Morning Roundup (2/6/2023) — Is A Buyer’s Market Imminent?

Good Morning! Today is Monday, February 6. A U.S. Air Force fighter shot down a Chinese surveillance balloon that had reached South Carolina. More than 2,000 people were killed and thousands injured when an earthquake of magnitude 7.8 struck central Turkey and northwest Syria. A raid by the Israeli Army in the West Bank killed at least five Palestinians. Beyoncé broke the record for most Grammy wins by an artist.

The Mortgage Note Reports

Buyer’s Market?: As the average mortgage rates decline and markets slow in parts of the country that were red-hot during the pandemic, we at The Mortgage Note decided to ask who is currently in favor during negotiations – the buyer or the seller? Writer Chuck Green has the story.

New American Initiative: New American Funding’s new program for first-time buyers, Pathway to Homeownership, gives eligible borrowers up to $8,000 in grant funding.

Buydown Frenzy: Permanent rate buydowns are soaring as borrowers look for ways to lower their payments, while temporary buydowns are largely being ignored.

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…

Lock Volumes Up: Lock volume increased across the board in January, with purchase lock activity up nearly 110% compared to December, MCT’s indices showed.

Activity Still Slow: Net new listings placed on the market experienced a 43.9% YOY decrease despite the slowing rate hikes from the Federal Reserve.

Hope For The Future: Rocket CEO Jay Farner said he’s “very optimistic” about the state of housing in 2023. “It’s going to be a strong market.”

UWM Offer: UWM is offering One-Time Close New Construction loans, with automatic modification if the market improves once construction is complete.

More Than A Housing Crunch: The U.S. housing shortage is contributing to several major problems the country is facing, not just the affordability crisis.

Do Payments Control Your Life?: These four steps can help house-poor homeowners reduce costs and regain control of their finances.