Good morning! Today is Friday, May 21. Israel approves cease-fire plan to end hostilities with Hamas. President Biden signed a bill to address an increase in Asian hate crimes. Tesla drivers are posting videos of themselves overriding safety functions to self-driving modes.
And in mortgage and housing news …
MORTGAGE RATES: The Mortgage Note reports that mortgage interest rates inched up to three percent.
BIGGER MORTGAGES: Homebuyers are applying for ever bigger mortgages as home prices soar.
MORTGAGE VOLUME: Mortgage volume dropped in April. Despite interest rates trending downward across all mortgage products, the decreases did not seem to be enough to bring borrowers — particularly refi borrowers — back to the table.
SELLER PROFITS: Sellers are taking advantage of today’s highly competitive house-hunting environment. Data researchers at Realtor.com found that 29% are asking for more than they think their home is worth.
SELLER TIPS: Realtors reveal the five things they wish sellers knew before listing their home amid a hectic real estate market.
LIBOR’S END: Why ditching LIBOR is vexing the financial world.
CONSTRUCTION COMEBACK: NAR Chief Economist Lawrence Yun says the latest homebuilding data is “discouraging at first glance” but sees a comeback as prices moderate.
BEST LENDERS: The best mortgage lenders do have a few things in common, like low interest rates, good customer service, transparent processes, and speedy closing times. Here are a few lenders you should consider.
MISSING MIDDLE: A Low-Rise design challenge in Los Angeles asked architects to design affordable housing that solves several development problems.
HOMEOWNER BILLS: Three home expenses you may be surprised you can cut.