Good Morning! Today is Wednesday, November 1. Yemen’s Houthi movement said it had launched missile and drone attacks on Israel. American commandos are in Israel to help locate the more than 200 hostages seized by Hamas. Some injured Palestinians are expected to travel to Egypt today.
The Mortgage Note Reports
ARM Boost: Mortgage applications slipped again last week, down 2.1%, though ARM applications soared in response to ongoing affordability pressures.
Zero Down: loanDepot now offers a new zero-down program for FHA borrowers struggling to save for a down payment.
In other mortgage and housing news…
Crystal Ball: Fitch Ratings says it expects non-bank mortgage companies to remain under pressure in 2024 due to the high rate environment and industry overcapacity.
Zillow Buys CRM: Zillow Group is buying Follow Up Boss, a customer relationship management system for real estate professionals.
Commissions Trial: After two weeks of testimony, a jury found NAR, HomeServices, and Keller Williams guilty of collusion to inflate commission rates.
New Home Boom: Almost a third of for-sale homes are new construction, the highest share of any third quarter on record.
Risk-Takers: Affluent newcomers are swarming areas of Florida devastated by Hurricane Ian last year, building stronger structures they hope will survive storms.