Mortgage delinquencies edged high in September, reports Black Knight, a leading provider of integrated software, data and analytics solutions. Mortgage delinquencies jumped 13% in September, the largest single-month increase since November 2008. Hurricane Florence had an impact during the month with delinquencies rising 38% month-over-month, with more than 6,000 borrowers already missing a payment as a direct result of the storm.
Extreme volatility has gripped the U.S. Stock markets with the closely watched S&P 500 now down nearly 10% from its all-time closing high of 2,929 hit back on September 21. The S&P is now in negative territory for 2018 as traders watch the 2,650 level as support as it closed at 2,656 yesterday. Stocks are trying to rebound this morning. Tariff issues, some sluggish outlooks from corporate America, modest weakness in the manufacturing sector, geopolitical headlines along with profit taking have sent equities lower.
Mortgage rates were essentially unchanged in the latest week after the big rise seen since December 2017. Freddie Mac reports that the 30-year fixed-rate mortgage rose just 1 basis point in the week ended October 25 with an average 0.50 in points and fees. Sam Khater, Freddie Mac’s chief economist, says, “We expect rates to continue to rise, which will put downward pressure on homebuying activity. While higher borrowing costs will keep some people out of the market, buyers with more flexibility could take advantage of the decreased competition.