Good Morning! Today is Tuesday, June 21 and the summer solstice, the longest day of the year. Biden said that he was considering suspending the federal gas tax to ease fuel prices. Moscow says it has two American fighters in its custody. The Mortgage Note Reports Existing-Home Sales Slip: Existing-home sales dropped for the third consecutive month, falling 2.4% month-over-month and 5.9% year-over-year. Affordability Challenges: Affordability is at a 15-year low, with mortgage payments up in 45 of the 50 largest U.S. metros. And in other mortgage and housing news… Market Normizational Stays Slow: Potential existing home sales fell 2% month-over-month and are down 10.5% YOY, which FirstAm says is partially the result of homeowners with no incentive to sell hanging on to their properties. Spending Power: A homebuyer…
Good Morning! Today is Friday, June 17. Today is Friday, June 17. US stocks tumbled a day after the Fed’s biggest rate increase since 1994. Some European leaders said they would support Ukraine’s candidacy to join the E.U. The Mortgage Note Reports Rates Surge: Mortgage rates exploded this week, rising from an average of 5.23% to 5.78%, the largest one-week increase in the history of Freddie Mac’s data. Competition Cooling: Bidding wars dropped to their lowest level since February 2021, with only 57.8% of home offers facing competition in May. And in other mortgage and housing news… Price Drops Up: The highest share of sellers on record dropped their list price during the four weeks ending June 12 as mortgage rates rose to levels…
Good Morning! Today is Thursday, June 16. The Justice Department charged the Buffalo shooting suspect with hate crimes. A lawyer advising Donald Trump claimed to know about a “heated fight” among Supreme Court justices over whether to hear 2020 election arguments. The Mortgage Note Reports Will Biden’s Plan Work?: Biden’s Housing Supply Action Plan is designed to ease the challenges of housing costs over time by increasing inventory, but will it work? Builder Confidence Falls: Builder confidence dropped two points in June to its lowest level since June 2020, the sixth consecutive month of declines and a “troubling sign for the housing market.” And in other mortgage and housing news… 75 Point Hike: The Fed raised its benchmark rate by 75 basis points to a range of 1.5%-1.75%, the biggest increase since…
Good Morning! Today is Wednesday, June 15. President Biden is considering rolling back some tariffs on Chinese goods to slow rising prices. The U.S. Open, unlike Wimbledon, will allow tennis players from Russia and Belarus. Yellowstone evacuated visitors due to rain, and part of the park may be closed for the rest of the season. The Mortgage Note Reports Rally in Boston: More than 100 protesters who claim BlueHub Capital has a predatory program that has fleeced distressed homeowners rallied on Tuesday morning. Editor Kimberley Haas reports. Applications Reverse Course: Mortgage loan application volume reversed course after five straight weeks of decreases, rising 6.6% last week. Hottest Markets: Manchester, NH is May’s hottest housing market, ranking first for the 10th time in the past year on a list dominated…
Good Morning! Today is Tuesday, June 14. The S&P fell 3.9% yesterday, closing the day nearly 22% below its Jan. 3 peak. Cryptocurrency prices have also crashed. The Jan 6. committee played video of two former campaign aides who said they had advised Donald Trump against falsely declaring victory on election night. The Mortgage Note Reports New Delinquency Low: Delinquencies dropped to another record low in March, with only 2.7% of all mortgages in the U.S. experiencing some stage of delinquency. Lee Joins Churchill PNW: Churchill Mortgage has named Kelly Lee as Senior Vice President of Production in the Northwest region. And in other mortgage and housing news… PPI Surge: Producer prices jumped 10.8% YOY in May, underscoring the ongoing threat to the economy…
Good Morning! Today is Monday, June 13. Senators struck a bipartisan deal on a gun control bill that would enhance background checks for buyers under 21. Russian forces have pushed Ukrainian troops from Sievierodonetsk, one of the last major cities in eastern Ukraine that hasn’t fallen. The Mortgage Note Reports Refis Tank: Rate lock volumes dropped again in May by 4.8% despite interest rate growth slowing, as refis hit their lowest point on record since at least January 2018. Erickson Appointment: Chris Erickson has been appointed Vice President of Product & Strategy for both Motto Mortgage and wemlo, subsidiaries of RE/MAX Holdings. And in other mortgage and housing news… Inflation Increases: The share of homeowners who sold to an iBuyer declined in the opening months of 2022, as Zillow…
Good Morning! Today is Friday, June 10. Ukraine called for more arms from the West. The U.S. sped up its deportations of Haitian migrants last month, expelling nearly 4,000. A police officer in Grand Rapids was charged with murder over the shooting of Patrick Lyoya, a Black man. The Mortgage Note Reports Not Done Yet: Mat Ishbia’s bid to become part-owner of the Denver Broncos got sacked by the deep pockets of Rob Walton, an heir to the legendary Walmart fortune. But that doesn’t mean the Chief Executive at United Wholesale Mortgage is out of the game. Lending Activity Down: Mortgage credit availability dropped in May to a reading of 120, the third straight month of decline and the lowest reading since July 2021. Rates Increase: Mortgage rates broke their downward…
Good Morning! Today is Thursday, June 9. Initial jobless claims spiked to their highest level since mid-January, with first-time filings totaling 229,000. The police arrested an armed man near Supreme Court Justice Brett Kavanaugh’s home. The public hearings on the January 6 riot start tonight. The Mortgage Note Reports Lending Activity Down: Overall residential lending activity dropped 32% YOY, the fastest decline in eight years, though home equity lines of credit saw a boost thanks to record-high values. Second-Home Prices: Prices surged in second-home destinations in April, with four of the five most popular areas seeing more than 25% growth in both rents and home prices. And in other mortgage and housing news… Cash Is King: Potential buyers are pooling their money with family or paying companies to…
Good Morning! Today is Wednesday, June 8. The EU will require new phones, tablets, and laptops to use the same charger by 2026. The trade gap in goods and services fell 19.1% in April from the prior month. Six members of a Haitian Special Olympics contingent are missing. The Mortgage Note Reports Metaverse Real Estate: Heads are turning after a $5 million virtual commercial real estate deal was announced. Editor Kimberley Haas and Writer Tyrone Townsend report on the current state of the Metaverse and how companies are using the space to profit from people’s avatars. Loan Applications Plummet: Mortgage loan application volume fell by 6.5%, pushing MBA’s market index down to its lowest level in 22 years. Single-Family Building: Construction of single-family homes fell across several market types…
Good Morning! Today is Tuesday, June 7. The U.S. Securities and Exchange Commission is preparing to propose rule changes that could reshape how the stock market operates. Johnson & Johnson is terminating its vaccine supply deal with Emergent BioSolutions, as each accused the other of breaching the contract. Prime Minister of the United Kingdom Boris Johnson survived a no-confidence vote over reports that he attended parties during lockdown. The Mortgage Note Reports Bad Time To Buy: Only 17% of consumers believe it’s a good time to buy a home as rising interest rates and high home prices push many buyers out of the market. Opendoor Roll-Out: Opendoor launched a new financing app that the company claims allows consumers to get pre-approved for a mortgage in under two minutes. And…
