Morning Roundup (8/19/2022) – Mortgage Rates Fall To 5.13%

Good Morning! Today is Friday, August 19. A judge may release the affidavit used in the search of Donald Trump’s Florida home, with a redaction. A Trump Organization executive admitted to conspiring with the company to avoid taxes. The NFL will suspend Deshaun Watson for 11 games after sexual misconduct claims.

The Mortgage Note Reports

Rates Fall: Mortgage rates dropped to an average of 5.13% last week following a volatile few weeks of ups and downs.

Lender Losses: IMBs and mortgage subsidiaries of chartered banks reported a net loss of $82 on each loan they originated in Q2, down from a gain of $223 per loan in Q1.

Cybersecurity Careers: Leaders at Bank of America announced this week that they have partnered with Liberty Science Center’s SciTech Scity to launch a pilot program that promises to improve the future of high school education.

Is your organization bettering the community? Share your story! Email Editor Kimberley Haas at [email protected].

And in other mortgage and housing news…

Rent Growth Slows: Rents rose 14% in July, the smallest increase since November as landlords reacted to shrinking tenant budgets.

Affordability Crunch: Housing demand in California cooled further in July as the effects of rising interest rates and high home prices hit would-be homebuyers.

Credit Waterfall: Staircase launched Credit Waterfall, an API that helps lenders streamline originations through access to all credit providers serving the mortgage market.

Investor’s Attitudes: Investors bought more homes in Q2 than before the pandemic, but purchases leveled off from their 2021 peak as they reacted to the changing market.

Commercial Borrowing: Commercial and multifamily mortgage originations rose 19% YOY in Q2, setting another quarterly record though the pace of increase slowed.

Sellers Back Off: A number of metrics that reflect a cooling market are now leveling off as sellers back away in response to dampened homebuyer demand.

“They Are In Trouble”: Mortgage lenders are starting to go broke, with banks pulling out of the game and IMBs seeing their credit lines cut.

Black Renters Priced Out: In the last year, more than half of all Black renters have been priced out of buying a home, and the problem is getting worse.