Morning Roundup (10/27/2023) — Rates Surge

Good Morning! Today is Friday, October 27. The U.S. hit targets linked to Iran in eastern Syria, saying strikes were meant to deter wider war. House Representative Dean Phillips (D-MN) is running against Biden for president. Hurricane Otis battered Mexico, killing at least 27 people.

The Mortgage Note Reports

Rates Surge: Average mortgage rates jumped another 10 bps last week, edging closer to 8% and exacerbating affordability concerns heading into winter.

PCE: The Fed’s preferred inflation measure soared to a four-month high in September, increasing the likelihood of future Fed rate hikes.

Atlantans Adjusting: As the debate about returning to the office continues nationwide, people in the city of Atlanta and its surrounding communities are adapting to the reality that hybrid and remote work are likely here to stay. Writer Scott Kimbler has the story.

In other mortgage and housing news…

Conversion Boom: The Biden administration is launching a multi-agency effort to encourage states and cities to convert more empty office buildings into housing units.

New Rules: Sweeping changes to the CRA won’t affect credit unions and non-bank lenders, prompting banks alone to boost lending in underserved areas.

Hometown Troubles: Hometown Lenders is once again facing financial scrutiny as documents reveal it hasn’t been paying taxes or payments on FHA loans.

Short Staffed: More housing supply would help stem sky-high home prices and rents, but builders can’t find enough workers for the record amount of residential construction.

“Presence Of The Spirit World”: An Arizona cemetery beset by “unexplained happenings” is listed for sale at $299k.