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…
Good Morning! Today is Wednesday, October 11. Antony Blinken, the secretary of state, is heading to Israel as a war there begins with Hamas. Republicans will vote on a new House speaker today. Another earthquake hit northern Afghanistan just days after quakes left 1,000 dead.
The Mortgage Note Reports
ARM Rush: Mortgage applications rose slightly last week, driven by an increase in ARM applications, which jumped 15% in one week as their rates pulled back.
USAA Real Estate: Herbie Huesman has been promoted to SVP of real estate at USAA Federal Savings Bank.
In other mortgage and housing news…
PPI: The producer price index rose more than expected in September, up 0.5%, against the Dow Jones estimate for a…
Good Morning! Today is Tuesday, October 10. Israel is at war with Hamas after a series of unexpected strikes over the weekend. It has retaken towns near Gaza and is now moving to secure the border. Robert F. Kennedy Jr. will run for president as an independent instead of as a Democrat.
The Mortgage Note Reports
Rate Over Price: For the first time ever in Fannie Mae’s records, high rates surpassed high prices as the main reason respondents think it’s a bad time to buy.
Family In Reach: Would-be homebuyers are reassessing the importance of family in the homebuying process, both financially and emotionally.
Spooky Reality: Do you want to live in a house where someone has died, or…
Good Morning! Today is Friday, October 6. There will be no newsletter on Monday. The Biden administration is expanding the wall along the U.S. and Mexico border, a project it once opposed. The IRS placed a lien on Rudy Giuliani’s Florida condo to cover $550,000 in owed taxes. The SEC sued Elon Musk to force him to testify about purchasing Twitter stock before he bought the company.
The Mortgage Note Reports
Rates Jump: Mortgage rates climbed again last week to 7.49%, following treasury yield gains in the wake of political turmoil and an unexpected jobs report spike.
Clever/HomeScout: Clever Pro and HomeScout have teamed up to provide cost-saving services to their clients.
In other mortgage and housing news…
“Shocking”…
Good Morning! Today is Thursday, October 5. Majority Leader Steve Scalise (R-LA) and Judiciary Chair Jim Jordan (R-OH) are running for House speaker. The Biden administration will forgive additional student debt for teachers, firefighters, and people with disabilities. Health care workers at Kaiser Permanente are striking.
The Mortgage Note Reports
Capitol Hill Chaos: Turmoil in Congress is making headlines, but how does it impact the economy – and the mortgage industry – more broadly?
Hot And Cold: Monthly payments are blowing up as mortgage rates continue to climb, but a boost in new listings could signal a fall price cooldown.
Build-To-Rent: The city of Atlanta is on the frontlines of the build-to-rent trend. Writer Scott Kimbler has the story.…
Good Morning! Today is Wednesday, October 4. Kevin McCarthy was ousted as Speaker of the House, a first in U.S. history. There will be a nationwide emergency alert test today. The next Powerball drawing is tonight, and $1.2 billion is up for grabs.
The Mortgage Note Reports
Purchases Slip: Mortgage applications slipped again last week as purchase activity fell to its lowest level since 1995. Rates hit 7.53%, their highest level in 23 years.
Cady Joins Citywide: Guaranteed Rate-backed Citywide Home Loans named John Cady as its new president.
In other mortgage and housing news…
No Other Options: Homeowners in risky areas are flocking to last-resort insurance policies that charge big bucks for limited coverage.
Worse Than Dating: Nearly two-thirds…
