Good Morning! Today is Thursday, February 2. The U.S. will increase its military presence in the Philippines in case of a conflict with China. The Biden administration cleared the way for an oil drilling project in Alaska. The College Board revised its A.P. African American studies course after Florida banned it from public high schools. Pennsylvania’s groundhog Punxsutawney Phil awoke this morning to see his shadow, meaning there will be six more weeks of winter.
The Mortgage Note Reports
War On Inflation: Federal Reserve Chair Jerome Powell said that the fight against inflation isn’t over and he does not see them cutting rates this year. But that might not be bad news for mortgage interest rates. Editor Kimberley Haas has the story.
Wealth Runup Stalls: The number of equity-rich homes declined slightly in Q4 as property values begin to slip, but it remained almost double the pre-pandemic share.
Prime Promotion: Kelly McGuinness has been promoted to SVP, Regional Manager for the Northeast Region at PrimeLending.
Listen To Our Podcast: This podcast highlights the successes and innovations taking place in the mortgage industry.
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…
San Fran Pains: San Francisco’s median monthly housing payment has dropped 14.8% since peaking in October, the biggest decline of the 49 most populous U.S. metros.
Buyer Power: Buyers are gaining power in the market as inventory and prices correct, but sales remain sluggish thanks to the high cost of buying a home.
“Aggressive” Buydowns: Homebuilders sitting on inventory are finding they have no choice but to offer mortgage rate buydowns to entice hesitant homebuyers.
Dems Raise Concerns: Senate Dems sent a letter to the FHFA requesting a review of Fannie and Freddie’s nonperforming loan and reperforming loan sales programs.
New HE Update: Fintech FirstClose updated its Vendor Gateway to enable home equity lenders to easily select and integrate their preferred settlement services vendors.
Across The World: The global housing slump continues everywhere from the U.S., China, New Zealand, and Britain, posing a threat to the global economy.