Mortgage Monday Newsletter | June 27th, 2022
Welcome to the Mortgage Monday Newsletter! Each week I will give you 1 Industry Insight, 1 Article to Read, and 3 Quotes to Ponder. I hope you enjoy, and if you do, feel free to pass it along to your friends!
Industry Insight
Pending home sales were up 0.7% in the month of May. That might not seem like a big deal, but the projections initially showed a 4% decline. So this is good news. However, sales are still down 13.6% year over year. Additionally, the fact that sales were higher with the rise in home prices and lack of inventory clearly shows purchase market is remaining strong.
More appreciation news came in last week as well. As of 3/31/2022, US single-family homes were worth $39 trillion and outstanding mortgages totaled $11.2 trillion. That is a result of $27.8 trillion of home equity, which is an all time record. For comparison, in 2007, equity was $12.7 trillion. That means homeowners have 120% more equity today. Another great indicator of a strong market.
*As of 9:00am this morning bonds were slightly down, but up almost 10bps since the market opened. There will be some big inflation news coming out early this week, so we will expect some volatility as we go this week.
Article to Read
“Attitude” by Margaret Atwood
Quotes to Ponder
“Mental toughness is often portrayed as determination and persistence, but it can also be flexibility and adaptability. I can be happy anywhere. I can work with what I have. I can have a good day with anyone. You are tough when your mood is not dependent on your conditions.”
– James Clear
“Look at a day when you are supremely satisfied at the end. It’s not when you lounge around all day doing nothing; it’s a day you’ve had everything to do and you’ve done it.”
– Margaret Thatcher
“You can pick your friends. You can pick your nose. But you can’t pick your friend’s nose.”
– Special quote request from a good friend of mine