Morning Roundup (7/29/2022) – Earnings Roundup, Rates Tank

Good Morning! Today is Friday, July 29. Flooding killed at least eight people in Kentucky. The Biden administration plans to administer Covid boosters that target Omicron in September. JetBlue reached a deal to buy Spirit.

The Mortgage Note Reports

Earnings Roundup: Some major players in the mortgage industry released their reports this week– check out our roundup of their data.

Rates Tank: Mortgage rates plunged by 24 basis points last week, averaging 5.30%.

And in other mortgage and housing news…

Consumer Spending: Consumers boosted their seasonally adjusted spending by 1.1% in June, up from a revised 0.3% increase in May, the Commerce Department said.

Buyer Demand: Since mortgage rates came down from their June high, measures of early demand like online real estate searches and home tours have ticked up or stabilized.

Pros Split: In a poll of mortgage professionals, 46.8% said yesterday’s rate hike will affect their mortgage origination practice, while 45% said it wouldn’t.

ATTOM Sale: ATTOM has sold its RealtyTrac and Homefacts websites to Nations Info.

Vacation Luxe: The number of properties sold for between $1 million and $5 million grew 103% from 2019 to 2022, largely in vacation hotspots.

“Activity In Free-Fall”: Home sales are slowing down, and some of the pandemic era’s hottest “Zoomtowns” are already seeing price drops.

Hitting Reset: While rising mortgage rates add a new layer of stress, fewer bidding wars can counterbalance affordability, giving burnt-out buyers a reset.