Good Morning! Today is Friday, June 9. Donald Trump was indicted by a federal grand jury on charges linked to his handling of classified documents seized from Mar-a-Lago. The Supreme Court rejected Alabama’s redrawn congressional map. The American branch of the cryptocurrency exchange Binance halted trading in U.S. dollars.
The Mortgage Note Reports
Rates Fall: Mortgage rates declined to 6.71% last week, breaking a three-week streak of increases, but lower rates barely put a dent in the affordability problem.
North-Clauss At Truv: Bryan North-Clauss has been appointed Chief Revenue Officer at Truv, a financial data provider.
FOMC Preview: While most analysts don’t expect an interest rate increase at next week’s FOMC meeting, others are betting on a more hawkish approach.
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…
Foreclosure Spike: Foreclosures jumped last month, with starts up 4% while completed foreclosures increased by 38%.
Better LOs: Better HoldCo Inc. is laying off agents from its real estate brokerage subsidiary and partnering with outside real estate agents instead.
Good News For Renters: The median U.S. asking rent fell 0.6% year-over-year to $1,995 in May—the largest annual decline since March 2020.
Whose Fault?: Nearly half of Millennials and Zoomers blame the government for inflated housing prices and say it hasn’t done enough to promote affordability.
Zillow, VHT Suit Ends: Unless the companies take the case to the Supreme Court, Zillow must pay real estate photo provider VHT $2 million for copyright infringement.