Morning Roundup (5/20/2022) – Interest Rates And Existing-Home Sales Down

Good Morning! Today is Friday, May 20. The S&P 500 fell 0.6%, coming close to bear-market territory. Biden met with the leaders of Finland and Sweden, pledging “strong support” for the countries’ bids to join NATO. The Senate unanimously passed a bill to expand what kind of baby formula Americans can buy with federal benefits. The Mortgage Note Reports Rates Fall: Mortgage rates dropped slightly to an average of 5.25% last week. Existing-Home Sales: Existing-home sales fell 2.4% to a seasonally adjusted annual rate of 5.61 million in April, the third consecutive month of declines. In Case You Missed It: This week, Chuck Green reported that commercial and office spaces are doing well, Tyrone Townsend took a look at the housing market, and Editor Kimberley Haas reported on a sexual harassment lawsuit involving…

Morning Roundup (5/19/2022) – Signs Of A Cooling Market

Good Morning! Today is Thursday, May 19. The CDC advised Americans in the Northeast to wear masks indoors. Hospitalizations in the U.S. have risen more than 25 percent in the past two weeks. President Biden invoked the Defense Production Act to bolster supplies of baby formula. The Mortgage Note Reports Signs Of A Cooling Market: Writer Tyrone Townsend explains what is driving housing market trends as the spring selling season continues. Changing Expectations: Fannie Mae has downwardly revised its full-year 2022 real GDP expectations, along with anticipated home sales and mortgage originations. Cherry Creek CRO: Rick Hogle has joined Cherry Creek Mortgage as its CRO. And in other mortgage and housing news… Competition High As Ever: Home values continue to grow at a record pace, pushing the typical monthly mortgage payment…

Morning Roundup (5/18/2022) – Settlement Secured, Loan Apps Plunge

Good Morning! Today is Wednesday, May 18. Negotiators on both sides of the war in Ukraine say peace talks have collapsed. The White House will send Americans eight more at-home tests, through covidtests.gov. The shortage of baby formula has hospitalized two children who can’t absorb nutrients properly. The Mortgage Note Reports Settlement Secured: An agreement to resolve a lawsuit against a landlord who allegedly entered the apartments of female tenants and touched them without consent has been reached. Editor Kimberley Haas reports. Loan Apps Plunge: After ticking up 2% the week prior, mortgage loan application volume tanked by 11% last week despite a decline in rates. Builder Confidence: Builder confidence fell 8 points in May as the market shows signs of cooling with the fifth month of declines and the lowest reading…

Morning Roundup (5/17/2022) – Commercial Real Estate, Fraud Risks

Good Morning! Today is Tuesday, May 17. The gunman who killed 10 people in Buffalo was able to buy an assault-style weapon despite having been held for a mental health evaluation last year. Ukraine began evacuating its fighters from Mariupol, a sign that Russia had won control of the city. The Biden administration lifted some sanctions on Cuba, including expanding flights. The Mortgage Note Reports Commercial Real Estate: Writer Chuck Green reports that commercial and industrial spaces are doing well. Even retail is making a comeback. Fraud Alert: Ten of the 15 metros with the highest fraud risk saw an increase compared to last quarter, while a majority of U.S. firms said that the pandemic increased application fraud across channels, not just for online and mobile systems. Forbearance Volume…

Morning Roundup (5/16/2022) – IC22, BSI Hires

Good Morning! Today is Monday, May 16. Ten people were killed in a racially motivated mass shooting at a Buffalo, NY supermarket on Saturday. Six people were shot and one died in a shooting at a Laguna Woods, CA church. John Fetterman, a leading Democratic candidate for Senate in Pennsylvania, had a stroke and is recovering. The Mortgage Note Reports IC22 Announced: Fannie Mae has committed $5 million to its 2022 Sustainable Communities Innovation Challenge and is seeking proposals that help advance racial equity in housing. BSI Hires: BSI Financial Services has hired Sean McGowan as chief people officer and Shannon Clay as senior vice president of investor reporting. And in other mortgage and housing news… Biden’s Action Plan: Today the Biden administration plans to unveil an…

Morning Roundup (5/13/2022) – Eco-Friendly Homes, Rates Rise Again

Good Morning! Today is Friday, May 13. The baby formula shortage is wreaking havoc on parents who don’t know if their child is getting enough to eat. Senator Rand Paul delayed a bipartisan effort to send $40 billion in aid to Ukraine. Cryptocurrency prices collapsed this week. The Mortgage Note Reports Eco-Friendly Homes: Guild Mortgage has partnered with The Home Depot to help buyers bundle the cost of new energy-efficient appliances into their home loan. Editor Kimberley Haas reports. Rates Up: Mortgage rates averaged 5.30% last week, and Freddie’s Sam Khater said they expect monetary policy and inflation to discourage many consumers moving forward. Gordon Confirmed: In a narrow victory decided by a tie-breaking vote, Julia Gordon has been confirmed as Assistant Secretary of HUD and Commissioner of the FHA. And in other…

Morning Roundup (5/12/2022) – American Equity Shoots Up In Q1 2022

Good Morning! Today is Thursday, May 12. Food prices have increased 17 months in a row. The E.U. again failed to agree on an embargo of Russian oil. Senate Republicans blocked a Democratic bill to protect abortion rights. The Mortgage Note Reports Equity Shoots Up: Just under half of all mortgaged residential properties were equity-rich in Q1 2022, up to 44.9% from 41.9% in Q4 2021 and 31.9% in Q1 2021. Commercial/Multifamily: Commercial and multifamily mortgage loan originations rose 72% YOY in Q1, but were down 39% from Q4 2021 due to seasonality trends. Do you like our newsletter? If you do, send this email to a friend so they can go to our website and sign up to get it, too. And in other mortgage and housing news… Consumer Prices: Annual…

Morning Roundup (5/11/2022) – Loan Applications, Active Listings

Good Morning! Today is Wednesday, April 11. Pentagon officials will testify about U.F.O.s before a House panel next week, the first such hearing in more than 50 years. The House passed $40 billion more in aid for Ukraine, totaling about $53 billion over two months. Biden called bringing down inflation his “top domestic priority.” The Mortgage Note Reports Loan Applications Up: Mortgage loan application volume rose by 2% last week even as rates rose to their highest point since 2009. Another Glimmer Of Hope For Homebuyers: Active listings were down only 12.2% in April, their smallest YOY decline since December 2019 and a possible sign that inventory may rebound. And in other mortgage and housing news… US Delinquencies: US mortgage delinquencies were down 2.5% YOY in February, falling to a…

Morning Roundup (5/10/2022) – Bank Merger Framework Discussed, Glimmer Of Hope For Homebuyers

Good Morning! Today is Tuesday, May 10. Indonesian sailors seized cocaine valued at $82 million after finding plastic packages of drugs floating at sea. Russia fired three hypersonic missiles at Odesa as part of their attack on the Black Sea port city. Quarterback Tom Brady will join Fox Sports as its lead NFL analyst after he finishes playing football. The Mortgage Note Reports Bank Mergers: The Acting Comptroller of the Currency says there is a need to update the framework used to analyze bank merger applications. Glimmer Of Hope: There are pockets of the country where more homes are being listed than there were before the housing market exploded in 2020. And in other mortgage and housing news… Housing Bubble: The ongoing housing boom has more people concerned about a…

Morning Roundup (5/9/2022)– Consumer Sentiment Down, Refi Closing Costs

Good Morning! Today is Monday, May 9. Today is Victory Day, a holiday in Russia that has become a celebration of military might. Jill Biden made an unannounced visit to western Ukraine and met with the nation’s First Lady. A shortage of baby formula in the U.S. is causing some retailers to limit how much customers can buy. The Mortgage Note Reports Sentiment Down: Consumers across the country continue to report difficult homebuying conditions, Editor Kimberley Haas writes. OriginPoint Hire: John Stewart is joining OriginPoint as its new EVP of National Sales. Refi Closing Costs: The national average closing costs for a refinance in 2021 were up $88 from 2020 but were still less than 1% of the average refinance loan amount. And in other mortgage and housing news… NAR…