Good Morning! Today is Wednesday, September 21. Three of the migrants flown to Martha’s Vineyard have filed a class-action lawsuit against Ron DeSantis. A health panel recommended that doctors screen all adult patients under 65 for anxiety. Puerto Rico is still without power after being battered by Hurricane Fiona.
The Mortgage Note Reports
Funding Filmmakers: Leaders at Bank of America provided corporate funding for “The U.S. and the Holocaust,” a three-part, six-hour series by Ken Burns running on PBS and online. Editor Kimberley Haas has the story.
Existing Home Sales: Existing-home sales dropped for the seventh straight month in August, down 0.4% from July and 19.9% YOY.
Loan Volume Up: Mortgage loan application volume increased by 3.8% last week despite rates rising to their highest point since October 2008.
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In other mortgage and housing news…
Potential Home Sales: House-buying power rose by 2.5% in August, boosting housing market potential by more than 47,000 sales, though it’s expected to fade as mortgage rates keep rising.
Personal Debt Drops: U.S. adults who carry personal debt held an average of $22,354 exclusive of mortgages at the start of the year, down 25% over 3 years.
Commercial Cooldown: Banks including Wells Fargo, Bank of America, and JPMorgan Chase have pulled back on financing for commercial real estate following a record burst of lending in the first half of this year.
Ginnie FAQs: Ginnie Mae released a list of FAQs surrounding its updated minimum IMB eligibility requirements, and said most issuers are already compliant.
Trends Of 2021: The share of purchase loans increased for minority borrowers compared to white borrowers in 2021, though Black and Hispanic borrowers still receive fewer loans for less money.
Bluepoint Products: Bluepoint Mortgage announced new loan solutions for its broker partners, including updates to its non-QM products.
Seattle In Trouble: Seattle’s housing market is slowing faster than any other market in the country amid rising rates, inflation, and broad economic uncertainty.