Some of the housing provisions of the Build Back Better bill that seemed destined for the chopping block are now back in play, including some form of down payment assistance.
About 1.24 million mortgage holders remain in Covid-19-related forbearance plans, the lowest since the beginning of the pandemic, Black Knight said in a report on Friday.
Mortgage rates rose this week as stronger-than-expected economic data and concerns about inflation drove bond investors to demand higher yields for their investments.
“Consumers feel it’s a bad time to buy a home but a good time to sell – and they continue to cite high home prices as the primary reason,” said Doug Duncan.
Home loan rates are rising as inflation remains stubbornly high and bond investors react to the Federal Reserve’s plan to begin tapering its purchases of Treasuries and mortgage-backed securities.
The Fed said it could begin reducing its asset purchases as early as next month, according to minutes released on Wednesday.
Core inflation, known as the Fed’s preferred gauge because it excludes volatile food and energy prices, was flat in September. The overall inflation reading rose to a 13-year high.
The number of days required to close a mortgage shrank in August to the shortest period in over a year, according to ICE Mortgage Technology.
