Good Morning! Today is Wednesday, November 30. The leader of the Oath Keepers militia and one of his subordinates were convicted of seditious conspiracy for plotting to keep Donald Trump in power. The Senate passed a bill mandating federal recognition for same-sex marriages. At least four tornadoes and 2-inch hail impacted parts of Mississippi, Louisiana, and Alabama overnight.
The Mortgage Note Reports
Predictions: According to experts, not only is the housing market expected to continue cooling this year, the forecast remains chilly entering 2023. In 2024, things could turn around. Writer Chuck Green has the story.
Loans Dwindle, Refis Sink: Mortgage loan application volume dipped last week, with refinances comprising just 26% of total activity, their lowest level since 2000.
Ehms At Oakleaf: The Oakleaf Group announced that Michael Ehms has joined the company as Managing Director of Business Development.
TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.
How are you helping your community this holiday season? We want to know. Share your story by emailing us: [email protected]
In other mortgage and housing news…
2023 Limits: The FHFA raised its loan limit for most mortgages by $80k for 2023, and said it will back mortgages up to about $1.1M in pricey areas.
Wild Times Winding Down: Realtor.com’s 2023 forecast sees buyers facing price increases in all of the U.S.’s largest markets, but inventory will be far better.
Going Negative: Wharton professor Jeremy Siege predicts the housing market will see negative growth due to future rate hikes that will raise mortgage rates even further.
Millennials Lose Out: Millennials made huge gains in homeownership from 2019 to 2021, but 2022 flipped that progress on its head and now they’re lagging behind.
Attracting Top Talent: As the battle for top talent wages on, lenders hoping to retain or recruit need to understand what makes loan officers want to move shop.
Unhealthy Housing: The affordable housing crisis is causing illness and despair as families settle for apartments with mold, vermin, and water leaks.