Morning Roundup (2/21/2024) — Rates Top 7%

Good Morning! Today is Wednesday, February 21. President Biden will impose more sanctions on Russia in response to Alexei Navalny’s death. The U.S. voted against a U.N. resolution that would have called for an immediate cease-fire in Gaza. A girl died after a deep hole she and a boy were digging on a South Florida beach collapsed.

The Mortgage Note Reports

Disappointing News: Rates topped 7% last week and sent mortgage applications spiraling, sidelining homebuyers and forcing refis to a standstill.

Modernizing Mortgages: LoanCare revealed a new mobile app, My LoanCare Go, designed to simplify and modernize loan management.

In other mortgage and housing news…


Magic Number: Four out of 10 Americans looking to buy a home in the next 12 months would consider it possible if rates drop below 6%.

Buydowns Here To Stay: The U.S.’s biggest homebuilder signaled it will continue offering rate buydowns even if rates shift down.

Forbearances: The share of loans in forbearance fell in January, but consumer debt balances and delinquencies are on the rise, setting the stage for bigger problems in 2024.

“Moral Hazard”: Should Florida’s state-run insurance take a step back and encourage private coverage as climate change makes homeownership more hazardous?

Easy Money: A new analysis ranked Pittsburgh as the easiest and most affordable place to take out a loan for a starter home.