Morning Roundup (10/18/2023) — Starts Up, Permits Down

Good Morning! Today is Wednesday, October 18. President Joe Biden made a rare wartime visit to Israel. Rep. Jim Jordan (R-Ohio) failed to get the 217 votes needed to be named Speaker of the House, plans to try again today.

The Mortgage Note Reports

Starts And Permits: Housing starts surged unexpectedly in September, driven by a surge in multi-family construction, but slumping permits suggest trouble on the horizon.

Applications Slip: Mortgage applications tanked last week, hitting their lowest level since 1995 as rates reached 7.70%, though ARMs once again saw a boost.

In other mortgage and housing news…

“Slowest Year Since Bust”: The highest mortgage rates in 23 years are dragging down home sales to their lowest levels since the subprime crisis.

Further Out Of Reach: A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% from a year ago and more than 50% since the pandemic’s start.

“Emotional Rollercoaster”: Interest rates for home loans through the VA are the highest in years, adding extra stress to veterans looking for a new home.

Federal Action: The Biden administration urged Congress to pass a multi-billion dollar proposal to boost homeownership for low- and middle-income families.

Company News: Down Payment Resource has onboarded six new mortgage lenders.