What's New This Month
Wow, we’re already halfway done with February! January kicked off the new year with a bang, and we are excited to see what’s next for the real estate industry. There is much to celebrate, including our great state ranking in the Top 5 of places people are moving to, as we transition into the second month of the year. 

Our team at West Virginia Bankers Title is honored to help our attorney and lender friends in every way we can. We hope you enjoy our latest e-newsletter that highlights some of the exciting and innovative news from the real estate industry.

Lastly, we would like to extend a warm and heartfelt thanks to the loan officers, attorneys and Realtors who trust West Virginia Bankers Title with your transactions and title insurance products. We love what we do - helping and serving you!

Have a great month!

Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
Mortgage Rate Increases
The change in mortgage can be a mixed bag for real estate professionals, but rates are the highest they’ve been since May 2020. As DS News puts it, these numbers will likely spark motivation for buyers and accelerate competition in the housing market. Also, the interest rate on a 30-year fixed mortgage rose during the first week of January from 3.11% the prior week. Again, that’s the highest level since May 2020. 
Home Price Appreciation Continues to Accelerate 
For many prospective homebuyers, the housing market will continue to intensify this coming year, according to DS News. Frank Martell, President and CEO of CoreLogic, describes this year as “another strong year with continuing upward price growth.” Nationally, home prices increased by 18.1% in November 2021 and are projected to continue growing. 
Alanna McCargo Officially Named Ginnie Mae President 
Alanna McCargo was sworn in as Ginnie Mae’s 18th President. McCargo was recently sworn in by the U.S. Senate, where she read the oath of office by Marcia L. Fudge, Secretary of the U.S. Department of Housing and Urban Development. Before taking on this position, McCargo was Senior Advisor for Housing Finance to HUD Secretary Fudge. Reflecting on her excitement, McCargo says, “I look forward to working with the team and Secretary Fudge to strengthen Ginnie Mae’s impact and advance our important mission.”
Innovation
Zillow, the online real estate marketplace, has partnered with Down Payment Resource, an online tool for home buyers that provides searchable platforms for people to find homeownership assistance programs. With this partnership, Zillow and DPR will list all down payment assistance programs as part of active sales listings on Zillow nationwide. Down payment assistance is especially valuable for underrepresented communities and buyers who will be the first generation to own a home. 
Mortgage Trends
Mortgage delinquency rates have reached pre-pandemic levels due to labor market improvements and home equity increases, according to a CoreLogic Loan Performance Report. As we get further into 2022, the expectation is that rates will continue to decline. The same report found that 82% of jobs lost in March and April of 2020 were recovered by October, accounting for 18.2 million Americans back at work. 
Professional Development
As MReport describes it, “2022 could be another banner year for the mortgage industry, particularly for purchase mortgages.” This article from MReport delves into the ever-changing real estate market especially considering the last two years. Likewise, the article highlights that the Mortgage Bankers Association projected purchase loan volume would increase 9% in 2022 to a total of $1.73 trillion, which would be a new record. 
Market Highlights
According to the article by DS News, the Federal Housing Finance Agency has issued one final rule for the government-sponsored enterprises (GSEs), which establishes the benchmark levels for each of the single-family housing goals for 2022 through 2024. These goals ensure that the GSEs responsibly promote fair housing that reaches low- and moderate-income families and minority communities. The FHFA expects to engage in further rulemaking in 2022 to establish multifamily benchmarks for 2023. The final rule also establishes different benchmark levels for Fannie Mae and Freddie Mac. 
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