Good Morning! Today is Friday, March 8. President Biden gave a “fiery” State of the Union address to a raucous Congress. Sweden formally joined NATO. High school students will take a fully digital SAT this weekend for the first time.
The Mortgage Note Reports
State Of Housing: President Biden proposed new housing initiatives in Thursday’s State of the Union address, including relief for both buyers and sellers.
Rate Improvements: Mortgage rates broke a month-long upward streak, deflating for the first time in weeks and resulting in a purchase demand boost.
Woman To Woman: As Women’s History Month is celebrated this March, we asked leaders in the industry and related fields to share their advice with others. Here’s what they said.…
Good Morning! Today is Thursday, March 7. Mitch McConnell endorsed Donald Trump. Dean Phillips ended his campaign against Biden. Alabama passed legislation to protect I.V.F., moving away from a controversial ruling by its state Supreme Court.
The Mortgage Note Reports
Above Water: The number of underwater homes in the U.S. dropped in Q4 2023 as home prices continued soaring, adding to the property wealth of American homeowners.
Update Alert: Fannie Mae announced enhancements to its Desktop Underwriter to streamline originations for lenders and buyers.
In other mortgage and housing news…
Fed Update: Jerome Powell testified that the central bank is in no rush to cut interest rates until inflation moves closer to 2% but expects cuts “at some point…
Good Morning! Today is Wednesday, March 6. Nikki Haley is expected to drop out of the race for president. Arizona senator Kyrsten Sinema won’t seek re-election. Facebook and Instagram went through a global outage for about two hours yesterday.
The Mortgage Note Reports
Apps Turn Up: Mortgage applications were back after a stretch of declines, increasing across the board last week.
Carrington Leadership: Bruce Rose, founder and CEO of Carrington Companies, is transitioning out of that role and will be succeeded by company veteran Andrew Taffet.
Climate Risks: The president of Rutledge Claims Management says the hazard insurance industry faces critical challenges in assessing and pricing climate risks, which directly impacts the vulnerability of mortgages.
Sharing Is Caring: Do you…
Good Morning! Today is Tuesday, March 5. It’s Super Tuesday, and voters are turning out to cast their ballots in the presidential primary. The Supreme Court ruled that states lack the authority to reject presidential candidates on the grounds they engaged in insurrection against the U.S. Airlines JetBlue and Spirit called off their merger after regulators blocked it in court.
The Mortgage Note Reports
Nonstop Hustle: The CEO of Rapid Home Loans says to succeed in the current landscape, mortgage professionals need to know how to make the most of every opportunity.
Affordable Listings: The share of available homes in the $200,000 to $350,000 price range saw the biggest growth of any price category in February, up 20.6% YOY.
Worst…
Good Morning! Today is Monday, March 4. The Supreme Court is expected to rule today on Trump’s eligibility to hold office. Kamala Harris called for an immediate cease-fire in Gaza. Nikki Haley won the D.C. Republican primary, her first win. Tomorrow is Super Tuesday.
The Mortgage Note Reports
Broker War: Did UWM squeeze Fairway Independent Mortgage Corporation out of the wholesale business? Writer Jared Whitley has the story.
First-Timer Dominance: First-time homebuyers accounted for a record share of GSE purchase loans in 2023 at 55%, but originations overall sunk to new lows.
“Significant Pressures”: Net new listings are down more than 15% from last year, another pain point for the market ahead of the typically zippy spring buying season.
Sharing…
Good Morning! Today is Friday, March 1. A federal judge blocked a Texas law that would let state and local police expel migrants. Gazan officials said that Israeli forces opened fire at a crowd waiting for aid. Russian opposition leader Aleksei Navalny was buried in Moscow.
The Mortgage Note Reports
Buffalo Booming: In recent years, cities in warmer weather states have boasted the nation’s hottest housing markets but now the spotlight is on one of the snowiest places in the country. Writer Erin Flynn Jay has the story.
Buyers Sitting Out: Mortgage rates increased to a two-month high last week, putting pressure on hopeful spring homebuyers.
Lending Pain: Residential mortgage lending plummeted in Q4 2023, the tenth quarter of declines,…
Good Morning! Today is Thursday, February 29. Mitch McConnell will step down in November as the Senate Republican leader. The Supreme Court agreed to hear Trump’s claim that he is immune from prosecution, delaying his criminal case. Congressional leaders reached a deal on a short-term spending bill to avert a government shutdown.
The Mortgage Note Reports
UWM Releases Results: The CEO of United Wholesale Mortgage said 2023 wasn’t one of the company’s best years financially but they will continue to assert market dominance in 2024.
Buyers Sitting Out: Pending home sales fell by 4.9% month-over-month in January as rate-sensitive buyers skipped out despite increasing inventory.
Homeownership Highlighted: HUD commemorated Black History Month at its close by highlighting its impact on…
Good Morning! Today is Wednesday, February 28. More than 100,000 Michigan Democrats voted “uncommitted” in protest of Biden’s support of Israel. Four eye ointments sold at Walmart and CVS are being recalled due to risk of infection. People in Texas and Oklahoma were forced to evacuate due to wildfires.
The Mortgage Note Reports
Apps Down: Mortgage applications fell for another week as rates remained above 7% and high home prices kept buyers on the bench.
Home Rewards: Newrez announced a new incentive program offering homebuyers and sellers closing cost kickbacks and other concierge services.
In other mortgage and housing news…
Value Boost: The total value of U.S. homes jumped 5% to $47.5 trillion, the biggest gain in nearly a…
Good Morning! Today is Tuesday, February 27. Michigan is having its presidential primaries today. Biden said negotiators were close to a deal to release hostages held by Hamas in exchange for a temporary cease-fire. Sweden will join NATO after Hungary’s Parliament voted to accept it.
The Mortgage Note Reports
High Prices: Home prices rose month-over-month and YOY after seasonal adjustment in December, the seventh straight month to hit a record high.
New Home Sales: Buy Before You Sell fintech Knock is letting individuals invest in the company before it goes public or gets acquired.
Embracing Tech: The COO at Blue Sage Solutions says they have more prospects in their pipeline than ever before as lenders turn to technology. Editor Kimberley…
Good Morning! Today is Monday, February 26. The Supreme Court will hear arguments today in two cases on free speech. Ronna McDaniel, the leader of the Republican National Committee, will step down next week. Congress failed to pass legislation to keep the government funded past Friday and avoid a partial shutdown.
The Mortgage Note Reports
Besties Buying: They may not be your typical neighbors, but they could be moving next door soon: Friends who have carpooled their way into homeownership. Writer Chuck Green has the story.
Great Migration: Both taste and costs influenced interstate migration after the pandemic, but price moved people the most, with cheaper Southern states netting the most new residents.
New Home Sales: New home sales improved…
