Good Morning! Today is Friday, February 9. The FCC banned spam robocalls using AI voices. Two JetBlue planes collided on the tarmac at Boston’s Logan Airport. Biden called Israel’s military operations in Gaza “over the top.”
The Mortgage Note Reports
Little Rate Movement: Average rates stayed basically the same last week, inching up just slightly to 6.64%.
Looking Back At Q4: Rates at 20-year highs and other ongoing issues kept affordability near a decade-low in Q4 2023, constraining the housing market.
In other mortgage and housing news…
Upward Pressure: More than 85% of metros registered home price increases in Q4 2023 as the 30-year fixed rate dropped from 7.79% to 6.61%.
Scam Alert: The CFPB resolved an appeal in a long-running enforcement suit against a foreclosure relief scam operation for $12 million in consumer redress and penalties.
All In Win: A judge sided with UWM in a lawsuit targeting its “All In” ultimatum saying there is not enough evidence to suggest it is anti-competitive.
Proof Of Progress: Inflation was about the same in Q4 as initially reported after annual revision, and is sustainably cooling.
“Startling” Drop: New York City’s housing crunch is the worst in 50 years, with only 1.4% of the city’s total apartments available for rent in 2023.
Trouble Everywhere: “Disenfranchised” millennials feel “locked out” of the housing market and it taints every part of economic life, economist Mark Zandi says.