Morning Roundup (3/17/2023) — Happy St. Patrick’s Day!

Good Morning! Today is Friday, March 17. Happy St. Patrick’s Day. First Republic Bank, which has struggled since SVB’s collapse, will receive $30 billion in deposits from Wall Street’s biggest banks. Xi Jinping, China’s leader, will meet with Vladimir Putin next week. North Dakota’s Supreme Court decided that the state Constitution protected abortion rights in some situations.

The Mortgage Note Reports

It’s Their Move: With the sudden collapse of Silicon Valley Bank and New York-based Signature Bank, all eyes are on what leaders at the Federal Reserve will do at their meeting next week. Writer Patrick Lavery spoke with economists who explained how this relates to the housing market.

Kinecta CLO: Kinecta Federal Credit Union announced C-suite changes, with Jason Pendergist replacing Mike Squire as SVP and Chief Lending Officer.

“Luck Of The Irish”: Prospective homebuyers may be feeling lucky as rates fell after an upward streak, with today’s rate dropping below 6%.

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.

What are you seeing this spring homebuying season? We want to know. Email us at [email protected].

In other mortgage and housing news…

Buyer Reaction: Some homebuyers are returning to the market after rates dipped this week, though demand remains tepid compared to last year.

First In A Decade: The median U.S. home sale price fell 1.2% in February to $386,721, the first year-over-year decline since 2012.

Loan Counseling: New American Funding partnered with Uqual, a full-service loan readiness company, to help unqualified borrowers improve key lending metrics.

Dream To Reality: Southern First Bank is opening the Dream Mortgage Center, a mix of mortgage lender and community center in Columbia, South Carolina.

Across The Pond: This St. Patrick’s Day, Irish homebuying trends are similar to those in the U.S.: skewing older, wealthier, and childless.