Good Morning! Today is Monday, November 28. A deadly apartment fire sparked widespread protests in China over Covid restrictions. A small plane crashed into power lines in Maryland, injuring two people and knocking out electricity. Hawaii’s Mauna Loa, the world’s largest active volcano, is erupting for the first time since 1984.
The Mortgage Note Reports
Feeling Grateful: Industry leaders are sharing their thoughts as 2022 winds down and they are expressing gratitude despite challenges in the current market.
Affordability Struggle: Real house prices jumped 10.5% in September and logged a 60.6% YOY increase, but many markets are starting to cool.
Janczy Joins NewFed: Home Point veteran Jim Janczy has joined NewFed Mortgage as EVP-Chief Production Officer.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
What are you grateful for this holiday season? We want to know. Share your thoughts by emailing us: [email protected]
In other mortgage and housing news…
Last Week’s Rates: Mortgage rates fell again to 6.58%, offering relief to buyers.
“Outsized Impact”: Price growth has slowed fastest in pandemic boomtowns like Austin, Phoenix, and Boise as rates and an uncertain economy deter buyers.
New Home Sales: Sales of newly built homes climbed 7.5% between September and October.
Under Pressure: A series of layoffs at America’s major technology companies could put pressure on local housing markets amid a broader nationwide cooling.
Delinquencies Low, For Now: The YOY overall delinquency rate dropped for the 18th straight month in September, but increases are expected.
Demand Rebound: Purchase applications and homebuyer demand both increased this month as rate drops brought some buyers back to the market.
Take A Look: Check out Rebecca Richardson, the Mortgage Mentor, discussing her social media series on lending, her blog, and why she loves being a loan officer.