Good Morning! Today is Thursday, July 28. The U.S. offered to exchange an imprisoned Russian arms dealer for Brittney Griner and a former Marine. Stocks rallied as the Fed raised rates and more companies posted earnings. The government will distribute 800,000 doses of the monkeypox vaccine.
The Mortgage Note Reports
Crown Jewel: The Breakers mansion is a grand summer “cottage” that symbolizes the Vanderbilt family’s social and financial pre-eminence in the Guilded Age and you can tour this luxurious estate by the sea. Editor Kimberley Haas explains.
The Bad News: Gross domestic product declined for a second quarter which, by one common definition, means the U.S. is now in recession.
A Little Good News: Affordability improved slightly in June as the national median payment applied for by mortgage applicants dropped to $1,893.
And in other mortgage and housing news…
FOMC Result: Federal Reserve officials raised interest rates by 75 basis points for the second straight month and Chair Jerome Powell said a similar move was possible again.
Changing Priorities: Lenders now cite cost-cutting as their main business priority for 2022, followed by talent management and business process streamlining.
Home Sales Report: Home seller profit margins hit another new record of 55.5% while investment returns rose at their fastest pace in more than a decade.
Trident Settlement: Trident Mortgage, which is owned by Berkshire Hathaway, has agreed to pay $24 million to resolve lending discrimination claims in three states.
Request For Input: Ginnie Mae published a Request for Input on enhancements to the Title I Manufactured Home Loan Program.
Rate Drop Advantage: Rocket Mortgage introduced a program that covers some closing costs of a refi if interest rates drop and they refinance within three years of purchasing a home.
Budget Gap: Out-of-towners have bigger budgets than locals in affordable metros because many are remote workers moving in from more expensive places.