Morning Roundup (11/3/2023) — Rates Edge Back

Good Morning! Today is Friday, November 3. Secretary of State Antony Blinken is in Tel Aviv to advocate for a cease-fire. A jury convicted Sam Bankman-Fried of stealing billions of dollars from FTX customers. Ukraine’s top military commander said the war with Russia is at a stalemate.

The Mortgage Note Reports

Rates Edge Back: Borrowers struggling with rampant unaffordability saw some relief as mortgage rates cooled off, ending an upward swing.

Recession Watch: Some analysts see a housing recession as inevitable in the face of a 1980s-style market dealing with high financing costs and low inventory.

Home For The Holidays: Home shoppers who are sensitive to mortgage interest rates near 8% may resist the idea of buying before Thanksgiving, hoping that Santa Claus brings relief, but is waiting until Christmas the answer this season? Writer Erin Flynn Jay has the story.

In other mortgage and housing news…

Lock Volume: Overall mortgage lock volume dropped more than 17% in October, though cash-out refinances saw a slight boost.

Biggest Risks: Could a housing recession take down the economy? Bloomberg’s Conor Sen and The Ringer’s Derek Thompson discuss the possibilities.

Changes, Big And Small: Changes to home buying and selling in the wake of the NAR verdict could range from mere system tweaks to a more radical restructuring.

Jobs Report: Nonfarm payrolls increased by 150,000 in October, less than expected and taking some heat off the Federal Reserve in its fight against inflation.

Test Case: Sante Fe voters will decide whether to tax mansion sales to pay for affordable housing initiatives and stave off homelessness in the city.