Morning Roundup (12/16/2022) – Monetary Policy, Rates Down Again
Good Morning! Today is Friday, December 16. The House passed legislation that could let Puerto Rico become a state, but it’s unlikely to pass the Senate. A grand jury indicted five Louisiana officers in connection with the deadly 2019 arrest of Ronald Greene, a Black driver. Twitter suspended the accounts of about half a dozen journalists, some of whom have written critical stories about Elon Musk.
The Mortgage Note Reports
Monetary Policy: With the Federal Reserve raising interest rates seven times this year – with more rate hikes on the way in 2023 – people are wondering if their policies to cool inflation are unfairly punishing those in the housing market. Editor Kimberley Haas has the story.
Rates Down Again: Mortgage interest rates dipped modestly again last week, down to 6.31% from 6.33%.
Affordability Up, A Bit: The cost of a new mortgage fell 4.8% in November, the second decline in the past 19 months, but remain up by 66% YOY.
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.
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In other mortgage and housing news…
It’s Not A “Comeback”: Purchase applications and buyer demand are both up by double digits since the fall, but demand is still much lower than it was a year ago.
Fannie Wins In Court: The NY Court of Appeals ruled in favor of Fannie Mae in a foreclosure case that could impact legislation awaiting Gov. Kathy Hochul’s signature.
Guardian Opening: Sunflower Bank opened a Guardian Mortgage home loan production office in South Dallas.
Multifamily Investment: Apartment investment declined in Q3 as property prices and net operating incomes sagged.
“Not There Yet”: Though a housing correction has started, home prices are still rising in many areas, according to researchers at FAU and Florida International University.