Morning Roundup (8/8/2023) — Mortgage Credit Availability Falls

Good Morning! Today is Tuesday, August 8. Tesla Chief Financial Officer Zach Kirkhorn stepped down. The Biden administration will designate nearly a million acres of land near the Grand Canyon as a national monument to protect it from uranium mining. Storms in the Eastern U.S. killed at least two people.

The Mortgage Note Reports

Only Getting Worse: Mortgage credit availability fell in July, sinking to its lowest level since 2013.

Still Moving Away: Despite inflation, debt, and high housing costs, Americans are still hoping to move out of their states in search of lifestyle and affordability.

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…

REIT Freeze: Blackstone Mortgage Trust and KKR Real Estate Finance Trust have halted new loan origination to shore up balance sheets, while Starwood is cutting back.

Homebuilder Crunch: Homebuilders are continuing their epic frenzy, outperforming the S&P 500, but the sector could face problems if rates and rental prices fall.

Locks Stay Put: Mortgage lock volume remained flat in July thanks to seasonal momentum, but if rates keep rising, they’re sure to sink.

Shopping Benefits: How much can borrowers save by shopping around for a mortgage loan? Turns out, quite a lot.

Back In The Slammer: NC mortgage scammer Ricky Lamont Congleton was caught violating the terms of his release and sentenced to three more years in prison.

History Alive: An elegant, historic Victorian mansion in Wauwatosa, WI– once coveted by legendary performer Liberace– just sold for $1.5 million.