Good Morning! Today is Friday, June 10. Ukraine called for more arms from the West. The U.S. sped up its deportations of Haitian migrants last month, expelling nearly 4,000. A police officer in Grand Rapids was charged with murder over the shooting of Patrick Lyoya, a Black man.
The Mortgage Note Reports
Not Done Yet: Mat Ishbia’s bid to become part-owner of the Denver Broncos got sacked by the deep pockets of Rob Walton, an heir to the legendary Walmart fortune. But that doesn’t mean the Chief Executive at United Wholesale Mortgage is out of the game.
Lending Activity Down: Mortgage credit availability dropped in May to a reading of 120, the third straight month of decline and the lowest reading since July 2021.
Rates Increase: Mortgage rates broke their downward streak this week, rising to an average of 5.23%.
In Case You Missed It: This week, Scott Kimbler wrote about the popularity of 40-year mortgages while Editor Kimberley Haas and Tyrone Townsend dug deeper into how companies plan to develop their presence on the Metaverse.
And in other mortgage and housing news…
Inflation Increases: The CPI showed inflation accelerating in May, with prices up 8.6% YOY, dashing hopes that prices may be moderating.
Equity Insights: Homeowners in Q1 2022 have seen their equity increase by a total of over $3.8 trillion since the first quarter of 2021, or 32.2% YOY.
“Heading Back To Sanity”: Housing experts say the market will continue cooling through summer, and though prices may not fall, they’re expected not to rise by much.
Chicago Housing: Chicago land that was supposed to be for housing is now being leased for decades to the Chicago Fire Football Club.
“Overly Burdensome”: A study by NAHB found that 40.6% of development costs can be attributed to complying with regulations imposed by all levels of government.
Bee Funding: Web3 mortgage app Bee announced $2.5 million in investor interest after a successful beta test.
UWM Release: UWM released Boost, a marketplace for brokers to purchase leads, connect with real estate agents, and opt-into live call transfers.