Morning Roundup (10/26/2023) — Delinquencies Hold

Good Morning! Today is Thursday, October 26. Israel said its ground forces pushed into Gaza overnight to attack Hamas targets. A manhunt is underway in Maine for a suspect in mass shootings at a bar and a bowling alley. The House elected Mike Johnson (R-LA) as speaker.

The Mortgage Note Reports

Delinquencies Hold: Serious mortgage delinquencies fell to their lowest point since 1999 in August as borrowers continued to prioritize their monthly payments.

NewDay Recognized: Fintech NewDay USA has been named a finalist for the U.S. Chamber of Commerce Foundation’s 2023 Citizens Awards.

Using AI: Fannie Mae CEO Priscilla Almodovar and Freddie Mac President Mike Hutchins talked about the benefits of using AI during an on-stage conversation last week at the Mortgage Bankers Association’s annual convention and expo. Editor Kimberley Haas has the story.

In other mortgage and housing news…

GDP: The U.S. economy grew faster than expected in Q3, up 4.9%, in spite of higher interest rates and inflation.

Homestar Shutters: Georgia-based Homestar Financial is shutting down its retail operations due to a combination of mortgage volatility and extreme margin compression.

Pending Sales: Pending home sales rose 1.1% in September, with the Northeast, Midwest, and South posting monthly gains and the West experiencing a loss.

No More Waiting: New listings have posted their first YOY bump since July 2022 as sellers tire of waiting for mortgage rates to come down and worry that prices will decline.

Hot To Cold: Homebuyers are looking to leave pandemic hotspot Austin, TX, as housing costs stay high, and some recent transplants have moved back to their hometowns.

Forced To Stay: Homeowners with high rates must stay put longer to break even on their purchases. In places like Phoenix, AZ, it could take more than a decade.