Morning Roundup (11/11/2022) – Rates Back Above 7%

Good Morning! Today is Friday, November 11. This Veteran’s Day, we’d like to thank all those who served our country for their sacrifices. A federal judge in Texas struck down Biden’s plan to cancel student debt, but the administration appealed. Hurricane Nicole left four dead in Florida and caused “unprecedented” damage in the Daytona area.

The Mortgage Note Reports

TMN Presents: The Mortgage Meltdown Meter, a collection of scary stories from the market correction, updated daily. Click here to stay on top of the changing landscape.

Rates Back Above 7%: Mortgage interest rates tipped back over 7% last week, contributing to challenges for military personnel seeking homes.

Deal For First-Timers: First Home Mortgage is launching a rate discount program for eligible first-time homebuyers.

As Thanksgiving approaches, what are you grateful for? We want to know. Share your thoughts by emailing us: [email protected]

In other mortgage and housing news…

Military Housing: A survey found that 64% of active-duty servicemembers transitioning to civilian life expect their housing search to be extremely or somewhat challenging.

FHFA Lowers Caps: The FHFA will lower multifamily lending caps for Fannie and Freddie by $3 billion next year.

More AO Pain: Angel Oak is exiting retail and says it will focus on non-QM through its wholesale and correspondent channels.

“Things Are Changing Fast”: Home sale prices rose 3.2% YOY during the four-week period ending November 6, the smallest increase since July 2020.

Seniors Losing Their Homes: The housing crisis is hitting those over 60 years old, forcing elderly residents out of their homes as monthly payments exceed their budgets.

The Fed’s War On Inflation: Many American renters are stuck in a vicious cycle of high demand and rising rent pushing inflation up, spurring the Fed into interest rate hikes.

Rocket Win: Rocket Mortgage was ranked first for client satisfaction in primary mortgage origination by J.D. Power for the 12th time.

Take A Look: 3-D printers are building 100 single-family homes just outside Austin, TX.