Good Morning! Today is Friday, January 19. Donald Trump said that presidents should be immune from criminal charges for anything they do in office in a social media post. The Justice Department condemned a slow police response to the Uvalde school shooting. Macy’s announced plans to cut more than 2,000 jobs.
The Mortgage Note Reports
Rates Reverse Course: Mortgage rates fell to 6.60%, their lowest level since May 2023.
Sales Slump Again: Existing-home sales declined by 1% month-over-month and 6.2% YOY in December, hitting their lowest levels since 1995.
Remembered With Respect: David Stevens, who helped the country navigate the aftermath of the 2008 housing crisis before serving as president of the MBA, is being remembered in high regard by federal officials and members of the mortgage industry.
In other mortgage and housing news…
Appraisal Bias: An FHFA analysis found racial disparities in appraisers’ use of time adjustments, seeing fewer for homes in majority-Black tracts.
High-End Taste: More than a third of luxury consumers think 2024 will be a better time to buy or sell a home compared to 2023.
Activity Bump: Pending home sales rose 4.1% month-over-month in December–the biggest increase since September 2021–to the highest level in more than a year.
Green Response To Housing: The housing crisis is fracturing the American environmentalist movement, Jerusalem Demsas reports in the Atlantic.
Company News: Ameris Bank launched a new borrower assistance program in Jacksonville, FL; Newrez announced a new affordable lending program geared towards underserved communities.