Good Morning! Today is Friday, May 6. The U.S. provided intelligence that helped Ukraine sink the flagship of Russia’s Black Sea fleet. The FDA further limited the use of Johnson & Johnson’s vaccine. Karine Jean-Pierre will become the first Black woman and first openly gay person to serve as White House press secretary.
The Mortgage Note Reports
Rates Back Up: Mortgage rates shot back up after a one-week reversal of their upward trend, averaging 5.29% last week.
Asking Prices: In April, 15% of home sellers dropped their asking prices, a 5.9% YOY increase that coincides with monthly mortgage payments rising 42% YOY.
In Case You Missed It: This week, Editor Kimberley Haas reported that the CEO of United Wholesale Mortgage has come under fire after posting online that he is “disappointed” with Rocket Mortgage’s decision to offer buyouts to members of its workforce and about an app that helps homeowners maintain their property inside and out.
And in other mortgage and housing news…
CRA Changes: Regulators released proposed changes to the Community Reinvestment Act that look to offer clearer guidelines and public benchmarks for evaluation while allowing smaller banks to continue operating under the former rules.
Rent Growth Slows: The number of markets seeing rent growth above 20% has declined from eight at the end of 2021 to just four in April, indicating a tempering of rent growth, Apartments.com reported.
Overvalued Cities: Home values in 97% of U.S. cities are overvalued, and real estate in some of the most overpriced regions could fall by 10% over the next few years.
Offerpad’s Big Quarter: Offerpad had its best quarter in the company’s history, reporting a record number of home sales in Q1.
Fed Impact: Housing economists told Fortune that the Fed’s 50-point hike won’t impact mortgage rates yet, saying financial markets have already priced in these moves.
Black Knight Q1: Black Knight released its Q1 financial results, showing revenues of $387.2 million, an increase of 11%.
Fraud Report: CRE transaction platform Lev announced $170 million in new funding led by Parker89 and Cross River Digital Ventures.
“Our Own Worst Enemy”: “The biggest obstacle to more housing is us,” Researcher Dejan Eskic said in a TedTalk. “We keep having kids, but when obtainable and affordable housing is proposed in our neighborhood, we scream and shout. And that mentality is really robbing our kids of a stable financial future.”