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.

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…

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.