Good Morning! Today is Wednesday, February 8. In his State of the Union address, President Biden spent the most time discussing the economy, followed by infrastructure, policing, and taxes. The death toll in Turkey and Syria from a set of earthquakes passed 11,000. Microsoft is incorporating an A.I. chatbot into its search engine, beating Google.
The Mortgage Note Reports
Loan Apps Get A Boost: Both purchase applications and refis saw increases as rates fell for a fifth consecutive week.
Rent Cooldown: Millennials and Zoomers are seeing their personal inflation rates cool as rents moderate, giving them access to more of their paychecks.
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…
Consumers Still Nervous: Home purchase sentiment increased again in January but remains low, and Fannie Mae expects sales to remain down in the coming months.
Ishbia’s Promise: Mat Ishbia said he wants to make the Phoenix Suns “not only one of the best organizations in the NBA but also one of the best places to work.”
Layoffs Again: Another round of layoffs at Homepoint impacted “dozens” of employees, though the exact number is unknown.
Chicago Capital: Chicago is using city investment capital to boost home loan programs that benefit low-to-moderate income communities.
Moving Less: Moving fell in every state last year as economic factors lead to people moving less in 2022 than they did during the coronavirus pandemic.
Company News: Mortgage brokerage franchisor Homelendia Mortgage launched in Florida. Guild Mortgage acquired New Mexico-based Legacy Mortgage; Defy Mortgage appointed Michael Rogan as COO.