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…
Good Morning! Today is Wednesday, October 25. The U.N. secretary general called for a cease-fire in Gaza. Meta is being sued by states that say it designed Facebook and Instagram to be addictive to children. The House will vote today on installing Mike Johnson (R-LA) as speaker.
The Mortgage Note Reports
Apps Down, Rates Up: Mortgage applications slipped again last week, down 1%, as treasury yields breached 5% for the first time since 2007.
Sales Spring To Life: New home sales bested analyst expectations in September, up 12.3% from August to a seasonally adjusted annual rate of 759,000.
ADUs To The Rescue: A new policy that allows lenders to count income from accessory dwelling units when underwriting a mortgage will…
Good Morning! Today is Tuesday, October 24. Israel continues to delay its ground invasion. Senator Robert Menendez (D-NJ) pleaded not guilty to a charge that he plotted to act as an agent of Egypt. Automobile markers expanded their strike to a Ram pickup truck plant in Michigan.
The Mortgage Note Reports
America’s Scariest Markets: Home shoppers have plenty to fear this Halloween, but where they live impacts how stressful their experience is.
Executive Returns: Kara Lamphere has returned to Click n’ Close, formerly Mid America Mortgage, as COO.
AI Assistant: Lendesk Technologies, part of Rocket Companies, has launched an AI assistant to help brokers in Canada.
Bye-Bye Bailouts: The director of the Consumer Financial Protection Bureau says it’s time to…
Good Morning! Today is Monday, October 23. Israel’s president says troops have found Hamas files with instructions for making chemical weapons. The search for a man suspected of killing a Maryland judge continues. NFL viewership among teen girls surged 53% compared to the season-to-date average on Sunday Night Football thanks to the Taylor Swift/KC Chiefs Travis Kelce pairing.
The Mortgage Note Reports
Building For Families: As the housing crunch continues throughout the country, some cities are planning for growth when it comes to building homes for average families. Writer Erin Flynn Jay has the story.
ICYMI: The Fed’s policies took center stage at the Mortgage Bankers Association’s annual convention and expo last week.
In other mortgage and housing news…
Not…
Good Morning! Today is Friday, October 20. President Biden asked Congress to approve additional military aid for both Israel and Ukraine. Trump lawyer Sidney Powell pleaded guilty to conspiring to intentionally interfere with the performance of election duties in Georgia. Police arrested a man accused of shoving a woman into a moving subway in Manhattan.
The Mortgage Note Reports
Homeownership Obsession: The link between buying a house and success is strengthening, but that may not be benefitting society or the people who have to sacrifice to compete in the current market. Writer Chuck Green has the story.
Rates Close In: Mortgage rates crept closer to 8% last week, piling more lousy news on top of recent sales declines and price…
Good Morning! Today is Thursday, October 19. Biden said Israel committed to allowing humanitarian aid into Gaza, and pledged $100M in U.S. funds. Jim Jordan (R-Ohio) lost a second vote for House speaker. “Rocky” actor Burt Young has died at 83.
The Mortgage Note Reports
Existing Home Sales: Existing-home sales sunk even further in September, with the formerly-hot Northeast and Midwest joining the West and South in declines.
New Fay CAO: Cari Gordon has been named Chief Audit Officer of Fay Financial.
In other mortgage and housing news…
Summer Profits: Profit margins on home sales nationwide hit nearly 60% in Q3 as prices soared, providing a cushion for seasonal declines in fall.
Spooked Buyers: This year is likely to end…
