Morning Roundup (10/14/2022) – Rates Moving Up Again

Good Morning! Today is Friday, October 14. The House Jan. 6 panel voted unanimously to subpoena Donald Trump. Kroger is buying rival Albertsons in one of the biggest deals in the history of the U.S. grocery industry. The typical retiree will get an extra $140 per month next year when Social Security benefits rise due to inflation.

The Mortgage Note Reports

Rates Moving Up AgainAfter mellowing slightly the week prior, mortgage rates shot back up last week to a 20-year high of 6.92%.

Hottest Housing Markets: Rochester, NY, and Manchester, NH, tied for September’s hottest housing market as buyers flock towards affordable metros.

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In other mortgage and housing news…

Retail Sales: Retail and food services sales in total were basically flat in September against the estimate for a 0.3% gain, rising only 0.1%.

Consumer Sentiment: Consumer sentiment rose slightly to its highest point in six months as some supply chain issues eased, offsetting inflation concerns.

Rapidly Deteriorating: A recent analysis from Morgan Stanley says housing affordability is worsening at its fastest pace in history.

Equity Tap-Out: 47% of homeowners know how much equity they have in their home, compared to 32% in 2019, but more than half say they’re not planning on tapping it.

Sales Dragged Down: Home price drops have reached a record high, and home sales and new listings are falling as economic pressures constrain the market.

First-Timers Back: First-time homebuyers rebounded to pre-pandemic levels, now representing 45% of all buyers, up from 37% of buyers surveyed last year.

“Out Of Control”: A Florida couple committed “one of the boldest real-estate frauds the U.S. has ever seen,” borrowing millions against empty mansions they didn’t own.

Take A Look: Here are the cities where inflation is rising the most.