Morning Roundup (11/14/2022) – Rate Lock Blues

Good Morning! Today is Monday, November 14. Democrats are expected to maintain control of the Senate. A student gunman killed three people at the University of Virginia. President Biden said he doesn’t believe an invasion of Taiwan is imminent after meeting with Chinese leader Xi Jinping.

The Mortgage Note Reports

TMN Presents: The Mortgage Meltdown Meter, a collection of stories from the market correction, updated daily. Click here to stay on top of the changing landscape.

Another Record Low: Mortgage loan delinquencies dropped to 3.45% of all loans outstanding in Q3, once again breaking the record for the lowest point since 1979.

Rate Lock Blues: October rate lock dollar volume dropped 14.3% month-over-month to its lowest level since February 2019.

ICYMI: Last week, Editor Kimberley Haas had articles about leaders at Lenders One Cooperative planning to open branch locations at select Walmart stores in seven states and Guild Mortgage partnering with the National Association of Hispanic Real Estate Professionals as part of their commitment to diversity and inclusion.

As Thanksgiving approaches, what are you grateful for? We want to know. Share your thoughts by emailing us: [email protected]

In other mortgage and housing news…

Nationwide Bubble: KPMG’s chief economist said previous predictions of home prices falling 15% next year are now looking “conservative” as the tide turns.

Worst In A Generation: About four in five consumers now describe buying conditions for homes as bad, a record in data going back to 1978.

Pressure Building: Nearly all of the countries in the Oxford Economics database are expected to experience a housing slowdown next year, the most at once since 2000.

Affordability Down: Housing affordability fell to its lowest point since at least 2012 as rates, disruptions, inflation, and high prices pushed the housing market into a recession. 

Buyers Hit The Brakes: Home sales were down 29.8% in October in the Mid-Atlantic as some buyers were priced out and others took a “wait-and-see” approach.

Company News: Fidelity acquired four title and escrow teams in St. Louis, FundMore announced a partnership with VeriFast, and HomePoint saw huge losses in Q3.

Better’s “Dramatic Deterioration”: Better laid off more employees, and is being sued by some who say they were let go while on parental leave.