Morning Roundup (10/10/2023) — Rate Over Price

Good Morning! Today is Tuesday, October 10. Israel is at war with Hamas after a series of unexpected strikes over the weekend. It has retaken towns near Gaza and is now moving to secure the border. Robert F. Kennedy Jr. will run for president as an independent instead of as a Democrat.


The Mortgage Note Reports

Rate Over Price:  For the first time ever in Fannie Mae’s records, high rates surpassed high prices as the main reason respondents think it’s a bad time to buy.

Family In Reach: Would-be homebuyers are reassessing the importance of family in the homebuying process, both financially and emotionally.

Spooky Reality: Do you want to live in a house where someone has died, or where there are ghosts? You could end up doing so if you don’t ask the right questions. Writer Nicole Murray has the story.

In other mortgage and housing news…

Credit Rises: Mortgage credit availability increased in September as lenders offered more ARMs and non-QM loans in the face of high interest rates.

UWM Update: UWM announced an enhancement to its PA+ service where brokers can choose which part of the loan process they would like the loan coordinator to handle.

No Big Changes: Even if mortgage rates breach 8%, the market won’t see a major shift, Zillow says: the problems we have now will just worsen.

Out Of Reach: The U.S. housing market has gotten so expensive that income would have to jump 55% to make buying “affordable,” one real estate executive said.

Buy Or Rent?: Five reasons why it may be better to rent than buy in today’s market.