Morning Roundup (10/11/2022) – Expanding Access To Mortgages

Good Morning! Today is Tuesday, October 11. China and India called for de-escalation in Russia’s war on Ukraine. The Los Angeles City Council president resigned from her leadership post after leaked audio captured her making racist remarks. The Nasdaq fell to its lowest level in over two years, as chip-company stocks slipped.

The Mortgage Note Reports

Expanding Access: Chuck Green takes a closer look at BOA’s zero-down payment, zero-closing cost mortgage designed to expand loan opportunities in Black and Hispanic communities.

Lending Tightens Further: Mortgage credit availability dropped to its lowest level since March 2013 in September, the seventh month of declines.

WFH ParadiseAustin, TX, has been ranked the best city for working from home, leading a list full of Southern and Western metros.

What questions would you like us to ask the experts? Share your thoughts by emailing us at [email protected].

In other mortgage and housing news…

“Tougher Than Anticipated”: Lenders are restructuring their workforces to rein in costs as revenues slow, citing the “jarring” pace of change for interest rates.

The Key To Future Demand: Millennials have delayed homeownership in favor of higher education, but when the time comes, that investment will pay off big.

Consumer Payments: Median mortgage payments rose 8.8% in September, but internal data from BOA suggests a slowing housing market.

Mobile Homes Take Off: Mobile homes values are rising faster than single-family values, but remain the less expensive option. Here’s where they’re the cheapest to buy.

Estimating Rates: Most experts don’t expect mortgage rates to rise much further, but estimating them can be difficult, making the question, “how much higher could they rise?”

Fort Meyers Beats Boise: Southwest Florida, still dealing with widespread destruction from Hurricane Ian, has become the nation’s most overvalued housing market.

What’s Scarier?A majority of homebuyers believe costly maintenance issues are scarier than buying a haunted house, especially Millennials seeking their first homes.