Good Morning! Today is Monday, August 14. Nearly 100 people died in the Maui wildfire, and many are still missing. EG.5, a new Covid variant, is spreading in the U.S. but is no more dangerous than past strains. Mark Zuckerburg backed out of a cage fight with Elon Musk, saying Musk isn’t “serious” about the prospect.
The Mortgage Note Reports
Feeling The Pain: Rate hikes by the Feds add to the affordability and inventory issues mortgage professionals are seeing throughout the country. Writer Chuck Green has the story.
Bleak Prospects: Mortgage delinquencies improved in the second quarter of 2023, but homeowners face increasing credit stress as the year drags on.
July Originations: Rate lock volumes sank in July as mortgage…
Good Morning! Today is Friday, August 11. Maui wildfires have killed at least 55 people and have yet to be contained. Iran agreed to free five imprisoned Americans. Trump said he would not promise to support whoever wins the Republican presidential nomination, a requirement for the first debate.
The Mortgage Note Reports
Marching Up: Mortgage rates increased for a third consecutive week, pushing averages closer to 7% and adding further pressure on buyers.
Hawaiian Housing Grant: HUD devoted $21 million to affordable housing efforts in Hawaii, where the median single-family home is more than $1m.
Policy Overkill: In an opinion piece, Desmond Lachman writes that the Fed is engaged in monetary policy overkill.
TMN Presents: The Mortgage Meltdown Meter, a…
Good Morning! Today is Thursday, August 10. Wildfires in Maui killed at least 36 people and forced thousands of residents and tourists to evacuate. President Biden signed an executive order banning new American investment in some Chinese technology. A presidential candidate in Ecuador was assassinated at a rally days before the election.
The Mortgage Note Reports
Tale Of Two Lenders: The country’s two largest lenders, UWM and Rocket, were both profitable in the second quarter of 2023, overcoming several quarters of losses.
Improvements Seen: Officials at the Federal Housing Finance Agency say racial and ethnic valuation gaps in home appraisals are being reduced in a majority of states.
Ribbon Relaunch: Powerbuyer Ribbon, now owned by sale-leaseback platform EasyKnock, is reintroducing…
Good Morning! Today is Wednesday, August 9. Unprecedented wildfires in Maui, fanned by a hurricane to the south, are forcing evacuations. Zoom is asking its employees to return to the office part-time. A ticket in Florida won the $1.58 billion Mega Millions jackpot.
The Mortgage Note Reports
Balancing Act: High rents and a lack of affordable housing are a problem in Philadelphia, but building reduces green spaces for residents. Writer Erin Flynn Jay found out how city leaders are balancing the needs of residents.
More Bad News: Mortgage applications dipped last week as rates hit 7.09% thanks to blowback from Treasury funding and Fitch’s credit downgrade.
Arrive Promos: Matt Pettit has been promoted to CEO of Arrive Homes, while Tai…
Good Morning! Today is Tuesday, August 8. Tesla Chief Financial Officer Zach Kirkhorn stepped down. The Biden administration will designate nearly a million acres of land near the Grand Canyon as a national monument to protect it from uranium mining. Storms in the Eastern U.S. killed at least two people.
The Mortgage Note Reports
Only Getting Worse: Mortgage credit availability fell in July, sinking to its lowest level since 2013.
Still Moving Away: Despite inflation, debt, and high housing costs, Americans are still hoping to move out of their states in search of lifestyle and affordability.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the…
Good Morning! Today is Monday, August 7. Two helicopters collided while responding to a fire in Southern California, killing three. Flooding destroyed two structures in Juneau, Alaska, and prompted local evacuations. Donald Trump’s attorney raised eyebrows by claiming that violating the Constitution is not the same as committing a crime.
The Mortgage Note Reports
Who’s In The Game?: Writer Chuck Green takes a look at who is working as a mortgage professional in today’s tough market.
More Pessimistic: As inflation slowly cools, consumers are feeling a lot more secure in their personal finances, but they’re still in the dumps about buying a home.
Record-Breaking Gains: Black Knight’s Home Price Index hit an all-time high in June, proving that stock shortages…
Good Morning! Today is Friday, August 4. Donald Trump pleaded not guilty to plotting to overturn the 2020 election. The U.S. charged two Navy sailors with passing military secrets to China. Controversial online influencer Andrew Tate, charged with human trafficking, was released from house arrest in Romania.
The Mortgage Note Reports
Rate Rise: Mortgage rates rose once again last week, pushed up by the news of Fitch’s U.S. credit downgrade and “upbeat” economic indicators.
“Wake-Up Call”: After the Fitch downgrade – which affected Fannie Mae and Freddie Mac’s ratings – conservatives are arguing that it’s time to stop wasteful spending.
Future Problem: Student loan payments are set to resume this October, giving Americans more payments to stress about and another…
Good Morning! Today is Thursday, August 3. Donald Trump is expected to appear at a federal courthouse in Washington, DC this afternoon. Prime Minister Justin Trudeau of Canada and his wife are separating. Three former dancers have accused Lizzo of creating a hostile work environment.
The Mortgage Note Reports
Under Pressure: The average American spends $25,000 a year on their monthly bills, but costs vary hugely by state, putting strain on homeowners suffering under inflation.
New Lender Portal: Mortgage tech company ReadyPrice launched an independent universal delivery portal combining its PPE with the industry’s largest LOS.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the…
Good Morning! Today is Wednesday, August 2. Donald Trump now faces new federal indictments over his alleged efforts to overturn the 2020 election. Fitch Ratings downgraded the government’s credit rating after fights over the debt limit. Overstock.com, which acquired the bankrupt retail chain’s intellectual property assets for $21.5 million, officially relaunched Tuesday as BedBathandBeyond.com.
The Mortgage Note Reports
WF Bouncing Back: Wells Fargo is beating Wall Street earnings estimates, a sign that the troubled bank may be on the road to recovery. Writer Scott Kimbler has the story.
Turning Tide: Mortgage applications slipped again last week as rates edged closer to 7%, with purchase apps falling to their lowest level since the beginning of June.
USDA Approves CBC: CBC Mortgage…
Good Morning! Today is Tuesday, August 1. Phoenix’s temperature dipped below 110 degrees for the first time in a month. Russian officials are accusing Ukraine of another drone attack on Moscow. Paul Reubens, known for playing Pee-wee Herman, died at 70.
The Mortgage Note Reports
“Don’t Be Scared”: Mary Ann McGarry, who led Guild Mortgage as it grew into a national company with operations in 49 states, says the key to success is to have confidence and ask questions. Editor Kimberley Haas has the story.
Partner Up: NAF and The Agency are partnering to meet the needs of The Agency’s clients, with NAF becoming the preferred mortgage lender of The Agency.
Price Gains, Listing Woes: Listings took a hit in…
