Morning Mortgage Notes

Good Morning! Today is Wednesday, September 13. House Speaker Kevin McCarthy opened an impeachment inquiry into President Biden. Flooding in Libya led to dams bursting and more than 5,000 deaths. Bernard Looney resigned as chief executive of oil and gas company BP after failing to disclose past relationships with colleagues.   The Mortgage Note Reports Applications Sink: Mortgage applications continued to sink last week despite a small uptick in adjusted purchase applications, driven down by weak refinances. Saso At US Mortgage: Three-decade industry veteran Nino Saso has been named Chief Production Officer of US Mortgage Corporation. In other mortgage and housing news… Moving For Work: Back-to-office mandates are motivating one out of every ten home sellers, not the biggest reason,…

Good Morning! Today is Tuesday, September 12. The House returns today after weeks of recess. Trump’s lawyers asked the judge in his federal trial to recuse herself, accusing her of bias. Flooding in Libya killed 300, while 5,000 are still missing. The Mortgage Note Reports Credit Invisible: A case study by FormFree highlights how one of the nation’s largest independent mortgage lenders is serving the credit invisible. Editor Kimberley Haas has the story. Rate Lock Loss: Mortgage activity dipped in August as rates reached new highs and inventory remained low, with rate locks down 1.5% from July. Flyhomes & HSA: Cash offer fintech Flyhomes announced it is acquiring “buy before you sell” leader Home Sale Assured. In other mortgage and…

Good Morning! Today is Monday, September 11. Today is the 22nd anniversary of the 9/11 terror attacks. An earthquake in Morocco has killed more than 2,000 people. Apple is expected to release a new iPhone tomorrow. A trial to determine if Google abused its monopoly in online searches will begin this week. The Mortgage Note Reports Motivations For Moving: Return to the office mandates and the continued desire for a better quality of life are affecting Americans as they decide where to move in 2023. Writer Erin Flynn Jay has the story. Out With The Old: As mortgage rates are locking homeowners in their current houses, many are investing in renovations rather than moves. MCR Done: To improve and streamline…

Good Morning! Today is Friday, September 8. An attack on the Russian navy was thwarted by Elon Musk, according to a soon-to-be-released biography. Two climate change protesters were arrested at the U.S. Open. Dangerous surf and rip currents are expected on the East Coast due to Hurricane Lee. The Mortgage Note Reports Rates Move Down: Mortgage rates dipped again last week but remain above the dreaded 7% threshold for a fourth consecutive week. Equity Gains: Only 2% of borrowers were in negative equity in Q2 2023, 6.3% fewer than in Q1, and on-trend with numbers from the last two years. Listen To Our Podcast: Learn about the challenges facing mortgage professionals and how they are overcoming them in today’s tough…

Good Morning! Today is Thursday, September 7. The Justice Department says it plans to indict Hunter Biden on a gun charge before the end of the month. The Biden administration will cancel oil drilling leases in Alaska’s Arctic National Wildlife Refuge. A cyclone battered southern Brazil, killing at least 37. The Mortgage Note Reports Pessimism Rampant: Consumer sentiment is stuck in the pits as rates remain elevated, with most respondents saying it’s a good time to sell but a bad time to buy. No Hope For The Future: Almost one in five Millennials and 12% of Gen Z buyers believe they will never be able to own a home, citing affordability as their primary barrier. Listen To Our Podcast: Learn…

Good Morning! Today is Wednesday, September 6. Covid hospitalizations and deaths are on the rise. Federal judges rejected another congressional map in Alabama that failed to comply with orders to create a second majority-Black district. The coach of Spain’s women’s soccer team was fired in the wake of a sexual harassment scandal. The Mortgage Note Reports Renters By Choice: Build-for-rent communities have been growing in popularity as the housing landscape changes in the United States and predictions for the now niche market look promising. Editor Kimberley Haas has the story. Applications Dip: Mortgage applications dipped again last week after a brief spike, continuing their downward slog despite rates cooling 10 bps to 7.21%. Rogers At MBA: Prominent political player and…

Good Morning! Today is Tuesday, September 5. Burning Man festival attendees in Nevada were able to leave yesterday after being trapped by heavy rains. North Korea’s Kim Jong Un is planning to visit Putin in Russia to discuss weapons supplies. Volodymyr Zelensky removed Ukraine’s defense minister after accusations of financial mismanagement. The Mortgage Note Reports Deciding Factors: As natural disasters become commonplace in areas with high climate impact, more homebuyers are factoring climate risk into their decisions. Where To Find Price Cuts: Home prices are up despite high rates pushing demand down, but in these ten metros, sellers are slashing prices. ICYMI: Last week, writer Chuck Green wrote about the historical significance of the Fannie Mae and Freddie Mac conservatorships,…

Good Morning! Today is Friday, September 1. The Mortgage Note will be off Monday for Labor Day and there will not be a newsletter that morning. In other news, Justice Clarence Thomas formally disclosed gifts from a billionaire conservative donor after months of public outcry. The Biden Administration proposed a rule that gun show salesmen must perform background checks on buyers. The Mortgage Note Reports 15 Years: In September of 2008, Fannie Mae and Freddie Mac were placed in conservatorship. Writer Chuck Green explores the historical significance 15 years later and reports on whether there is an end in sight. Rates Pull Back: Mortgage rates cooled last week, falling to 7.18%, after a weeks-long run of increases, though they remain…

Good Morning! Today is Thursday, August 31. A building fire in Johannesburg, South Africa, killed at least 73 people. Idalia cooled to a tropical storm after ravaging Florida. Senator Mitch McConnell froze suddenly during a news conference, raising concerns about his health. The Mortgage Note Reports Back In Black: Lenders were back in business in Q2, issuing $494 billion worth of residential mortgages (+23% from Q1) across every loan category. Pending Sales: Pending home sales improved in July, marking a second month of increases as the housing market reheats. In other mortgage and housing news… GDP: U.S. economic growth was revised lower to a still-solid pace in Q2, but momentum appears to have picked up early in the third quarter……