Good Morning! Today is Friday, March 10. Biden released his proposed budget, which would reduce the deficit through a minimum tax on billionaires and a higher tax on corporate stock buybacks. Xi Jinping started a new term as China’s leader. Australia will buy nuclear-powered submarines from the U.S., a move against China.
The Mortgage Note Reports
Up Or Down?: It’s a mixed bag when it comes to predictions for the mortgage market as the economy continues to balance out. Writer Scott Kimbler has the story.
ICYMI: This week, leaders at Rocket Pro TPO announced they are extending their promotion on 30-year conventional purchase loans at or under $200,000, the presale home renovation company Revive is expanding nationally, and writer Patrick Lavery broke down interest rate hikes.
Rates Move Higher: Mortgage rates went up again this week, jumping to 6.73%, after bleak comments from the Fed’s chair about the possibility of another half-point hike.
Impac Shocker: Impac Mortgage is winding down its TPO, switching to a broker model, and will voluntarily relinquish its suspended GSE Seller/Servicer designation.
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…
Hsieh Back At It: After loanDepot’s earnings call reported a third straight quarterly loss, Anthony Hsieh said the Board could use a “fresh perspective” and doubled down on his nomination of Steve Ozonian.
FTC Talks ICE, Black Knight: The FTC is taking action to block the proposed merger between the nation’s largest providers of mortgage loan origination systems.
Mixed Signals: US payrolls rose in February by more than expected while monthly wage growth slowed, offering a mixed picture as the Fed considers rate hikes.
40 YR Mods Locked In: HUD finalized a rule that allows borrowers to make stand-alone 40-year modifications to loans insured by the FHA.
Budget Breakdown: HUD Secretary Marcia Fudge broke down how Biden’s fiscal year 2024 budget proposal is geared towards increasing affordable housing.
Luxury Hit: Sales of luxury U.S. homes declined a record 44.6% YOY to the second lowest level on record during the three months ending Jan. 31, 2023.