Good Morning! Today is Tuesday, June 7. The U.S. Securities and Exchange Commission is preparing to propose rule changes that could reshape how the stock market operates. Johnson & Johnson is terminating its vaccine supply deal with Emergent BioSolutions, as each accused the other of breaching the contract. Prime Minister of the United Kingdom Boris Johnson survived a no-confidence vote over reports that he attended parties during lockdown. The Mortgage Note Reports Bad Time To Buy: Only 17% of consumers believe it’s a good time to buy a home as rising interest rates and high home prices push many buyers out of the market. Opendoor Roll-Out: Opendoor launched a new financing app that the company claims allows consumers to get pre-approved for a mortgage in under two minutes. And…
Opendoor has rolled out a new financing app in California that the company claims allows consumers to get pre-approved for a mortgage in under two minutes. The company announced the roll-out on its website, and the app went live Thursday, June 2. It is part of the company’s suit of products including Buy with Opendoor, Opendoor Backed Offers, and Opendoor Complete. “With this new financing app, Californians can better understand their loan options and the down payment they need to buy a home. They simply download the app and answer four short questions,” the release reads. “Our technology then identifies loan options that are available from over 1,000 programs based on the customer’s needs and criteria, such as the mortgage…
Only 17% of consumers believe it’s a good time to purchase a home as rising interest rates and high home prices push many buyers out of the market, according to Fannie Mae’s Home Purchase Sentiment Index. The May HPSI fell by 0.3 points, remaining relatively steady, but continues to move closer to its 10-year low of 63, recorded in April 2020. The full index is down 11.8 points YOY. Affordability was the main concern of the consumers surveyed. The “Good Time to Buy” indicator dropped to a new low, with 79% of respondents saying it’s a bad time to buy a home. The majority of respondents also said they expect mortgage rates to continue rising in the next twelve months. A…
Good Morning! Today is Monday, June 6. Russian missiles struck Kyiv, the first attack on the capital in more than a month. A street brawl in Philadelphia this weekend turned into a mass shooting, killing three people. Rafael Nadal beat Casper Ruud in the men’s French Open final. The Mortgage Note Reports 40-Year Mortgages Making A Comeback? Writer Scott Kimbler reports that they are popular again, but experts warn the risk may not be worth the reward. Another Equity High: Home prices have risen 42% since the beginning of the pandemic and have gained 9% in value just since the first of the year, with equity reaching another all-time high. MacArthur Promoted: Salisbury Bank and Trust Company has promoted Andrea MacArthur to Vice President, Mortgage Advisor. And in other mortgage…
By SCOTT KIMBLER The 40-year mortgage is popular again but financial experts warn they come with a lot of risks and potentially no payoffs. Needham Bank, with 14 locations in Massachusetts, promotes 40-year mortgages. “Owning a home has never been so easy,” is the term they use on their website. Before the crash of 2008, 40-year mortgages were a popular option. Today, the expenses of getting into a home are driving buyers to consider signing up for loans they won’t pay off until after they are 65 years old. Roy Black is an Economics Professor at the Emory University Goizueta School of Business and has been examining real estate finance for decades. It is his opinion that negotiating a 40-year…
Home prices have risen 42% since the beginning of the pandemic and have gained 9% in value since the first of the year, with equity reaching another all-time high, according to Black Knight’s latest Mortgage Monitor Report. Black Knight reported that the annual rate of appreciation dropped slightly to 19.9% in April, down from an upwardly revised 20.4% for March. Despite this, rising prices and interest rates have brought about the worst affordability since July 2006. “While a downward shift from 20.4% to 19.9% annual growth is hardly cause for concern, it’s also likely we’ve not yet seen the full impact of recent rate increases. Rather, April’s decline is more likely a sign of deceleration caused by the modest rate…
Salisbury Bank and Trust Company has promoted Andrea MacArthur to Vice President, Mortgage Advisor, the company announced. MacArthur has worked at Salisbury since 2002, beginning in the mortgage department with no prior experience. She is a graduate of the Connecticut School of Finance and Management. Her intelligence and willingness to learn allowed her to move up the ladder in the company to positions including Loan Processor, Closer, Closing Manager, and Retail Department Manager. Her most recent role was Mortgage Advisor in the Berkshire County market. “Your mortgage experience should be as painless as possible. I will work hard to ensure that all of your mortgage needs are met throughout the entire process and beyond the closing,” her Salisbury page reads.…
Good Morning! Today is Friday, June 3. Russian forces now occupy one-fifth of Ukraine’s territory. Ford Motor plans to invest billions in facilities in the Midwest, creating more than 6,000 union jobs. The Boston Celtics beat the Golden State Warriors, 120-108, in Game 1 of the N.B.A. Finals. The Mortgage Note Reports Suit Settled: United Wholesale Mortgage has ended one of its ongoing legal battles by paying $2.7 million to settle a lawsuit. Work From Home Debate: The CEO of a reverse mortgage company is claiming that Elon Musk’s message to Tesla employees unfairly bashes the benefits of remote work. Rates Hovering: Mortgage rates stayed relatively flat last week, falling just slightly to an average of 5.09% from 5.10%. Inventory Finally Increases: Inventory increased for the first time since June…
By KIMBERLEY HAAS The president of a reverse mortgage company is claiming that Elon Musk’s message to Tesla employees unfairly bashes the benefits of remote work and that since going fully remote in 2020 his company has been voted by its employees as a top place to work. Musk is demanding that Tesla office workers return to in-person work or leave the company. “Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla. This is less than we ask of factory workers,” Musk wrote in leaked emails. Although Tesla is an automotive and clean energy company, news of Musk’s demands sparked a new…
Inventory increased for the first time since June 2019, with active listings up 8% YOY, according to Realtor.com’s May housing data. An inventory increase is a good sign for the market, which is facing pressure as rising rates and soaring home prices are causing potential buyers to back off. The national median listing price in May was $447,000, up 17.6% YOY and 35.4% from May 2020. Purchase loan applications are down 14% YOY, reaching their lowest level since December 2018. However, active listings were still down 48.5% from May 2020, meaning inventory is still half of what it once was. And while active listings grew, the total inventory of unsold homes, including pending listings, fell by 3.9% thanks to a…
