Morning Roundup (8/24/2022) – Apps, Pending Home Sales Slip

Good Morning! Today is Wednesday, August 24. Russia invaded Ukraine six months ago today. President Biden is expected to announce a plan to cancel some federal student loan debt, and his administration will offer updated Covid booster shots to Americans 12 and older this fall.

The Mortgage Note Reports

Moving To Mexico!: Mexico keeps coming up in real estate-related keywords. Editor Kimberley Haas has the story.

Applications Sink: Mortgage loan application volume fell last week to a 22-year low as the 30-year fixed rate rose to its highest point in almost a month.

Pending Home Sales: Pending home sales slipped only slightly in July, down 1% from June, as buyers took advantage of moderating interest rates.

And in other mortgage and housing news…

Fed Prediction: Investors are bracing for the Fed to double down on crushing inflation at Jackson Hole this week, and expect Jerome Powell to deliver an aggressive tightening message and dash hopes for a rate cut next year.

Rent Report: The median rental price hit its latest all-time high in July ($1,879), while the price advantage of suburb living has shrunk by 52.9% compared to three years ago.

Price Growth Cools: 72% of people who bought homes in the last few years have regrets about their purchases. Here’s how to avoid disappointment.

CoreLogic X Freddie: CoreLogic a la mode received verification to support Freddie Mac’s ACE+ PDR (automated collateral evaluation plus property data report) solution.

Affordability Committee: The FHFA announced its intent to establish a Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing.

Clever Team Up: Clever Real Estate is teaming up with fintech Total Expert to streamline communication among mortgage lenders, real estate agents, and their clients.

Banker Fined: A former Citizens Bank mortgage manager has been fined by the OCC and banned from banking after a kickback scheme was brought to light.

Nejatian At Revive: Former NAR incubator executive Kia Nejatian has joined Revive Real Estate, a renovation startup, as the company anticipates growth in a buyer’s market.