Good Morning! Today is Wednesday, August 3. Speaker Nancy Pelosi has left Taiwan after meeting with its president today. China will respond with military drills. Kansas voted to keep abortion protections in its State Constitution. The Mortgage Note Reports Loan Apps Up: Mortgage loan application volume rose 1.2% last week when the 30-year fixed rate saw its largest weekly drop since 2020. Rent Struggles: Eight of the ten metros with the highest rents in the country are in CA and FL, and Americans are looking to the middle of the country for affordable rentals. And in other mortgage and housing news… Credit Error: Equifax sent millions of inaccurate credit scores to lenders during a three-week period earlier this year, resulting in higher rates and denied applications. Prices Peak: New data…
Good Morning! Today is Tuesday, August 2. A drone strike in Afghanistan killed an Al Qaeda leader who helped plan 9/11. A judge sentenced a Texas man who brought a pistol and zip ties to the January 6 riot to more than seven years in prison. A bipartisan group of senators released a bill to protect abortion rights. The Mortgage Note Reports Educate Yourself: Times have changed when it comes to the home buying process. Writer Scott Kimbler explains. Price Growth Slows: Annual home price gains remain in the high double-digits, up 18.3% YOY in June, with eight states continuing to see gains exceeding 20%. Centric Promotion: Maura Cohen has been promoted to VP, Director of Mortgage Services and Consumer Lending for Centric Bank and Centric Financial Corporation. And in…
Good Morning! Today is Monday, August 1. A ship loaded with grain has left Ukraine for the first time since the war began. Flooding in Kentucky has killed at least 28 people. The McKinney fire in Northern California has grown to more than 52,000 acres in two days. The Mortgage Note Reports Bidding Wars: Renters continue to engage in bidding wars as Americans struggle to find affordable places to live. Writer Tyrone Townsend explains why. Mortgage Monitor: Home price growth saw its largest single-month slowdown since at least the 1970s, coinciding with the largest single-month gain in inventory in 12 years. Stirling Joins Embrace: James “Jace” Stirling has been named regional sales manager of the Southeast for Embrace Home Loans. And in other mortgage and housing news… Construction Spending: Construction spending in…
Good Morning! Today is Friday, July 29. Flooding killed at least eight people in Kentucky. The Biden administration plans to administer Covid boosters that target Omicron in September. JetBlue reached a deal to buy Spirit. The Mortgage Note Reports Earnings Roundup: Some major players in the mortgage industry released their reports this week– check out our roundup of their data. Rates Tank: Mortgage rates plunged by 24 basis points last week, averaging 5.30%. And in other mortgage and housing news… Consumer Spending: Consumers boosted their seasonally adjusted spending by 1.1% in June, up from a revised 0.3% increase in May, the Commerce Department said. Buyer Demand: Since mortgage rates came down from their June high, measures of early demand like online real estate searches and home tours have ticked up…
Good Morning! Today is Thursday, July 28. The U.S. offered to exchange an imprisoned Russian arms dealer for Brittney Griner and a former Marine. Stocks rallied as the Fed raised rates and more companies posted earnings. The government will distribute 800,000 doses of the monkeypox vaccine. The Mortgage Note Reports Crown Jewel: The Breakers mansion is a grand summer “cottage” that symbolizes the Vanderbilt family’s social and financial pre-eminence in the Guilded Age and you can tour this luxurious estate by the sea. Editor Kimberley Haas explains. The Bad News: Gross domestic product declined for a second quarter which, by one common definition, means the U.S. is now in recession. A Little Good News: Affordability improved slightly in June as the national median payment applied for by mortgage applicants…
Good Morning! Today is Wednesday, July 27. The Senate advanced a bill to bolster high-tech research and manufacturing to compete with China. President Biden said that the economy is not in a recession and will not enter one. A 7.0-magnitude earthquake struck the Philippines. The Mortgage Note Reports Loan Apps Fall: Mortgage loan application volume fell by another 1.8%, the fourth straight week of declines and the lowest level of activity since February 2000. NAR PHSI: Pending home sales tumbled in June after a slight increase in May, falling 8.6% month-over-month and 20% YOY. And in other mortgage and housing news… Consumer Confidence: The consumer confidence index for July slipped to 95.7 from June’s revised reading of 98.4, the third month of declines. New Home Sales: Sales of new homes fell…
Good Morning! Today is Tuesday, July 26. Two aides to Mike Pence testified in the Justice Department’s Jan. 6 investigation. The pope apologized for Canadian church-run residential schools where Indigenous children were abused. Firefighters made progress slowing a wildfire near Yosemite National Park. The Mortgage Note Reports Hottest Rental Markets: Florida has taken the top spot as the most sought-after area for renters in 2022, followed by mid-size markets in the Northeast. Exceleras CEO: Tom Simon has been named CEO of Exceleras, moving up from his position as Chief Experience Officer. And in other mortgage and housing news… FOMC Meeting: The central bank is expected to raise interest rates by 75 basis points, which many economists say is too dovish. Pandemic Hotspots: Popular migration destinations where home prices soared during…
Good Morning! Today is Monday, July 25. Danish rider Jonas Vingegaard won his first Tour de France, three years after turning pro. Russia and Turkey will use “military naval forces” to escort vessels carrying Ukrainian grain through the Black Sea. Climate activists glued their hands to Botticelli’s “Primavera” at the Uffizi Gallery. The Mortgage Note Reports Black Knight’s First Look: Mortgage delinquencies and foreclosure starts increased in June but ultimately stayed below pre-pandemic levels. Weichert Prez: Bill Scavone has been named president of Weichert, Realtors, while continuing to hold his current position of president of Weichert Real Estate Affiliates. And in other mortgage and housing news… ARMs Race: More first-time home buyers may choose ARMs because the lower mortgage rate gives them a purchasing power ‘boost’ over…
Good Morning! Today is Friday, July 22. President Biden tested positive for Covid. The average price of gas has now fallen for over a month. The House passed a bill protecting the right to contraception, but it’s unlikely to pass in the Senate. The Mortgage Note Reports Rates Keep Risin’: Mortgage rates rose from an average of 5.51% to 5.54% last week. New Home PSI: Zonda’s New Home Pending Sales Index for June 2022 shows the housing market cooling to levels seen in February 2020 And in other mortgage and housing news… Time On Market: The typical home now spends 19 days listed for sale, one day longer than last year and the first time in two years that the median time on the market has risen. Price Appreciation Slowing: AEI…
Good Morning! Today is Thursday, July 21. Russia said that it might extend territorial claims over Ukraine to include parts of the south. A bipartisan Senate group introduced legislation intended to prevent the electoral tactics that Donald Trump tried in 2020. The Mortgage Note Reports Doma CFO: Mike Smith has been appointed Chief Financial Officer of Doma Holdings. Angel Oak Expands: Angel Oak has opened five new branches in three states even as other non-QM lenders have faced challenges as the market begins to cool. And in other mortgage and housing news… Home Sales Drop: Existing-home sales fell for the fifth straight month, down 5.4% from May and 14.2% YOY, while the median price rose to $416,000, a record high. Potential Sales: Potential existing-home sales dropped to a 5.47 million…
