Morning Roundup (6/13/2022) – Refis Tank, Bringing Rate-Lock Volumes Down

Good Morning! Today is Monday, June 13. Senators struck a bipartisan deal on a gun control bill that would enhance background checks for buyers under 21. Russian forces have pushed Ukrainian troops from Sievierodonetsk, one of the last major cities in eastern Ukraine that hasn’t fallen.

The Mortgage Note Reports

Refis Tank: Rate lock volumes dropped again in May by 4.8% despite interest rate growth slowing, as refis hit their lowest point on record since at least January 2018.

Erickson Appointment: Chris Erickson has been appointed Vice President of Product & Strategy for both Motto Mortgage and wemlo, subsidiaries of RE/MAX Holdings.

And in other mortgage and housing news…

Inflation Increases: The share of homeowners who sold to an iBuyer declined in the opening months of 2022, as Zillow continued its exit from the business.

2022 Forecast: predicts inventory will grow double-digits over 2021 and offer buyers a better-than-expected chance to find a home as demand begins to slow.

Rent High: The median monthly asking rent in the U.S. surpassed $2,000 for the first time in May, rising 15% YOY to a record high of $2,002.

Luxury Home Sales: Sales of luxury U.S. homes fell 17.8% YOY during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic.

More Cuts: Reverse mortgage lender AAG laid off an unknown number of employees last week, while Wyndham Capital Mortgage will lay off nearly 50 employees this summer.

HELOC Lending: ATTOM reveals the complete list of the top 10 metros with the largest quarterly increases in HELOC lending in Q1 2022.

Budgets Flat: Homebuyer budgets are flat from last year, up just 0.3% YOY nationwide in the three months ending April 30, the slowest growth rate since June 2020.