Morning Roundup (2/24/2023) — MIP Reduction, Rates Up

Good Morning! Today is Friday, February 24. Russian opposition groups in dozens of countries are protesting the war today. Prosecutors have asked a judge to force Mike Pence to testify before the Jan. 6 grand jury. A winter storm will intensify over Southern California today, after dumping almost a foot of snow on Portland, OR.

The Mortgage Note Reports

Rates Continue Upward March: Mortgage rates jumped again this week, a third consecutive increase, pushing sub-6% rates further out of reach.

First Home Promotion: Matt Nader has been promoted to Senior Vice President, Director of Sales at First Home Mortgage.

MIP Reduction: The Biden administration has announced a reduction on mortgage insurance premiums in a move they say could benefit an estimated 850,000 borrowers over the coming year.

ICYMI: Troy Williamson, a senior loan officer in Wilmington, NC, sat down with Kimberley Haas for a one-on-one interview, while Scott Kimbler explored how non-bank lenders are being affected by the current market.

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…

New Home Sales: Sales of new single‐family houses in January 2023 were at a seasonally adjusted annual rate of 670,000, up 7.2% from December’s revised estimate.

Pending Sales: Pending home sales rose by only 0.5% in January, down from 1.4% in December, as signs of weakness reappear in the housing market.

Big Dollar Signs: Stratmor Group says lenders in search of new business could find it in high net worth borrowers — but only if they are willing to meet exacting standards.

“Date The Rate”: In a frozen market, brokers are pushing the idea that rates can be short-term even if the house is long-term to make borrowing seem more attractive.

Radian CGO: Radian announced that Sumita Pandit has been appointed Senior Executive Vice President and Chief Growth Officer effective March 6, 2023.

Payments Rising: Homebuyer affordability declined in January, with the national median payment applied for by purchase applicants increasing 2.3% to $1,964.

One Left Standing: Oklahoma City is now the only metro among the 50 largest in the nation where renters can find a median-priced apartment for less than $1,000 a month.