Morning Roundup (6/30/2023) — Finding Inventory

Good Morning! Today is Friday, June 30. Happy Independence Day weekend! There will not be a newsletter on Monday or Tuesday. Over 50 million Americans will travel 50 miles or more from home this weekend, mostly by automobile. Thunderstorms could disrupt travel for people who fly. It is estimated that $9.5 billion will be spent on Fourth of July food.

The Mortgage Note Reports

Finding Inventory: A lack of inventory continues to put pressure on the housing market but there are some potential sources out there.

ICYMI: Our most popular article this week is about converting office spaces into residential places.

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…

Rates Up: The 30-year fixed-rate mortgage averaged 6.71% as of Thursday.

ARM Activity: Rising rates have driven an increase in adjustable-rate mortgages.

Covid Rebound: Most of the mortgages in forbearance in March of 2021 are now current or were closed as of this March.

Cheap Living: People are paying less than $1,000 a month for their homes in these American cities.

UFO Inspired: A three-bedroom home that looks like a flying saucer for sale in Lansing, Mich., is getting attention for its unique style.