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…
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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…
Good Morning! Today is Wednesday, October 18. President Joe Biden made a rare wartime visit to Israel. Rep. Jim Jordan (R-Ohio) failed to get the 217 votes needed to be named Speaker of the House, plans to try again today.
The Mortgage Note Reports
Starts And Permits: Housing starts surged unexpectedly in September, driven by a surge in multi-family construction, but slumping permits suggest trouble on the horizon.
Applications Slip: Mortgage applications tanked last week, hitting their lowest level since 1995 as rates reached 7.70%, though ARMs once again saw a boost.
In other mortgage and housing news…
“Slowest Year Since Bust”: The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the…
Good Morning! Today is Tuesday, October 17. President Biden will visit Israel tomorrow after accepting an invitation from Benjamin Netanyahu. The U.S. says it nearing a deal that would allow humanitarian aid into Gaza. Massachusetts will no longer guarantee emergency housing for new migrant arrivals beginning next month.
The Mortgage Note Reports
Fed Under Fire: The Federal Reserve’s policies are taking center stage at the MBA’s conference this week, editor Kimberley Haas reports.
Haunted And Cheap: More than half of Americans would buy a haunted house to save money even though they’d be terrified to live in one.
1980s Market?: Today’s housing market proves that history recycles its best hits, mirroring that of the 1980s– not an exact copy, but …
Good Morning! Today is Monday, October 16. President Biden said Israel should not reoccupy Gaza in wake of terrorist attack. GOP Rep. Jim Jordan (R-Ohio) still faces “10-20” holdouts as House speaker vote looms, Republicans say. Rite Aid filed for bankruptcy as it faces more than a thousand lawsuits over opioid prescriptions.
The Mortgage Note Reports
MBA Expo: TMN Editor Kimberley Haas is reporting from the MBA’s annual convention in Philadelphia, which kicked off Sunday with some good news for lenders from MBA chief economist Michael Fratantoni.
Scary Expensive: Homeowners have plenty to fear this Halloween as the rising cost of candy and decorations pushes holiday spending projections to record highs.
IMB Essentials: Banking platform Blend is betting on IMBs…
Good Morning! Today is Friday, October 13. Israel ordered more than a million people in northern Gaza to leave. The U.N. said an evacuation would be impossible without “devastating humanitarian consequences.” Republican Steve Scalise withdrew his bid to become House speaker after too many members of his party opposed him.
The Mortgage Note Reports
Rates Up: Mortgage rates increased last week amid heightened investor fears over the rippling impacts of war in Gaza on the U.S. economy’s stability.
Prices Soar: Home prices surged again, both annually and quarterly, in Q2 2023 as summer home shoppers butted heads because of low inventory.
Tips For Success: Industry leaders are using platforms like Facebook, Twitter, and TikTok to reach new clients and show…
Good Morning! Today is Thursday, October 12. Israel has blocked all electricity and fuel from entering Gaza as devastating attacks continue. Republicans nominated Steve Scalise to be the next House speaker but postponed a full vote. A winning ticket for the $1.8 billion Powerball jackpot has been sold in California.
The Mortgage Note Reports
First Federal VP: Industry veteran Schuyler Vaughan joined First Federal Bank of Kansas City as its Senior VP of Mortgage Banking.
FutureWave: Industry powerhouse Stephen Thomas is spearheading a new minority-owned national correspondent lender, FutureWave Finance.
In other mortgage and housing news…
CPI: Consumer prices overall rose 3.7% YOY in September, similar to August, as steady gains in rent and other services offset a smaller…
