Good Morning! Today is Friday, July 22. President Biden tested positive for Covid. The average price of gas has now fallen for over a month. The House passed a bill protecting the right to contraception, but it’s unlikely to pass in the Senate.
The Mortgage Note Reports
Rates Keep Risin’: Mortgage rates rose from an average of 5.51% to 5.54% last week.
New Home PSI: Zonda’s New Home Pending Sales Index for June 2022 shows the housing market cooling to levels seen in February 2020
And in other mortgage and housing news…
Time On Market: The typical home now spends 19 days listed for sale, one day longer than last year and the first time in two years that the median time on the market has risen.
Price Appreciation Slowing: AEI Housing Center’s Home Price Appreciation Index averaged 15%, down from 16.2% a month ago and 15.6% a year ago.
ARM Takeover: A study by LendingTree found that the number of ARMs offered to borrowers has tripled since 2021, while the number of fixed-rates has fallen by 9%.
BOA Grant: The Children’s Hospital of Philadelphia’s Center for Health Equity received a $1 million grant from BOA to launch a new program.
More Layoffs: Seattle real estate company Flyhomes cut 20% of its staff, reported to be 200 people, citing the impact of rising interest rates.
Fannie Hires: Fannie Mae announced it has appointed Katie Jones as Senior Vice President and Chief Human Resources Officer effective August 1.
Housing Burdened: From 2019 to 2020, the share of renters with cost burdens rose nearly 3 percentage points as the pandemic widened equality gaps in housing costs.
Weathering Storms: New research finds that 32 states have measures protecting affordable housing properties from natural disasters and 27 states have provisions that aid recovery, while nine states have neither.