Morning Roundup (7/6/2023) — Last Week’s Gains Lost

Good Morning! Today is Thursday, July 6. Instagram has launched Threads, its short-posting text app, as a competitor to Twitter. Yusef Salaam, one of the Central Park Five, won the Democratic primary for a City Council seat in Harlem. Federal health officials urge older people to get new vaccines for Covid, flu, and R.S.V. before winter.

The Mortgage Note Reports

Last Week’s Gains Gone: After an uptick last week, mortgage applications sank again, falling to their lowest level in a month as rates surged.

FirstAm Change-Up: Jody Mulkey has been named CTO at First American.

TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.

In other mortgage and housing news…

FOMC Mindset: Some Fed officials support raising rates in June, favoring an increase because inflation and economic activity have proven resilient.

Prices Soar Again: The average home is selling above asking for the first time in nearly a year, as low inventory and steady demand are buoying home prices.

“A Long Process”: Much has been made of the viral Airbnb collapse tweet, but the end of short-term rentals wouldn’t actually fix the housing crisis.

Who Profits?: Homebuilder stocks are soaring as homeowners stay put, with shares of PulteGroup up about 70% so far this year.

Growing Crisis: In response to increasing homelessness across the U.S., HUD is making its largest-ever single-year investment in homelessness response systems.

America’s Most Expensive: California is home to all ten of America’s most expensive housing markets, but all saw prices drop since last year.