Good Morning! Today is Friday, June 23. The missing Titanic tourist sub likely imploded, the Navy reported, and its occupants are presumed dead. The Supreme Court ruled against the Navajo Nation over access to Colorado River water. A record-setting heatwave is ongoing in Texas and is likely to spread to nearby states.
The Mortgage Note Reports
Barely Budging: Existing-home sales increased slightly in May, up 0.2%, just enough to put a positive spin on an otherwise difficult market.
Rates Slip A Little: Mortgage rates fell to 6.67%, the third consecutive week of declines, but once again gave only an inch.
ICYMI: Should mortgage professionals be back at the office? Writer Chuck Green explored that issue in this week’s most popular article.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
In other mortgage and housing news…
Best Renter Cities: Charleston, SC, is the first choice for renters to live in 2023 based on its cost and quality of living, followed by Plano, TX, and Scottsdale, AZ.
CCM Opens Its Wallet: CrossCountry Mortgage launched a new down payment assistance program offering up to $4k to first-time homebuyers.
“Water Grab”: Arizona moved to restrict housing construction around Phoenix as groundwater demand outstrips supply, but some towns are contracting private suppliers.
Credit Blies: Insufficient credit scores are one of the biggest barriers to homeownership and most Americans don’t believe they actually reflect their finances.
“A Huge Task”: Atlanta’s Federal Reserve President says solving the affordability crisis requires a construction boom, better wages, and community support.
Delinquency Improvement: The national delinquency rate fell 11 bps in May to hit 3.10%, its lowest point other than March 2023’s record of 2.92%.
Gen Z Buyers: Where are young people looking to purchase a home?