Good Morning! Today is Monday, June 26. The head of the Wagner group ended a short-lived military rebellion this weekend by striking a deal to leave Russia in order to avoid criminal charges. Severe storms in Indiana killed at least one person on Sunday. Nearly 3,000 flights have been canceled due to the same system.
The Mortgage Note Reports
Office To Residential: Vacant offices could be the perfect fit for new apartments and condos, but industry leaders say there are a number of considerations to take into account with these projects. Editor Kimberley Haas has the story.
Beyond Reach: Only half of Americans believe they’ll ever be able to own a home, now or ever in the future, a sign…
Good Morning! Today is Friday, June 23. The missing Titanic tourist sub likely imploded, the Navy reported, and its occupants are presumed dead. The Supreme Court ruled against the Navajo Nation over access to Colorado River water. A record-setting heatwave is ongoing in Texas and is likely to spread to nearby states.
The Mortgage Note Reports
Barely Budging: Existing-home sales increased slightly in May, up 0.2%, just enough to put a positive spin on an otherwise difficult market.
Rates Slip A Little: Mortgage rates fell to 6.67%, the third consecutive week of declines, but once again gave only an inch.
ICYMI: Should mortgage professionals be back at the office? Writer Chuck Green explored that issue in this week’s most popular…
Good Morning! Today is Thursday, June 22. The House voted to censure U.S. Rep. Adam Schiff for leading investigations into Donald Trump during his presidency. A federal judge sentenced a rioter who assaulted an officer on Jan. 6 to more than 12 years in prison. Math and reading scores for 13-year-olds in the U.S. hit their lowest levels in decades with school closures during the pandemic to blame.
The Mortgage Note Reports
Rural Opportunity: For borrowers in the rural South, a lack of lenders and higher rates make getting a mortgage difficult, but offers opportunities to lenders.
BK’s Image Analyzing App: Black Knight introduced a new app that analyzes property photos with AI to speed up applications for HELOCs.
TMN…
Good Morning! Today is Wednesday, June 21. Hunter Biden will plead guilty to failing to pay his taxes on time. Experts had warned the company that operates the missing Titanic tourist sub that the craft posed a danger to passengers prior to this trip. A judge struck down Arkansas’s ban on transgender medical treatment for minors.
The Mortgage Note Reports
Filthy Rich: What are the wealthy looking for in their homes? The answers may surprise you. Editor Kimberley Haas has the story.
Fighting For Latino Homeowners: Wells Fargo is funding a new initiative from nonprofit UnidosUS to create four million new Latino homeowners by 2030.
Apps Positive, Just Barely: Mortgage applications ticked up slightly last week, rising 0.5% thanks to…
Good Morning! Today is Tuesday, June 20. We hope everyone had a reflective and inspiring Juneteenth. A submersible headed for the sunken Titanic has been missing since Sunday. The Coast Guard is rushing to save those inside. Trump told Fox News the secret document he described in a recording was just news clippings.
The Mortgage Note Reports
Back To The Office: Companies are requiring their employees to be back at the office for most of the week, should this apply to mortgage professionals? It depends. Writer Chuck Green has the story.
Housing Starts: Data released this morning shows that privately-owned housing starts were up last month, exceeding expectations.
Lenders Fighting Unaffordability: Amsterdam-based Anyone.com is looking for U.S. lenders to join…
Good Morning! Today is Friday, June 16. A tornado killed three people and injured at least 75 others in the Texas Panhandle. New Jersey is the first state to require that all grades learn about climate change. Jack Teixeira, the Air National Guardsman who shared U.S. intelligence in an online chatroom, was indicted on charges of mishandling secrets.
The Mortgage Note Reports
Rates Respond: Mortgage rates ticked down slightly, from 6.71% to 6.69%, the second consecutive week of declines and the result of the Fed pause.
Cenlar Hire: Industry vet Tom Donatacci is joining Cenlar as Investor Relations Officer.
ICYMI: 60% of mortgage professionals are living paycheck to paycheck, and although it feels like the market is stuck now, people…
Good Morning! Today is Thursday, June 15. The Supreme Court upheld a federal law that prioritizes the placement of Native American children with Native families. Southern Baptists voted to restrict women in church leadership. Miami mayor Francis Suarez entered the race for the Republican presidential nomination.
The Mortgage Note Reports
They Paused: The Federal Open Market Committee called a pause on their rate hikes Wednesday, electing to keep the target range at 5% to 5.25%, but they expect to raise rates “somewhat further” before the end of 2023. Writer Patrick Lavery has the story.
Racial Bias In Appraisal: Veros says its automated valuation model isn’t biased, producing comparable figures for redlined and non-redlined homes.
Kellett At FirstClose: Dan Kellett has…
Good Morning! Today is Wednesday, June 14. Donald Trump entered a not guilty plea and was fingerprinted in a Florida court yesterday. Author Cormac McCarthy died at 89. The Olympic sprinter Tori Bowie died of complications from childbirth, an autopsy found.
The Mortgage Note Reports
Rate Watch: All eyes are on the Federal Reserve as industry leaders speculate about what the FOMC will do concerning rate increases.
Applications Flip: Mortgage applications turned around after four weeks of declines, up 7.2%, as rates moderated near-7% highs.
Mortgage Pros Laid Low: More than half of all mortgage professionals are living paycheck to paycheck, contending with rising inflation and a cooling market.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from…
Good Morning! Today is Tuesday, June 13. Trump is expected to plead not guilty today to illegally keeping classified documents and obstructing government efforts to obtain them. The Senate will investigate the merger between the PGA Tour and LIV Golf. The F.T.C. sued to stop Microsoft from buying video game giant Activision Blizzard.
The Mortgage Note Reports
Another Buydown Program: Guild Mortgage has introduced a new 1% down, 1% one-year lender interest rate buy-down program.
Millennials Lag Behind: How do you get the largest cohort of possible homebuyers to actually find a house? Increasing inventory may be the only option.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay…
Good Morning! Today is Monday, June 12. Part of I-95 collapsed in Philadelphia after a tanker truck caught fire under an overpass. Billionaire George Soros has tapped his son Alexander Soros to run his PAC and charity. JPMorgan Chase settled with Jeffrey Epstein’s victims after an accusation that it operated as a financial conduit for his crimes.
The Mortgage Note Reports
Prices Surging: Competition for limited inventory has led to surprisingly hot home prices this season, up 1.4% from April to May.
Nowhere Near Normal: Though mortgage originations fared better in May than in April, they remain constrained, a “likely harbinger” of slow months to come.
Get Moving: Although the market is slow now, there will eventually be a point…
