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MReport spoke with mortgage industry veteran Frank Pallotta as he approached Election Day in his run for congress in the 5th District of New Jersey.

Mortgage rates continue to force down application volume, with Freddie Mac reporting rates moving slightly upward yet again this week, adversely impacting the housing market as demand dwindles.

As overall mortgage rates edge closer to 7%, mortgage app volume experienced their fourth consecutive month of declines, with an uptick in ARM loans demonstrating that they remain a feasible option for borrowers seeking ways to reduce their monthly payments.

According to Zillow's latest market report, inventory levels are up 3% from 2021, leaving more options for buyers and more competitive pressure on sellers. However, new for-sale listings saw an 11.4% drop from August, marking the third straight month of double-digit declines.

Single-family starts in 2022 are projected to hit an 11-year low, as builder confidence falls to its lowest level in more than a decade.

Inlanta Mortgage President and CEO Paul Buege discusses navigating the current down cycle and where the housing market is headed.

According to CoreLogic's Single-Family Rent Index for August, new data found that rent prices remain elevated, sitting 26% higher than before the onset of the pandemic, with an average of $400 per month added to housing costs and other household expenses.

Continued economic instability and inflationary concerns forced more potential homebuyers to pull back from the market in September, as the MBA reported builder applications fell by 7% over August 2022’s data.

The pandemic threw many wrenches into the housing market, and a new report notes that, for the first time in years, space in suburban homes is now worth more than space in urban homes.

“The higher the mortgage rate, the more sellers will go on strike and the more potential buyers will feel the impact of reduced house-buying power, but price appreciation will further slow and potential buyers can use adjustable-rate mortgages to regain some of that lost house-buying power,” said Mark Fleming, First American’s Chief Economist.