Morning Roundup (8/3/2022) – Loan Apps Up, Rent Struggles

Good Morning! Today is Wednesday, August 3. Speaker Nancy Pelosi has left Taiwan after meeting with its president today. China will respond with military drills. Kansas voted to keep abortion protections in its State Constitution.

The Mortgage Note Reports

Loan Apps Up: Mortgage loan application volume rose 1.2% last week when the 30-year fixed rate saw its largest weekly drop since 2020.

Rent Struggles: Eight of the ten metros with the highest rents in the country are in CA and FL, and Americans are looking to the middle of the country for affordable rentals.

And in other mortgage and housing news…

Credit Error: Equifax sent millions of inaccurate credit scores to lenders during a three-week period earlier this year, resulting in higher rates and denied applications.

Prices Peak: New data finds that after soaring 40% from pre-pandemic levels in the greatest boom in decades, home prices peaked in June, and started falling in July.

Opendoor Fine: The FTC fined Opendoor $62M, saying it misled customers by saying they could make more money selling homes to the company than the traditional route.

Multifamily: Freddie Mac expects a contraction in multifamily origination volume to $440-450 billion, driven by macroeconomic headwinds like inflation and rising rates.

Investment Tips: If you want to tap into the multifamily business, Yahoo Finance recommends three real estate investment trusts that specialize in the segment.

UWM AI: United Wholesale Mortgage will host a Mark Cuban Foundation AI Bootcamp for high school students in October and November.

Take A Look: We may already be in a recession. Will housing collapse again?