Good Morning! Today is Wednesday, November 8. Democrats held the governor’s office in Kentucky and took control of the Virginia House of Delegates yesterday. Ohio voters passed a referendum enshrining abortion access in their state constitution. In a bipartisan vote, the U.S. House censured Rep. Rashida Tlaib (D-Mich.) over comments viewed as antisemitic.
The Mortgage Note Reports
Rates Plunge: Mortgage rates took their biggest one-week drop in more than a year last week.
VA Loan Awareness: Seven out of ten veterans are unaware that they are eligible for a zero-down payment plan for their mortgage.
ICYMI: Technology alone may not be able to solve the problem of racial bias in home appraisals.
In other mortgage and housing news…
FHFA Report: …
Good Morning! Today is Tuesday, November 7. It’s Election Day. Israel pushed further into Gaza City, sending troops into an urban Hamas stronghold. WeWork filed for bankruptcy after its stock fell more than 98% this year. Iowa’s Republican Gov. Kim Reynolds has endorsed Ron DeSantis for president.
The Mortgage Note Reports
Spirit Of Giving Back: Team members at Rocket step up to better the communities they serve. Editor Kimberley Haas sat down with Laura Grannemann, executive director of Rocket Community Fund, to learn more about the company’s initiatives and how they encourage employees to donate their time and talents.
New Lender: Newrez announced a new venture mortgage company, Carnegie Mortgage Partners, another partnership with Keller Williams.
Smith At loanDepot: Military…
Good Morning! Today is Monday, November 6. Donald Trump will testify today at his civil fraud trial in Manhattan. Tyson recalled nearly 30,000 pounds of dinosaur chicken nuggets after people found metal pieces in them. A mass shooting in Cincinnati left five injured and one child dead.
The Mortgage Note Reports
Luxury Explosion: Well-to-do buyers are avoiding high interest rates with cash purchases, pushing luxury home price growth 3x higher than typical homes.
Still Fighting: Disturbing new research shows how Americans without access to credit are blocked from homeownership, especially in Black neighborhoods.
In other mortgage and housing news…
Rates Sinking: Mortgage rates are dropping fast after a shock jobs report set off a series of dominoes on Wall Street. …
Good Morning! Today is Friday, November 3. Secretary of State Antony Blinken is in Tel Aviv to advocate for a cease-fire. A jury convicted Sam Bankman-Fried of stealing billions of dollars from FTX customers. Ukraine’s top military commander said the war with Russia is at a stalemate.
The Mortgage Note Reports
Rates Edge Back: Borrowers struggling with rampant unaffordability saw some relief as mortgage rates cooled off, ending an upward swing.
Recession Watch: Some analysts see a housing recession as inevitable in the face of a 1980s-style market dealing with high financing costs and low inventory.
Home For The Holidays: Home shoppers who are sensitive to mortgage interest rates near 8% may resist the idea of buying before Thanksgiving, hoping…
Good Morning! Today is Thursday, November 2. Bolivia cut diplomatic ties with Israel over the air strikes in Gaza, while Chile and Colombia recalled their ambassadors. The House voted down a resolution to expel George Santos over fraud charges. Teachers in Portland, Oregon went on strike, closing schools.
The Mortgage Note Reports
Man Versus Machine: The question of whether technology alone can eliminate racial bias during the home appraisal process came up during a hearing held in Washington, DC. Editor Kimberley Haas reports the answer is not yet.
Flood Insurance: Guaranteed Rate announced a new private flood insurance API connection, allowing agents to provide flood quotes in all zones from multiple providers.
VOE/I Updatae: CoreLogic and Experian Verification Solutions have…
Good Morning! Today is Wednesday, November 1. Yemen’s Houthi movement said it had launched missile and drone attacks on Israel. American commandos are in Israel to help locate the more than 200 hostages seized by Hamas. Some injured Palestinians are expected to travel to Egypt today.
The Mortgage Note Reports
ARM Boost: Mortgage applications slipped again last week, down 2.1%, though ARM applications soared in response to ongoing affordability pressures.
Zero Down: loanDepot now offers a new zero-down program for FHA borrowers struggling to save for a down payment.
In other mortgage and housing news…
Crystal Ball: Fitch Ratings says it expects non-bank mortgage companies to remain under pressure in 2024 due to the high rate environment and industry overcapacity.…
Good Morning! Today is Tuesday, October 31. Happy Halloween. The UAW reached a deal with GM, ending the auto workers strike. Israel’s Prime Minister Benjamin Netanyahu said he would not consider a cease-fire. Hurricane Otis left 100 people dead or missing in Mexico.
The Mortgage Note Reports
One-On-One: Michael Sachdev was recently promoted from president to chief executive officer at Snapdocs and he says his secret to success is being a lifelong learner. Read Sachdev’s interview with Editor Kimberley Haas.
Prices Up: Home prices spiked both month-over-month and YOY in August, especially in the Midwest and Northeast, while the South and West struggled.
Tech Upgrade: Rocket’s search tool Pathfinder is getting new AI enhancements to promote a smooth lending process.…
Good Morning! Today is Monday, October 30. Israel is expanding its ground invasion in Gaza. Mike Pence dropped out of the Republican presidential race. “Friends” actor Matthew Perry died at 54.
The Mortgage Note Reports
Watching And Waiting: When the Feds meet this week analysts will be looking for signs of what’s next and it may be anyone’s guess. Writer Patrick Lavery has the story.
Costs Of Commuting: Scores of workers are being called back to the office, influencing homebuyers’ choices as commutes are reintroduced to their lives.
Ameris Promotion: Ross McWilliams has been promoted to EVP and managing director of Ameris Bank’s Homebuilder Division.
In other mortgage and housing news…
“Range Of Uncertainties”: A bond-yield surge and the Israel-Hamas…
Good Morning! Today is Friday, October 27. The U.S. hit targets linked to Iran in eastern Syria, saying strikes were meant to deter wider war. House Representative Dean Phillips (D-MN) is running against Biden for president. Hurricane Otis battered Mexico, killing at least 27 people.
The Mortgage Note Reports
Rates Surge: Average mortgage rates jumped another 10 bps last week, edging closer to 8% and exacerbating affordability concerns heading into winter.
PCE: The Fed’s preferred inflation measure soared to a four-month high in September, increasing the likelihood of future Fed rate hikes.
Atlantans Adjusting: As the debate about returning to the office continues nationwide, people in the city of Atlanta and its surrounding communities are adapting to the reality that…
Good Morning! Today is Thursday, October 26. Israel said its ground forces pushed into Gaza overnight to attack Hamas targets. A manhunt is underway in Maine for a suspect in mass shootings at a bar and a bowling alley. The House elected Mike Johnson (R-LA) as speaker.
The Mortgage Note Reports
Delinquencies Hold: Serious mortgage delinquencies fell to their lowest point since 1999 in August as borrowers continued to prioritize their monthly payments.
NewDay Recognized: Fintech NewDay USA has been named a finalist for the U.S. Chamber of Commerce Foundation’s 2023 Citizens Awards.
Using AI: Fannie Mae CEO Priscilla Almodovar and Freddie Mac President Mike Hutchins talked about the benefits of using AI during an on-stage conversation last week at…
