Good Morning! Today is Friday, December 23. The Mortgage Note will be off next week for the holiday. We’re wishing you good tidings and a happy new year!
The Mortgage Note Reports
Rates Stay Down: The 30-year fixed rate dipped again last week while the 15-year inched up, breaking a downward streak, though the increase impacts far fewer borrowers.
Sales Slump: Home sales fell 35.1% YOY in November, the largest decline in Redfin’s records, but there are early signs demand may be creeping back up.
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…
New Home Sales: November new home sales increased 5.8% from October, besting expectations, but are still down 15.3% YOY.
Analysts Puzzled This Holiday: There’s still no consensus about the pace of retail sales during Black Friday, an unusual outcome that is driving disparate forecasts for the rest of the shopping season and 2023.
GDP: The economy grew faster than previously thought in Q3, a sign that the Fed’s battle to cool the economy to fight inflation is having only a limited impact.
Confused Customers: Mortgages still confuse borrowers, so Fannie Mae looked at how costs vary for different borrowers based on their mortgage shopping habits.
Retirees Flock North: More retirees are settling in Northeastern states for their healthcare and affordability, though Florida is still the most popular destination.
ICE Scrutiny: Congresswoman Maxine Waters (D-CA) sent a letter urging a “careful” review of the proposed acquisition of Black Knight by ICE.
Affordability Win: Homebuyer affordability improved in November, with the national median payment applied for by applicants falling 1.8% to $1,977 from $2,012 in October.
Check This Out: Here are the 20 bank lenders with the largest total volumes in Q3.