Good Morning! Today is Monday, May 23. Biden said the U.S. would defend Taiwan militarily if China invaded. Judges in Kyiv convicted a Russian soldier of war crimes and sentenced him to life in prison. A gunman killed a 48-year-old man on a subway train in NYC in an unprovoked attack.
The Mortgage Note Reports
Comeback For Adjustable-Rate Mortgages?: Writer Scott Kimbler reports on this growing trend as home prices and traditional mortgage rates continue to climb.
Delinquencies Improve: The delinquency rate nationwide dropped to 2.80% in April, as overall delinquencies fell almost 40% YOY.
Buyside Rebrand: Real estate seller leads provider Buyside gained $10 million in equity funding and is rebranding to ‘Percy’.
And in other mortgage and housing news…
Pay Raises: Bank of America announced it has raised its minimum U.S. hourly wage to $22 as a next step in the company’s plans to increase pay to $25 an hour by 2025.
Mobile Comeback: The White House plan to combat the affordability crisis includes steps to lower costs and ease barriers to the construction of manufactured homes.
Correction Odds: Fortune says the odds of home price correction have spiked, with 17 regional housing markets having a greater than 40% chance of seeing local home prices decline over the next 12 months.
Priced Out: 30% of consumers planning to buy a home this year changed their plans due to the economy or their personal budgets, including 7% whose credit scores are not high enough to qualify, according to a new survey.
Another Rent Record: Rent has reached yet another high ($1,827) as growth continues nationwide at a pace in line with the last four months (+16.7%).
More Layoffs: Pennymac is laying off 160 employees, including 69 loan officers.
Longbridge COO: Longbridge Financial has hired Bill Packer, former COO and Director of American Financial Resources, as COO, pending regulatory approval.