Morning Roundup (10/13/2023) — Rates, Prices Soar

Good Morning! Today is Friday, October 13. Israel ordered more than a million people in northern Gaza to leave. The U.N. said an evacuation would be impossible without “devastating humanitarian consequences.” Republican Steve Scalise withdrew his bid to become House speaker after too many members of his party opposed him.

The Mortgage Note Reports

Rates Up: Mortgage rates increased last week amid heightened investor fears over the rippling impacts of war in Gaza on the U.S. economy’s stability.

Prices Soar: Home prices surged again, both annually and quarterly, in Q2 2023 as summer home shoppers butted heads because of low inventory.

Tips For Success: Industry leaders are using platforms like Facebook, Twitter, and TikTok to reach new clients and show off properties. Writer Nicole Murray lays out some surefire ways to build business on social media.

In other mortgage and housing news…

Finding A Balance: Director Sandra Thompson said that the FHFA is working to provide more clarity on its framework amid a spike in Fannie and Freddie loan buybacks.

“Reducing Barriers”: CA’s governor signed a whopping 56 new bills into law to tackle the state’s housing crisis, including streamlining the permitting process.

Hope For Change: The housing crisis is fueling hope that a bipartisan tax bill boosting low-income home construction may pass despite Congressional dysfunction.

Housing Funding: HUD announced $212M in funding for affordable housing and supportive services for low-income persons with disabilities.

Company News: Consultant Depth promoted Lindsey Neal and Leslie Colley; CrossCountry Mortgage preemptively raised its agency conforming loan limits to $750,000.