Morning Roundup (3/24/2023) — Rates Down Again

Good Morning! Today is Friday, March 24. A drone of Iranian origin killed a U.S. contractor in Syria, the Pentagon said. Officials ordered airstrikes in Syria in response. Young people in Montana are suing the state over its support of fossil fuels in a landmark climate case. Lawmakers questioned TikTok’s CEO about the app’s ties to its Chinese parent company and its effects on children.

The Mortgage Note Reports

Rates Down Again: Homebuyers lucked out again this week as rates continued sliding, falling by nearly twenty basis points.

Ratiu Heads To KCM:’s George Ratiu is joining Keeping Current Matters as chief economist, effective immediately.

ICYMI: Editor Kimberley Haas wrote about a class action complaint involving United Wholesale Mortgage and Scott Kimbler broke down what officials are saying about the U.S. Department of Housing and Urban Development’s proposed budget.

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…

CFPB Ruling: A Manhattan appeals court ruled that the Consumer Financial Protection Bureau’s funding structure is constitutional.

Spring Buying Starts Slow: The spring season is kicking off with steady demand but buyers are competing for the few homes on the market, creating a barrier to growth.

“Uphill Battle”: The homeownership rate for young single women declined in 2022 for the first time in six years, after peaking in 2021.

Affordability Falls: Homebuyer affordability declined in February, with the national median payment increasing 4.9% to $2,061 from $1,964 in January.

The Final Straw: Fannie Mae’s ESR Group believes recent banking instability may bring on a recession through tighter lending standards and weak consumer confidence.

Ally C-Suite Addition: Ally Financial announced Russell “Russ” Hutchinson will join the company as its chief financial officer.

Who Benefits?: Check out the biggest winners and losers of the Fed’s rate hike.