Morning Roundup (10/4/2023) — Applications Sink To Two-Decade Low

Good Morning! Today is Wednesday, October 4. Kevin McCarthy was ousted as Speaker of the House, a first in U.S. history. There will be a nationwide emergency alert test today. The next Powerball drawing is tonight, and $1.2 billion is up for grabs.

The Mortgage Note Reports

Purchases Slip: Mortgage applications slipped again last week as purchase activity fell to its lowest level since 1995. Rates hit 7.53%, their highest level in 23 years.

Cady Joins Citywide: Guaranteed Rate-backed Citywide Home Loans named John Cady as its new president.

In other mortgage and housing news…

No Other Options: Homeowners in risky areas are flocking to last-resort insurance policies that charge big bucks for limited coverage.

Worse Than Dating:  Nearly two-thirds of recent U.S. homebuyers think purchasing a house is more stressful than dating.

Slow Market: Low housing market activity continued into September as rates reached new highs, discouraging potential sellers from listing.

Senior Housing: HUD awarded $160M for affordable housing and rental assistance to help provide independent living options for low-income seniors.

“America, Build Like Tokyo”: Tokyo has tripled its housing supply since the 1960s despite limited space, thanks to liberal and centralized land-use policies.