Morning Roundup (11/7/2024) – NYC Prices Trickle Out

Good Morning! Today is Thursday, November 7. The FOMC finishes up its November meeting today. Stocks rose after the election, and both the dollar and Bitcoin strengthened. Control of the House is still too close to call.

The Mortgage Note Reports

Multi-State Impact: New York City has been seeing home price gains and those Big Apple prices have trickled into New Jersey, Connecticut, and other surrounding states.

Homebuyer Sentiment: Consumers were feeling a little better about the housing market in October but remained pessimistic overall, largely due to high home prices.

Applications Take A Hit: Mortgage applications saw a major decline on rising rates ahead of the presidential election, falling more than 10%.

In other mortgage and housing news…

It’s Happening: After weeks of rumors, FICO has notified the credit bureaus that it is raising its wholesale royalty from $3.50 to $4.95 per score for mortgage originations.

Earnings: UWM saw more originations but an overall income drop; Zillow beat its earnings estimates; Guild just missed its estimates, posting a surprise loss of $67 million.

Company News: Brillio unveiled AI-driven enhancements to its BrillioOne.ai platform; Lightning Docs launched an updated 2.0 version of its platform; Schwab Asset Management announced the Schwab Mortgage-Backed Securities ETF.

Attracting Investors: Many opportunity zones still face depressed prices but more buyers are taking an interest in them, a “positive lure” for investments.

Customer Survey: In first-time results from the American Customer Satisfaction Index, Rocket Mortgage is the most satisfying lender, thanks to fast processing time.

More Fundamental Conerns: Trump’s election proves that, despite increased attention, housing affordability was not a key issue for voters.