Good Morning! Today is Friday, December 22. The Mortgage Note will be off next week for the holiday. We wish you a wonderful New Year and will see you again in 2024.
The Mortgage Note Reports
Role Of AI: As artificial intelligence plays an increasingly important role in the mortgage business, industry leaders are figuring out ways to harness its power to revolutionize homebuying. Writer Erin Flynn Jay explores what role it will play in 2024.
Rates Stay Under 7%: Mortgage rates sank to the mid-6s last week, buoying buyers, sellers, and builders spirits ahead of the holiday.
MyHome x Volly: WFG’s marketing and tech subsidiary MyHome has acquired Volly, a tech and marketing services company for banks, credit unions, and mortgage lenders.
In other mortgage and housing news…
PCE: The core personal consumption expenditures price index rose just 0.1% in November and was up 3.2% from a year ago, both close to expectations.
Affordability Win: Homebuyer affordability improved in November, with the national median payment applied for by purchase applicants decreasing to $2,137 from $2,199…
Affordability Loss: … but Redfin reports that only 16% of homes were affordable to the average buyer in 2023, the lowest share on record.
Another Data Breach: First American experienced a cyber attack on Wednesday and has temporarily taken certain systems offline.
Company News: Motto Mortgage opened an office in Everett, WA; Clyde Anderson joins Ameris Bank as Director of Community Lending.