Good Morning! Today is Friday, October 21. Courts rejected challenges to President Biden’s student debt forgiveness plan yesterday. Former U.K. Treasury Chief Rishi Sunak is leading the race to succeed Liz Truss as prime minister. A jury found Kevin Spacey not liable for battery in a civil case brought by the actor Anthony Rapp.
The Mortgage Note Reports
Rates Slow To A Crawl: Mortgage rates inched up to an average of 6.94% last week, slowing their climb as they get closer to a 7% average.
Prepays Down: Prepayment activity dropped to a nearly 22-year low in September as interest rates hurdle closer to 7%.
ICYMI: Editor Kimberley Haas interviewed Rocket Pro TPO’s Executive Vice President Austin Niemiec and Chuck Green wrote about zero-down payment, zero-closing cost mortgages.
What are your main concerns going into 2023? Share your thoughts by emailing us at [email protected].
In other mortgage and housing news…
Ruling For CFPB Funding: A three-judge Fifth Circuit Court of Appeals panel ruled that the CFPB’s funding scheme is unconstitutional, violating the separation of powers.
Down Voted: Raymond James downgraded some major homebuilder stocks as 7% mortgage rates “cripple” housing affordability.
“Parallels” Then And Now: Simon French of investment bank Panmure Gordon says the housing market is facing similar challenges to the house price crash of the 1980s.
Credible Pair Up: New American Funding and Credible have teamed up to offer borrowers access to home insurance at the time of origination.
First In LaFayette: First Option Mortgage has opened a new office in LaFayette, IN.
Called Off: About 60,000 home purchase agreements were canceled in September, the highest share on record aside from March 2020.
Ally Takes A Hit: Ally Financial reported a $136 million impairment on its investment into Better.com, its mortgage partner since 2019.
What To Do With Fannie And Freddie?: Keep them with their reformed business model, rather than replace them, says former Freddie CEO Donald H. Layton.