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.