Good Morning! Today is Tuesday, December 19. Global oil prices rose after BP stopped sending tankers through the Red Sea. Google said it will pay $700 million to settle an antitrust suit brought by a group of state attorney generals. The E.U. is investigating X, formerly Twitter, saying it lacks moderation of illicit content and disinformation.
The Mortgage Note Reports
In-Person Lending: As consumers turn to mortgage professionals they can trust in their communities, it is predicted that more industry leaders will depend on a retail model to make the most out of the market. Editor Kimberley Haas has the story.
Starts And Permits: Housing starts surged unexpectedly in November, rising to a six-month high, with the South and Northeast seeing the biggest new construction gains.
CU Responds: Navy Federal Credit Union responded to allegations that it discriminated against Black mortgage applicants in 2022.
In other mortgage and housing news…
Nonbank Disparity: A Bloomberg analysis says homebuyers pay about $300 more in total upfront fees to nonbank lenders compared to traditional banks, and Latino and Black borrowers pay even more.
Massive Breach: An October data breach affected “substantially all” of Mr. Cooper’s current and former customers, about 14.7 million people.
“Truly Deranged Market”: Homeowners with super-low interest rates are both richer and poorer than they understand, Megan McArdle argues in The Washington Post.
Disappointing Locks: Mortgage lock volume ticked up at the beginning of November but declined over the course of the month, ending up down 10.7% from October.
Slowing Price Growth: U.S. home prices rose 0.6% month-over-month in November, the smallest increase since June, as more homes for sale gave buyers options.
2023’s Most Popular: The most popular market among Zillow surfers this year was West Chester, Pennsylvania, topping a list dominated by small Northeast towns.