Morning Roundup (12/22/2022) – Union Acquires Amerisave
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.
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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.