Good Morning! Today is Friday, March 22. Congress will attempt to pass a bill today to fund the government through September. Reddit shares ended their first day of trading in New York up 48%. Trump could get $3.5 billion in a Truth Social merger.
The Mortgage Note Reports
Birkmeier Retiring: Tim Birkmeier, Rocket Mortgage president, is retiring from the company and the industry after nearly three decades.
Heading Back Up: Rates took a turn for the worse last week, rising back towards 7%, as economic data soured analysts’ moods.
Financial Literacy: Can better financial education help to prevent foreclosures? Editor Kimberley Haas has the story.
In other mortgage and housing news…
New Normal: The yield gap between mortgage bonds and Treasurys remains higher than historical levels and may never fully correct, keeping upward pressure on rates.
For-Sale Surge: Listings climbed 5% during the four weeks ending March 17, the biggest year-over-year uptick since May 2023.
Compass To Pay Out: Compass settled litigation by agreeing to pay $57.5 million, the first big brokerage to reach an agreement since NAR’s settlement last week.
Company News: The Mortgage Collaborative partnered with Click n’ Close and Blue Sage Solutions; Motto Mortgage Planning opened in Santa Clarita, CA; Brian Lapidus was named CRO of Ncontracts.
“Spooktacular”: An Atlanta-area home replicating Disneyland’s Haunted Mansion has been listed for $2.2M, drawing the attention of both Disney and ghost enthusiasts.