Tapering could happen sooner rather than later, with most policymakers open to short-term rate hikes in 2023
But an estimated 2.1 million homeowners are still taking a break from mortgage payments
The share of homes in forbearance continues to dwindle, but many owners haven't made a payment in 12 months or more
The Fed now has justification to keep a tight lid on interest rates. But some fear that if employers are forced to raise wages too quickly, that could spark inflationary pressures and spook bond investors
The MBA announced Thursday at its Spring Conference and Expo 2021 that purchase originations are on track to grow 16.4% to a new record of $1.67 trillion in 2021
2.3M homeowners still aren't making their monthly mortgage payments
Share of mortgages in forbearance drops for sixth straight week at the fastest pace since November
The number of mortgages in forbearance dropped below 5% first time since the start of the pandemic
The overall decline of mortgage loans in forbearance was led by Ginnie Mae loans, which dropped by 7 basis points from the previous week to 7.28% of loans in forbearance
The number of mortgage loans in forbearance stayed constant from the previous week, according to the Mortgage Bankers Association
The unemployment rate declined to 6.9%, according to the Bureau of Labor Statistics, but the country as a whole is still down about 10M jobs since February's pre-pandemic levels
A dip in prime age participation typically goes hand-in-hand with slower wage growth, according to Odeta Kushi, the deputy first economist at First American
Mortgages in forbearance decreased from 6.93% of servicers' portfolio volume to 6.87% during the week ending Sept. 20, according to the Mortgage Bankers Association
As Congress continues to be at a standstill in passing a second stimulus bill to support Americans who have become unemployed as a result of the pandemic, it's likely forbearance rates could increase in upcoming weeks
Three chief economists share how FHA homeowners have been disproportionately impacted by 2020's coronavirus-induced unemployment boom and what it means for next year's market