Morning Roundup (3/9/2022)– Million Dollar Homes, Refis Up Due To Rate Slide

Good Morning! Today is Wednesday, March 9. Major U.S. businesses pulled out of Russia and President Biden banned Russian oil imports. Intelligence officials said Vladimir Putin showed no signs of changing course. A jury found Guy Reffitt, the first Jan. 6 defendant to go on trial, guilty of leading a mob against the police.

The Mortgage Note Reports

$1M Or More: A record 8.2% of U.S. homes (6 million) were valued at $1 million or more in February, with California leading the pack in share.

Rate Slide Pushes Refis Up: Refinances bounced up last week due to a brief drop in interest rates, while overall mortgage loan application volume rose 8.5%.

And in other mortgage and housing news…

Above Asking: In the US, 5,897 homes sold for at least $100,000 over asking price at the beginning of this year, up from 2,241 last year, Redfin reported.

“Skip The Spouse”: The homeownership rate among single female-headed households exceeded 53% in 2021, jumping from a low point of 50 percent in 2016.

Insights On The New Normal: The 10-year old seller’s market continues, pushed by strong volume and historically tight supply, according to AEI’s Housing Center.

Peak Anxiety: Homelight’s 2022 Buyer and Seller Insights Report found homebuyer anxiety has reached new highs in 2022 due to inflation, rising rates, and the pandemic.

Better And Better: is letting go of 3,000 employees, with some saying they learned about their layoff from their payroll app, with no word from management.

Union Home Appointment: Union Home Mortgage has appointed Brad Smith to Area Sales Manager in the Greater Birmingham region.