidelines clarify certain actions or policies by landlords, property managers, real estate agents or lenders that could be classified as discrimination against those protected under the act.
- A NYT article explains how new programs from major lenders and mortgage investment giants Fannie Mae and Freddie Mac can help millennials, immigrant families and first-time buyers of all backgrounds.
- The Federal Reserve expects to increase its benchmark interest rae “relatively son” if the economy continues to advance at a reasonable pace, according to an account published Wednesday of the bank’s most recent policy meeting.
- Mortgage rates climbed higher this week following long-term U.S. Treasury yields. With the bond market anticipating a Federal Reserve rate increase later this year, Treasury prices fell this week, pushing yields to four-month highs. Investors have been selling bonds because they expect the Fed to raise short-term rates before the end of the year. Rising oil prices also pushed up yields.
- Freddie Mac continues to believe that mortgage lending is on track for a big year this year, but now expects the market to tap the brakes in 2017. Last month, Freddie Mac’s monthly outlook report showed the government-sponsored enterprises’ analysts were continuing to project that mortgage originations will top $2 trillion this year, which would be the first time originations have been that high since 2012.
- Unsurprisingly, mortgage applications barely moved in the Mortgage Bankers Association’s newest Weekly Mortgage Applications Survey for the week ending Oct. 14. However, the week did get cut short due to the Columbus Day holiday, which impacted the results.