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.
How are you helping your community this holiday season? We want to know. Share your story by emailing us: [email protected]
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.