HousingWire

• Here’s why new home sales are up along with prices
  We have 61,000 new homes completed for sale, amounting to 1.2 months of the supply, and 298,000 new homes are still under construction.
• Buydowns become key for buyers to beat the market
  Despite a growing “lock-in effect,” sellers are becoming flexible with concessions to help buyers fund monthly mortgage payments.
• Mortgage rates dropped again, so why are some borrowers on the sidelines?
  Survey data from Freddie Mac shows the 30-year fixed-rate mortgage rate slowed its downward trajectory this week, declining three basis points from last week to 6.41%.
• Nonbank lender job cuts could shorten the market downturn
  Nonbank turnover rates for processors, underwriters and closers ranged from 35% to 50% in the first half of 2022, compared to 18% to 22% for banks.  
• New home sales continued to yo-yo in October
  Despite October's nationwide uptick in new home sales, homebuilder confidence continues to slide, hitting its lowest level since June 2012 in November.
• How to communicate rate changes to borrowers
  It’s important to update borrowers that are going through a refinance or are at some stage of the purchase process pretty regularly on movement in the market, but mostly when something significant happens. 
• Demand for mortgages is on the rise as rates fall
  With mortgage rates down nearly 50 basis points from the recent peak about a month ago, borrower demand picked up again this week.
• Prepayment activity drops to another record low as mortgage rates top 7%
  Black Knight expects that the steep declines in rate lock volume and seasonality factors point to further declines in prepayment activity.
• Marcia Fudge will be the first sitting HUD secretary to visit Japan
  The HUD secretary will meet with Governor Yuriko Koike to learn about affordable housing models and public housing in Tokyo.
• Inside Movement Mortgage’s acquisition plans
  Movement Mortgage's deal for top indie retail lender Mortgage Network marks a shift in the South Carolina-based company's strategy. We break down who they're looking to acquire, and why.