Morning Roundup (9/22/2022) – Luxury Takes A Hit

Good Morning! Today is Thursday, September 22. The Fed raised interest rates another 75 points and signaled more increases to come. Rising rates could lead to more unemployment and slower economic growth. New York’s attorney general is suing Trump, three of his children, and their family business, accusing them of “staggering” fraud.



The Mortgage Note Reports

Luxury Takes A Hit: Luxury home sales tanked by 28.1% YOY, the biggest drop since 2012, as high-end buyers wait to see if they can score a better deal in a market downturn.

Co-Buying Your Dream Home: As first-time buyers struggle to find an affordable home, many Millennials are willing to co-buy in order to access bigger mortgages.

Wells Fargo Downsizing: Leadership at Wells Fargo has laid off employees in a move that is being blamed on a dramatically smaller originations market. Writer Tyrone Townsend and Editor Kimberley Haas take a look at what is happening behind the scenes.

Share your opinions and article ideas with us! Email [email protected].

In other mortgage and housing news…

More Layoffs: Opendoor, Compass, and Ruoff Mortgage: layoffs and shutdowns are happening with alarming frequency.

FOMC Impact: What does the Fed’s latest hike mean for mortgage rates?

Prime Rates To 6.25%: Three major banks are raising their prime lending rates to the highest levels since the global financial crisis of 2008.

Affordability Boost: Homebuyer affordability improved for the third month in August, with the national median payment applied for by applicants falling to $1,839.

Grim News For Builders: Mortgage applications for new home purchases dropped 10.1% compared to a year ago and 17% month-over-month.

Fix-And-Flip Going Strong: Q2 2022 was another strong showing for fix-and-flip investors, softening slightly from Q1 but still accounting for 1 in 12 home sales.

Focusing On Diversity: Guaranteed Rate and Guild Mortgage both announced expanded commitments to products for Hispanic and Latino buyers.