Morning Roundup (5/27/2022) – Rates, Pending Home Sales Drop

Good Morning! Today is Friday, May 27. There will be no Morning Roundup Monday as we observe Memorial Day. The Mortgage Note is thankful for those who made the ultimate sacrifice in the fight for our freedoms.

The Mortgage Note Reports

Rates Drop For A Second Week: Mortgage rates dropped for yet another week to an average of 5.10%, down from 5.25%.

Pending Home Sales: Pending home sales fell for the sixth straight month, down 3.9% in April from the month prior and 9.1% YOY.

In Case You Missed It: This week, Scott Kimbler reported on adjustable-rate mortgages and if they are making a comeback while Editor Kimberley Haas looked into bidding wars for rental properties.

And in other mortgage and housing news…

Home Construction: The 10 metros building the most single-family homes are all located in the Sun Belt, hot migration destinations where prices are soaring.

Sellers Dropping Prices: Nearly one in five (19.1%) home sellers dropped their price during the four-week period ending May 22, the highest level since October 2019.

Keller Layoffs: More than half a dozen Keller Mortgage employees posted on LinkedIn that they had been laid off, and some described the cuts as “huge.”

NY Lawsuit: A lawsuit alleges that New York’s housing voucher program has been hamstrung by landlords and real estate agents who discriminate against voucher holders.

Investors Still Buying: Wall Street investors have not slowed down their home purchases even as new home sales fell to two-year lows.

Housing Turning: Fannie Mae said that compared to the 2018 period of Fed monetary policy tightening, a sharper downturn in residential investment is now underway.

Do The Math: In a hot housing market, is it better to rent or buy?