Morning Roundup (2/3/2023) — Rates Continue Downward March

Good Morning! Today is Friday, February 3. The Pentagon says it has detected what appears to be a Chinese spy balloon hovering over Montana. Wind chills could reach minus 50 degrees Fahrenheit in New England this weekend. EzriCare Artificial Tears is being recalled after health officials linked it to a bacteria strain that has caused vision loss and at least one death.

The Mortgage Note Reports

Rates Continue Downward March: The 30-year fixed rate fell again this week to 6.09% as the Federal Reserve cooled its rate hikes.

Illgen at MCLP: Mortgage Connect LP has hired Allen Illgen as National Sales Executive, Originations.

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…

Employment Report: Nonfarm payrolls increased by 517,000 for January, far higher than the 187,000 market estimate, as unemployment fell to its lowest point since 1969.

DC Revamp?: D.C. is hoping a new tax break will lead to empty office buildings turning into residential conversions, but it all hinges on the fed’s plan for its workers.

REIT Strength: REITs gained 10% in January, the best monthly performance since January 2019, and could keep producing returns even through the market correction.

Homebuyer Win: A buyer on a $2,500 monthly budget can afford a $400,000 home for the first time in four months as mortgage rates dipped below 6%.

“Really Out Of Control”: The housing market is bad for buyers, but it’s even worse for affordable housing builders trying to keep costs low for renters.

Company News: Leo Anzoleaga joined Apex Home Loans as a Senior Vice President of Residential Lending.