Good Morning! Today is Wednesday, December 21. A House committee voted to publicly release six years of Trump’s tax returns. New legislation would ban TikTok from federal government devices amid national security concerns about the Chinese-owned app. Elon Musk said he would step down as Twitter’s CEO when he finds a replacement.
The Mortgage Note Reports
Refis Get A Boost: Loan application volume rose again as rates hit a three-month low, driven by a surge in refinances that canceled out declining purchase apps.
Motto On A Roll: Motto Mortgage has opened a new office in Wheeling, WV, the franchiser’s third new office this month.
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.
In other mortgage and housing news…
A Case For Optimism: Housing market potential increased by 2.5% in November, though the outlook for 2023 depends largely on whether rates decline.
Cash Purchases Dominate: Roughly a third of U.S. home purchases were paid for with all cash in October, up from 29.9% a year earlier and the highest share since 2014.
New Home Apps Up Slightly: New home purchase apps were down 25% YOY in November but were up 1% from October thanks to retreating mortgage rates.
Ishbia Gets His Team: Mat Ishbia and his brother have reached a deal to purchase a majority stake in the Phoenix Suns and Mercury for a record $4 billion.
HUD Seeks Input: HUD asked the public for feedback on how to more accurately and equitably distribute recovery funds as natural disasters become more common.
Midwest Interest Rising: Prairie Village, KS, was Zillow’s most popular market of 2022, showcasing rising interest in the Midwest, a shift from 2021’s West Coast leaders.
More Interfirst Layoffs: Interfirst Mortgage plans to lay off another 75 workers next month in its third round of cuts, bringing its tally to nearly 500 employees.
“A Topsy-Turvey Year”: Lenders have had a wild year of intense ups and downs. Here’s what mortgage brokers can expect for 2023.