Morning Roundup (10/11/2023) — ARM Rush

Good Morning! Today is Wednesday, October 11. Antony Blinken, the secretary of state, is heading to Israel as a war there begins with Hamas. Republicans will vote on a new House speaker today. Another earthquake hit northern Afghanistan just days after quakes left 1,000 dead.

The Mortgage Note Reports

ARM Rush: Mortgage applications rose slightly last week, driven by an increase in ARM applications, which jumped 15% in one week as their rates pulled back.

USAA Real Estate: Herbie Huesman has been promoted to SVP of real estate at USAA Federal Savings Bank.

In other mortgage and housing news…

PPI: The producer price index rose more than expected in September, up 0.5%, against the Dow Jones estimate for a 0.3% rise.

SDW Housing: Fannie Mae announced a new Sponsor-Dedicated Workforce product to preserve workforce housing through the company’s network of DSU lenders.

Californization: The “Californization” of the Texas housing market has pushed home prices out of reach for locals and first-time buyers.

“Talk About A Bubble”: A former federal regulator said home prices today are “bubbly” following years of rock-bottom mortgage rates.

Hottest New Accessory: Some states are encouraging the construction of backyard cottages and garage conversions to ease housing shortages.

Company News: titleLOOK is offering automated title review to lenders; FundingShield and SitusAMC teamed up to combat the rapid increase in wire and title fraud; Ally Financial’s CEO will step down in 2024.