Morning Roundup (9/28/2022) – SingleSource Q&A, Rates Hit 6.5%

Good Morning! Today is Wednesday, September 28. Hurricane Ian is expected to make landfall today in western Florida and is close to a Category Five storm. There are evacuation orders in place. Russia dispatched forces to stop men fleeing draft orders. The EU’s top diplomat said that pipeline leaks under the Baltic Sea were caused by a “deliberate act.”

The Mortgage Note Reports

Question And Answer: Editor Kimberley Haas sat down with Ed Austin, chief operating officer at SingleSource Property Solutions to learn more about their bundled services for lenders. In August, company leaders celebrated the 20-year anniversary of the launch of home equity service offerings.

Rates Hit 6.5%: Mortgage loan application volume turned down again, wiping out gains from last week as mortgage rates breached 6.5% for the first time since mid-2008.

Board Appointment: St. Mary’s Bank has appointed Bill Stevens as the newest member of its Board of Directors.

What do you think will happen in the housing market in 2023? Share your opinion by emailing us at [email protected].

In other mortgage and housing news…

Buyer Whiplash: Seesawing mortgage rates are causing headaches for homebuyers who can afford a mortgage one month and then can’t the next.

Lumber Futures: Lumber prices have fallen to their lowest level in more than two years, down to their pre-pandemic cost thanks to a sharp slowdown in construction.

Overvalued Markets: Fifteen housing markets are now considered overvalued by First American, up from just four a year ago, but a gradual correction is likely.

MAXEX Non-QMMAXEX announced new programs designed to meet the needs of originators and loan buyers in the growing non-QM lending market.

Commercial Evolution: Cities across the country are looking to transform vacant office buildings into housing, a solution for both empty downtowns and housing shortages.

“Running Short”: Land-use restrictions and lack of infrastructure have made it harder for developers to find sites to build homes, making land the new hot commodity.

Getting The Side-Eye: Are your neighbors secretly judging you? Probably. Here are the top three things your neighbors are paying attention to.