Good Morning! Today is Monday, July 11. Twitter shares fell about 6% in premarket trading ahead of an expected legal fight between Elon Musk and Twitter. A pregnant woman in Texas is arguing that her unborn child should count as a vehicle passenger in an HOV lane. Steve Bannon will testify before the Jan. 6 committee.
The Mortgage Note Reports
Originations Down: Total mortgage lock volumes fell 11% in May across all types of loans as rising rates kept buyers out of the market.
Affordability Worsening: Housing affordability is down across the country, with the monthly mortgage payment up 6.2% month-over-month and 51% year-over-year.
Inflation And Housing: Writer Tyrone Townsend dives into how inflation affects the housing market.
And in other mortgage and housing news…
Jobs Report: The Labor Department reported that 372,000 new jobs were created in June while the unemployment rate held at 3.6 percent, among the lowest rates ever.
FHFA Flexibility: The FHFA issued new guidance for lenders calculating “effective income” for borrowers with previous employment gaps or loss of income due to Covid.
Investors Here To Stay: Investors made 28.1% of all single-family purchases in February, a record high and a sign that investors have changed their behavior for good.
UWM Celebrates: UWM will celebrate National Mortgage Brokers Day by ringing the closing bell at NYSE with mortgage brokers from across America for a second year.
High Risk: A new analysis looks at conditions in 100 metros around the country to see which markets are the most likely to see modest price declines over the next 12 months.
Colorado Protests: Protestors in Colorado called for the end of a law that prevents local governments from imposing rent control policies on private property.
“A Barrier”: A study found that nearly all rental listings posted by corporate landlords contain language that can disproportionately exclude minorities and the poor.