Morning Roundup (7/15/2022) – Rates Up, Inventory Rebounding

Good Morning! Today is Friday, July 15. Texas sued the Biden administration over federal rules protecting access to abortions in medical emergencies. At least 10 missiles struck the southern Ukrainian city of Mykolaiv, hitting two local universities. Amazon is considering scrapping its own brand of items to alleviate regulatory pressure.

The Mortgage Note Reports

Rates Up Again: Mortgage rates drifted up again last week after plummeting the week prior, rising from an average of 5.30% to 5.51%.

Inventory Rebound: The number of homes for sale nationwide in June rose 2%, the first annual increase since July 2019, as rising rates push buyers to the sidelines.

And in other mortgage and housing news…

JPMorgan Chase Earnings: Second quarter earnings at JPMorgan Chase fell 28% YOY, but the bank said it sees few signs of an imminent recession.

Slashing Prices: Home sellers continue dropping their asking prices as the market cools, with Boise, ID, seeing price cuts on two-thirds of homes for sale.

Multifamily Rents: Average U.S. multifamily rents rose another $19 in June to edge over $1,700 for the first time ever.

“It’s Like Cancer”: The housing shortage used to be a blue-state, coastal problem– now, it’s a national issue that has spread to middle America.

Fighting Discrimination: Home Lending Pal, a Black-led startup from Durham, offers a platform that connects buyers to lenders without identifying factors such as race or sex.

Mortgages Worldwide: Homebuyers in China are refusing to pay mortgages on unfinished apartments, adding to concerns about the country’s real-estate debt crisis.

New Better Problems: The SEC is investigating after a former exec said the company misled investors in financial filings as it attempted to go public.

Remodeling Slowdown: Remodeling market confidence fell as remodelers start to feel the symptoms of a slowdown.

Take A Look: A decommissioned missile silo that can withstand a nuclear attack is’s most popular home this week.