Good Morning! Today is Thursday, December 22. Volodymyr Zelensky addressed a joint session of Congress, appealing for more military aid. In response, Russia warned of a “long” war ahead. The National Weather Service called the winter storm hitting nearly every state in the country this week and weekend a “once-in-a-generation type event.”
The Mortgage Note Reports
Amerifirst Acquired: Union Home Mortgage will acquire Michigan-based Amerifirst Home Mortgage, expanding its reach across multiple states.
Existing Home Sales: Existing-home sales declined for the tenth straight month in November, down 7.7% from October and 35.4% YOY.
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…
Buyers Can’t Catch A Break: Home affordability worsened in Q4 despite retreating interest rates, with homeownership costs taking up 32.3% of the average wage.
Prepayment Low: Prepayment activity in November dropped 15.6%, once again marking the lowest rate on record since at least 2000.
Consumer Confidence: Consumer confidence exceeded expectations in December as high inflation continued to ease, driven by recent declines in gas prices.
Multifamily Prospects: Freddie Mac says multifamily will cool in 2023, with rent growth moderating, vacancies ticking up, and loan originations slowing for the year.
New Rules: The FHFA published a final rule that requires Fannie and Freddie to provide advance notice and obtain approval before launching new products.
First Home Heroes: First Home Mortgage introduced a new product that eliminates certain fees for teachers, first responders, and medical professionals.