Good Morning! Today is Wednesday, September 28. Hurricane Ian is expected to make landfall today in western Florida and is close to a Category Five storm. There are evacuation orders in place. Russia dispatched forces to stop men fleeing draft orders. The EU’s top diplomat said that pipeline leaks under the Baltic Sea were caused by a “deliberate act.” The Mortgage Note Reports Question And Answer: Editor Kimberley Haas sat down with Ed Austin, chief operating officer at SingleSource Property Solutions to learn more about their bundled services for lenders. In August, company leaders celebrated the 20-year anniversary of the launch of home equity service offerings. Rates Hit 6.5%: Mortgage loan application volume turned down again, wiping out gains from last week as mortgage rates breached…
Good Morning! Today is Tuesday, September 27. Hurricane Ian made landfall in Cuba early this morning and is expected to hit the Tampa area as it moves north. Major evacuations are taking place in Florida. Congress last night released a stopgap funding proposal intended to avert a government shutdown and provide $12 billion more in aid to Ukraine. Vladimir Putin granted Russian citizenship to Edward Snowden. The Mortgage Note Reports New Home Sales: New home sales rose in August to a seasonally adjusted annual rate of 685,000, up 28.8% from July’s revised rate but down 0.1%% YOY. Growth Decelerates: Home price appreciation cooled some in July though growth remained elevated from a year earlier. What do you think will happen in the housing market in 2023?…
Good Morning! Today is Monday, September 26. Global markets tumbled this morning, and the pound fell to a record low against the dollar. Instead of rebounding, stocks have continued to fall, burning investors who stepped in to buy shares on sale. A NASA spacecraft is set to collide with an asteroid today, testing a technique to protect Earth. The Mortgage Note Reports Look At The Numbers: Adjacent cities grew during the pandemic as people fled New York, Los Angeles, and other major metropolitan areas. Writer Chuck Green has the story. AG CEO: T.J. Durkin has been named CEO of AG Mortgage Investment, and other leadership changes have been made as David Roberts moves towards retirement. August First Look: Delinquencies fell in August to 2.79%, just 4…
Good Morning! Today is Friday, September 23. Iran state television is reporting that at least 26 are dead due to the protests taking place over a woman’s right to choose what clothing she will wear, including the mandatory hijab. Fox News is reporting Americans have lost $4,200 in income under President Biden. Russia has started orchestrating and staged voting in occupied Ukraine territories. The Mortgage Note Reports Rates Shoot Up: Mortgage rates jumped by a quarter point this week in the wake of another 75-point rate hike from the Central Bank, up from 6.02% to 6.29%. Input Wanted: The Consumer Financial Protection Bureau wants the public to weigh in on ways to improve the mortgage process for homeowners who would benefit from refinancing. Share your…
Good Morning! Today is Thursday, September 22. The Fed raised interest rates another 75 points and signaled more increases to come. Rising rates could lead to more unemployment and slower economic growth. New York’s attorney general is suing Trump, three of his children, and their family business, accusing them of “staggering” fraud. The Mortgage Note Reports Luxury Takes A Hit: Luxury home sales tanked by 28.1% YOY, the biggest drop since 2012, as high-end buyers wait to see if they can score a better deal in a market downturn. Co-Buying Your Dream Home: As first-time buyers struggle to find an affordable home, many Millennials are willing to co-buy in order to access bigger mortgages. Wells Fargo Downsizing: Leadership at Wells Fargo has laid off employees in a move…
Good Morning! Today is Wednesday, September 21. Three of the migrants flown to Martha’s Vineyard have filed a class-action lawsuit against Ron DeSantis. A health panel recommended that doctors screen all adult patients under 65 for anxiety. Puerto Rico is still without power after being battered by Hurricane Fiona. The Mortgage Note Reports Funding Filmmakers: Leaders at Bank of America provided corporate funding for “The U.S. and the Holocaust,” a three-part, six-hour series by Ken Burns running on PBS and online. Editor Kimberley Haas has the story. Existing Home Sales: Existing-home sales dropped for the seventh straight month in August, down 0.4% from July and 19.9% YOY. Loan Volume Up: Mortgage loan application volume increased by 3.8% last week despite rates rising to their highest point since October…
Good Morning! Today is Tuesday, September 20. September’s FOMC meeting begins today, and a 75-point hike is expected. The 10-year Treasury yield crossed 3.5% on Monday for the first time since 2011, while the rate on the 2-year Treasury rose overnight to a 15-year high of 3.97%. Adnan Syed, whose murder conviction became famous in the hit podcast “Serial,” has been released from prison. The Mortgage Note Reports Investing In Hispanic Borrowers: CrossCountry Mortgage is investing in the rapidly-growing future of Hispanic homeownership through a new Spanish mortgage application and a focused Hispanic website. Boost In Starts: Housing starts surprised the industry with a boost in August, though building permits lagged at their slowest pace in the last two years. Is your business helping to better your…
Good Morning! Today is Monday, September 19. Queen Elizabeth II’s funeral is today. Russia has begun using Iranian-made attack drones to counteract heavy artillery provided by the U.S. President Biden said in an interview that the “pandemic is over,” though we “still have a problem with Covid.” The Mortgage Note Reports Puorro Moves To Embrace: Top-ranked originator Michael Puorro has joined Embrace Home Loans in its Basking Ridge, NJ, branch as producing sales manager. Home Value Falls: The typical US home value slipped for the second consecutive month– down 0.3% to $356,054– as mortgage costs continue to sideline buyers. In other mortgage and housing news… New Listings: New listings dropped 8% from July to August to their lowest level since May 2020 and, pandemic aside, their lowest point since…
Good Morning! Today is Friday, September 16. The late Queen Elizabeth II‘s eight grandchildren will stand vigil beside her coffin in Westminster Hall on Saturday evening. The roughly 50 migrants who were sent by plane to Martha’s Vineyard in Massachusetts by Florida’s governor this week will be transported to a military base to receive shelter and humanitarian support. ABC News reports that Donald Trump is increasingly embracing and endorsing the QAnon conspiracy theory. The Mortgage Note Reports Rapper Sentenced: Officials at the U.S. Department of Justice say that a Bay area rapper was sentenced to more than seven years in prison for his role in orchestrating a complex loan fraud and identity theft conspiracy. Editor Kimberley Haas has the details. Rates At 6%: Mortgage interest rates and inflation are both…
Good Morning! Today is Thursday, September 15. Railroad companies and unions reached a tentative deal to avoid a strike. F.B.I. agents seized the phone of MyPillow’s Mike Lindell as part of an investigation into vote-machine tampering. Florida’s Governor Ron DeSantis is claiming credit for sending planes carrying migrants to Martha’s Vineyard on Wednesday. The Mortgage Note Reports Metaverse Concerns: It is estimated that by 2026, 25% of people will spend at least one hour a day on the metaverse for work, shopping, education, social activities, or entertainment. As businesses and investors buy up virtual land on the metaverse, how do they keep themselves safe? Writer Tyrone Townsend and Editor Kimberley Haas report. Business Development: Tom Dempsey, senior vice president of business development at Rocket Mortgage,…
