Morning Roundup (12/7/2022) – Loan Apps Slip Again

Good Morning! Today is Wednesday, December 7. China said it would ease Covid restrictions, a victory for protesters. Senator Raphael Warnock defeated Herschel Walker in Georgia’s runoff. The Trump Organization was convicted of tax fraud and other crimes.

The Mortgage Note Reports

Loan Apps Slip Again: Purchase applications declined again last week, while average loan size fell to its lowest point since January 2021.

Focus On Sellers: The Keyes Company is partnering with presale renovation company Revive to help sellers boost the value of their homes before listing.

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…

Making Sacrifices: A new survey found that 59% of retirees will delay selling their home in 2023 and 67% of first-time buyers will forgo a good location to afford a home.

Top 10 Markets: ranked the top 10 markets for 2023 based on expected home sales and price growth expectations. Hartford, CT took the top spot.

Sentiment Up, Just A Bit: Home Purchase Sentiment increased for the first time in nine months in November but remains just above its all-time low.

FOA Expansion: Finance of America will acquire assets of reverse mortgage lender AAG, expanding into the direct-to-consumer retail channel.

Year-End Predictions: Bright MLS predicts demand will rebound in 2023 but inventory constraints will keep sales low; a 2008 repeat remains unlikely.

Creating Opportunity: Fannie Mae enhanced its underwriting system to expand eligibility for loans where homebuyers do not have a credit score.