Good Morning! Today is Tuesday, March 7. Federal Reserve Chairman Jerome Powell is speaking this morning to the Senate Banking, Housing and Urban Affairs Committee. Labor unions in France say they’ll bring the country to a standstill to protest the government’s plans to raise the retirement age to 64, from 62. At least 16,000 Russians have died in Ukraine.
The Mortgage Note Reports
$200K And Under: Leaders at Rocket Pro TPO are extending their promotion on 30-year conventional purchase loans at or under $200,000 as they gear up to be more competitive in that market this year. Editor Kimberley Haas has the story.
C-Suite Update: Mr. Cooper Group named Kurt Johnson as CFO and Christine Paxton as EVP and Chief Risk and Compliance Officer.
Sentiment Down: Housing sentiment has collapsed after inching up with the demand rebound, with both homebuyers and home sellers feeling pessimistic about the market.
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…
Remote Work Causing Risk: Federal Deposit Insurance Corp. Chairman Martin Gruenberg flagged the slow pace of workers’ return to offices as a credit risk to banks.
Waiting For A Thaw: Rising mortgage rates are cooling the U.S. housing market, sapping recent buyer interest heading into the crucial spring selling season.
“Plummetting Headcounts”: Rocket Companies and UWM shed thousands of jobs as the mortgage business lurched from boom times to a slump.
Rocket Offer: Rocket Mortgage launched a special-purpose credit program offering $3,000 to use toward a down payment for buyers in underrepresented communities.
Home Price Growth Down: Home prices continued their gradual free fall in January, with growth slowing for the ninth straight month and the lowest recorded since June 2020.
The Real Deal: Why do New Yorkers love Florida? Here are some of their reasons.