Good Morning! Today is Thursday, February 29. Mitch McConnell will step down in November as the Senate Republican leader. The Supreme Court agreed to hear Trump’s claim that he is immune from prosecution, delaying his criminal case. Congressional leaders reached a deal on a short-term spending bill to avert a government shutdown.
The Mortgage Note Reports
UWM Releases Results: The CEO of United Wholesale Mortgage said 2023 wasn’t one of the company’s best years financially but they will continue to assert market dominance in 2024.
Buyers Sitting Out: Pending home sales fell by 4.9% month-over-month in January as rate-sensitive buyers skipped out despite increasing inventory.
Homeownership Highlighted: HUD commemorated Black History Month at its close by highlighting its impact on Black homeownership and support.
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In other mortgage and housing news…
PCE: The personal consumption expenditures price index, excluding food and energy costs, rose 0.4% month-over-month and 2.8% YOY in January, as expected.
Attack Update: loanDepot’s January cyberattack impacted more people than previously reported, and will ultimately cost the company tens of millions of dollars.
Company News: Radius and Poli Mortgage merged; PortX integrated LendAPI’s advanced digital lending platform with its IPaaS solution.
“Time To Hustle”: Sellers are finally giving up the wait, driving up inventory levels and handing negotiating power back to would-be buyers in many markets…
Still Too Expensive: …but buyers are holding back as rates rise and prices remain elevated, keeping sales down.
2024 Predictions: A panel of housing experts surveyed by Fannie Mae expects rates to end 2024 at a median of 6% and home prices to grow by 3.8%.