Good Morning! Today is Thursday, December 14. Tesla recalled nearly all cars it has manufactured in the U.S. since 2012. House Republicans voted to approve a formal impeachment inquiry of President Biden. The Senate approved an $886 billion defense bill in a bipartisan vote.
The Mortgage Note Reports
Better And Better: As 2023 draws to a close, good news for homebuyers keeps rolling in, suggesting change might be just around the corner.
Rates Held Steady: Signaling an end to rate hikes, the Federal Reserve held steady again on Wednesday, which is more good news for buyers.
New Mortgage Product: Wholesale Non-QM lender Newfi Lending announced EquityChoice, a new type of shared appreciation mortgage.
In other mortgage and housing news…
Fix And Flip Profits Return: Home flipping activity continued falling in Q2 2023 but investor profits rose, suggesting a comeback for the industry.
“Every Loan Matters”: The overall critical defect rate for mortgages fell from 3.37% to 1.72% as LOs put greater care into quality control for fewer loans.
More CRE Debt: Outstanding commercial and multifamily increased in Q3 despite an ongoing pullback in borrowing.
Mortgage-Free Boom: There are more mortgage-free homes now compared to any time since 2005, largely owned by baby boomers who refinanced when rates were low.
High Price Tag: A 77-acre luxury horse farm in California listed at $98.5 million is the most expensive home on the market this week.