Morning Roundup (10/25/2023) — New Home Sales

Good Morning! Today is Wednesday, October 25. The U.N. secretary general called for a cease-fire in Gaza. Meta is being sued by states that say it designed Facebook and Instagram to be addictive to children. The House will vote today on installing Mike Johnson (R-LA) as speaker.

The Mortgage Note Reports

Apps Down, Rates Up: Mortgage applications slipped again last week, down 1%, as treasury yields breached 5% for the first time since 2007.

Sales Spring To Life: New home sales bested analyst expectations in September, up 12.3% from August to a seasonally adjusted annual rate of 759,000.

ADUs To The Rescue: A new policy that allows lenders to count income from accessory dwelling units when underwriting a mortgage will help provide affordable homes for those who need them most, according to a top housing official. Editor Kimberley Haas has the story.

In other mortgage and housing news…

Redlining Rule: The Fed unveiled a sweeping new rule for the Community Reinvestment Act, its first significant revision in three decades.

Crystal Ball: Goldman Sachs said the “sharpest declines in housing activity and prices are now long behind us” but doesn’t expect relief from current conditions any time soon.

“Housing Is A Women’s Issue”: MSquared, a real estate development firm focused on affordable housing, is building better cities to empower women.

Test Case: New York City is changing its zoning code to encourage density, and while it’s not guaranteed to work, analysts are excited to see the results.

Company News: Top producer John Pyne joined Atlantic Bay Mortgage Group; National MI integrated with Mortgage Cadence’s loan origination system; MISMO released four new closing data set specifications.