Morning Roundup (8/5/2022) – Rates Sink, Zillow And Opendoor Team Up

Good Morning! Today is Friday, August 5. The Biden administration declared the monkeypox outbreak a national health emergency, releasing extra funds. Senator Kyrsten Sinema agreed to advance a modified version of the Democrats’ climate and tax bill. A Russian judge sentenced Brittney Griner to nine years in a penal colony on drug charges.

The Mortgage Note Reports

Rates Sink: Mortgage rates nosedived by 31 basis points last week to an average 4.99%, dropping below 5% for the first time since April.

Zillow, Opendoor Shake Hands: Zillow is partnering with once-rival Opendoor in a multi-year deal that allows Zillow users to request an Opendoor offer on their home.

And in other mortgage and housing news…

Jobs Report: U.S. employers added 528,000 jobs in July, again besting expectations and bringing the total employment back to its level of February 2020.

Rocket Results: Rocket Companies generated net revenue of $1.4 billion and a net income of $60 million in the second quarter, worse than expected.

Berkshire Hathaway COO: Kathy Connelly is now Chief Operating Officer of Berkshire Hathaway HomeServices Georgia Properties

Flood Relief Funds: NAR’s Relief Foundation will distribute $500,000 in disaster relief aid to Kentucky Realtors after recent flooding devastated communities.

Out Of Reach: The National Low Income Housing Coalition’s 2022 “Out of Reach” report breaks down how many hours someone needs to work to afford rent in their state.

“A Strange Dream”: Are REITs distorting the real estate market? Michael J. Polk discusses the possibility of America as a “renter nation” in Forbes.

What Agents Want: Real estate agents want digital modernization from mortgage lenders, not a free lunch and mortgage rate sheet, Joe Welu argues.