Morning Roundup (6/17/2022) – Rates Surge

Good Morning! Today is Friday, June 17. Today is Friday, June 17. US stocks tumbled a day after the Fed’s biggest rate increase since 1994. Some European leaders said they would support Ukraine’s candidacy to join the E.U.

The Mortgage Note Reports

Rates Surge: Mortgage rates exploded this week, rising from an average of 5.23% to 5.78%, the largest one-week increase in the history of Freddie Mac’s data.

Competition Cooling: Bidding wars dropped to their lowest level since February 2021, with only 57.8% of home offers facing competition in May.

And in other mortgage and housing news…

Price Drops Up: The highest share of sellers on record dropped their list price during the four weeks ending June 12 as mortgage rates rose to levels not seen since 2008.

Protections Extended: Ginnie Mae is extending certain pandemic-related delinquency reporting exemptions for issuers and the use of alternative audit procedures.

Experts Weigh In: Experts say a housing crash is unlikely, but home prices could collapse if rates and inflation keep soaring.

Rezoning Against Airbnbs: The Dallas City Council asked that its zoning staff define short-term rentals as hotels, which would make Airbnbs illegal in residential areas.

Pop Quiz: A new Zillow survey found most Americans know more about celebrity love lives, the Kardashians, and the NFL than they know about real estate basics.

Wakeland Hire: Rebecca Louie has been named President and CEO of Wakeland Housing and Development Corporation.

HomeLight Funding: Proprtech HomeLight secured $60 million in capital and $55 million in debt financing and acquired lending startup

OMBA Election: Donald Griffiths, VP of National Operations at Union Home Mortgage, has been elected president of the Ohio Mortgage Bankers Association.