The Monday Show

SUMMARY: Rate lock volume drops 11% in June and is now down over 40% thanks to refis falling off a cliff, residential real estate deals fell apart at the highest rate since April 2020 last month, and a new financial product is hoping to keep lumber prices from fluctuating so much... 

Sources:

• Rate Lock Volume Falls 11% in June
• Lumber Futures Are Getting a Makeover
• Home Sales Are Getting Canceled at the Highest Rate Since the Start of the Pandemic

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Jobless rose unexpectedly for the week, the ADP report is nowhere to be found, Mortgage rates see the biggest drop since 2008, and Jonathan Levin argues that housing could be a problem for the Fed's rate decisions at the end of the summer...

Sources:

• Jobs Unexpectedly Rise
• Mortgage Rates See Biggest Drop Since '08 
• LEVIN: Housing Stands in the Way of a September Fed Pivot

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Mortgage demand fell for the first time in four weeks despite rates dropping for the second week in a row according to the Mortgage Bankers Association, home affordability hits a 40-year low despite inventory levels increasing and year-over-year home price growth falling, and job openings fall but less than expected in May...

Sources:

• Mortgage Demand Falls for the Fourth Time in Four Weeks
• Home Affordability Hits a 40-Year Low
• Job Openings Fell Less Than Expected To End May

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: New report shows home prices slowing in May, a forecasting firm says home prices in the US should correct by 5%, and billionaires went from the best year ever to the worst year ever...

Sources:

• Home Price Growth Slowed to 20.2% in May
• Forecasting Firm Predicts 5% Home Price Decline
• 2022 Has Been the Worst Year for Billionaires

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Mortgage demand was up for the third week in a row even though year-over-year comparisons fell for the week, Federal Reserve Chair Jerome Powell said they are going to do what is necessary to get inflation back to 2%, and John Auther says rising rates is impacting non-bank mortgage lenders in a way they have not experienced in the last ten years...

Sources:

• Mortgage Demand Up For Third Week In A Row
• Powell Talks Inflation
• JOHN AUTHERS: Disquiet Over the Housing Market Is Only Growing...(Bloomberg)

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: April's Case-Shiller report showed a slight drop in home price growth for the month which hasn't happened since November 2021 and could be a sign the housing market is now officially slowing, consumer confidence falls to the lowest level in 4-months thanks to inflation, and John H. Cochrane says the Federal Reserve can't fix inflation by itself...

Sources:

• Home Price Growth Slows in April
• Consumer Confidence Falls to a 4-Month Low
• COCHRANE: The Federal Reserve Can’t Cure Inflation by Itself (WSJ)

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: There were more housing flips in Q1 but those flipping saw their profit margins fall to the lowest level in 13 years, mortgage rates continue their climb, and the labor market remains tight but are job offers being rescinded a sign it is beginning to loosen up...

Sources:

• Home Flipping Spikes Across U.S. in First Quarter of 2022 But Profits Drop to 13-Year Low
• Mortgage Rates Continue to Rise, Hitting 5.81%
• U.S. labor market remains tight; business activity slowing
• More Companies Start to Rescind Job Offers

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Despite skyrocketing rates demand to purchase a home was up for the second week in a row and is now only down 10% from one year ago but the bad news, according to Redfin, is purchasing power for wannabe be homeowners has been greatly diminished...
 
Sources:

• Mortgage Demand Up For 2nd Week
• Homebuyers on a $2,500 Monthly Budget Have Lost $118,000 in Spending Power This Year Amid Surge in Mortgage Rates

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Existing-home sales fall in May but not as much as expected, the median home price hits another record, and rent growth hits 14% after a year-over-year increase for the 13th month straight...

Sources:

• Existing-Home Sales Fall Less Than Expected in May
• Rent Growth Streak Hits 13th Months

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201

SUMMARY: Housing starts and building permits plummet in May but housing completions did see an uptick and mortgage rates did not have a very good week seeing the biggest jump in rates in 45 years...

Sources:

• Housing Starts Fall 14% in May
• Mortgage Rates Hit 13-Year High

DISCLAIMER: TowneBank Mortgage, NMLS #512138, is an equal housing lender. This podcast is for informational purposes only. Hosted by Tyler Cralle #2028201