Morning Roundup (2/10/2023) — Rents Down, Rates Up

Good Morning! Today is Friday, February 10. The special counsel investigating Donald Trump’s efforts to overturn the 2020 election subpoenaed Mike Pence. Nicaragua released hundreds of political prisoners to try to restart relations with the U.S. The earthquake death toll has risen to over 22,000 in Turkey and Syria.

The Mortgage Note Reports

Rent Prices Cooling: Rent price growth is finally slowing, a positive sign for potential homebuyers who are struggling to save for a downpayment.

Rates Inch Up: Mortgage rates ticked up this week following the Fed’s latest rate hike, breaking a multi-week downward streak.

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.


In other mortgage and housing news…

Strauss Shut Down: A regulator has suspended the MLO license of former Sprout Mortgage CEO Michael Strauss and his new company’s license.

Debt Stress Taking Hold: Homeowners are increasingly worried about their ability to save money and make their monthly payments, with debt stress “historically” high.

Seller Rebound?: Homebuyer demand continues to increase despite mortgage rates ticking up this week, luring some reluctant home sellers off the sidelines.

Prices Still Rising: Single-family existing-home sales prices climbed in almost 90% of measured metro areas in the fourth quarter, NAR said.

Safe Or Not?: The tug-of-war between home prices and rates may be at a turning point, enticing buyers back, but the Fed could tamp down any rally that props up inflation.

TX Goes Amcap: Three Texas lenders joined Amcap Mortgage, though they will keep their own brands and marketing.