Good Morning! Today is Tuesday, June 27. President Biden said the U.S. had “nothing to do with” the military revolt in Russia over the weekend. The shooter who killed five people at Club Q in Colorado Springs pleaded guilty and will serve life in prison. Prosecutors will seek the death penalty against the man accused of murdering four University of Idaho students in a home near campus.
The Mortgage Note Reports
Mortgage Fees: The U.S. House of Representatives has passed the Middle-Class Borrower Protection Act which would reverse recent changes to fees charged by Fannie Mae and Freddie Mac. Editor Kimberley Haas has the story.
New Home Sales: New home sales jumped in May as homebuilders continue to experience a boom, up 12.2% from April and 20% YOY.
Geneva Expands Offering: Direct mortgage lender Geneva Financial launched an in-house Portfolio Lending Division to be led by industry vet Morgan Smith.
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…
Home Prices: The FHFA said house prices rose in April, up 0.7% from March, while the S&P CoreLogic Case-Shiller Index reported a -0.2% annual decrease.
Need To Know: Why higher interest rates don’t always lead to declining house prices.
Help Or Hurt: Fixed-rate home loans help keep the housing market from collapsing, Allison Schrager argues in Bloomberg, but they make the overall economy less dynamic.
Hope For The Future: Consumer confidence rose in June to the highest level since early 2022 as views on current and future conditions improved.
Flags Matter: Nearly one-third of homebuyers said that seeing a rainbow flag in a neighborhood would make them more likely to submit an offer on a home there, but 22% said it would make them less likely to do so.