Mortgage payments hit a new record ($~2,800)

😀 It's Monday, and we are here for you. Today's newsletter is 476 words, 2 minutes.

1. Ginnie Mae President Alanna McCargo to resign

Ginnie Mae President Alanna McCargo is resigning from her position effective May 3, according to an announcement issued Friday by the U.S. Department of Housing and Urban Development (HUD).

Ginnie Mae principal executive vice president Sam Valverde will serve as acting president of the company upon her departure.

“The past 3.5 years in public service with the Biden-Harris administration has been the most important and fulfilling work of my 25-year career in housing finance and I am deeply grateful for the opportunity to serve my country and advance a bold housing agenda across the globe as president of Ginnie Mae,” McCargo said.

2. Redfin: Cost of buying a home hits new record

The median U.S. home sale price increased 5% compared to last year's numbers during the four weeks ending April 14, rounding out at $380,250—just $3,095 shy of June 2022’s all-time high. That’s according to a new report from Redfin.

The average daily mortgage rate last week surpassed 7.4%, the highest level since last November, after a hotter-than-expected inflation report and the Fed’s confirmation that interest-rate cuts will be delayed.

The combination of high mortgage rates and prices has brought homebuyers’ median monthly housing payment to a record $2,775, up 11% year over year.

3. Catch up quick

✍️ New rule aims to increase lender participation in tribal housing program. (HUD)

💸 The outlook for home prices has changed drastically in just the past month as Fed rate cuts look more and more distant. (Fortune)

🏡 17% of black homebuyers use 401Ks and pensions to afford down payments. More than any other group. (NMP)

4. Home renovations are booming thanks to high rates

In the early days of the pandemic, rock-bottom loan rates fueled a rise in US home sales as well as renovation spending. Today, as rates have shot up, more homeowners are staying put, but they’re still investing at near-record levels in bathroom redos, landscaping upgrades, and other improvements.

Abbe Will, senior research associate at the Harvard Joint Center for Housing Studies, describes their mindset this way: “I know I’m going to be in this home for however many more years, so what can I do to make it nicer for as long as I’m here?”

5. Charted: Build-to-rent deliveries triple, up 307%

In 2023, there were a record-breaking 27,495 build-to-rent homes completed, up 75% from 2022 and a staggering 307% since 2019.

You’re all caught up. See you on Wednesday!

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