Morning Roundup (7/19/2024) — Rates Fall Further

Good Morning! Today is Friday, July 19. A global tech outage knocked out operations for banks, media companies, emergency services, and airlines. Donald Trump accepted the presidential nomination at the Republican National Convention. A federal appeals court blocked the Biden administration’s student loan repayment plan.

The Mortgage Note Reports

Staying On The Sidelines: Mortgage rates fell further last week, averaging 6.77%, but buyers are waiting to see how far they’ll go before jumping into the market.

No Takers For New Homes: Homebuyer interest in new homes slowed in June, coinciding with a decline in builder activity.

In other mortgage and housing news…

Reassess My House: Five federal regulatory agencies issued final guidance addressing reconsiderations of value for residential real estate transactions.

Attracting Buyers: America’s highest-selling builder is increasing its use of incentives and cutting prices as analysts project it will sell 500 fewer homes this year than last.

Stale Competition: Nearly one in four sellers slashed their list price last month as affordability remains constrained and potential buyers wait to see how far rates will fall.

Reno, Repair: After a remodeling frenzy during the pandemic, homeowners are now making upgrades and repairs at a steadier pace that’s expected to pick up through 2025.

“Devastating” Scam: How the Puretz mortgage scam impacted Philadelphia senior tenants who lived in “uninhabitable” affordable housing units.

Getting Creative: Can the affordable housing shortage be solved by libraries and properties owned by religious institutions?