Morning Roundup (3/9/2023) — Purchase Boost, VA Perks

Good Morning! Today is Thursday, March 9. Mitch McConnell, the Senate minority leader, was hospitalized after tripping at a Washington hotel. Russia launched missiles at residential areas in Ukraine this morning, killing at least nine people. California is bracing for more heavy rain and snow.

The Mortgage Note Reports

Rate Hikes: The Feds are preparing to raise interest rates again this month. What does that mean for mortgage rates and the housing market? Writer Patrick Lavery has the story.

Purchase Sees A Boost: Purchase demand increased last week, but it’s primarily correcting from two weeks of deep lows, not signaling a change in the mortgage market.

VA Perks In Texas: Veterans in Texas can take apply for wholesale rates and one-time close construction loans from Competitive Home Lenders.

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…

Powell’s Testimony: Fed Chair Powell said the central bank may raise rates further depending on upcoming economic data, and weathered some testy exchanges with senators over the possibility of high layoffs as a result.

Silver Lining?: The mortgage market is shrinking, which is both good and bad news for brokers who could pull higher profits out of a smaller number of loans.

“We Love Florida”: JPMorgan Chase CEO Jamie Dimon praised Sun Belt states like Texas and Florida which in his words are “pro-America, optimistic, pro-business.”

Equity Cooling: Equity gains declined across the country in Q4, especially in Western states and Washington D.C., with Idaho being the most vulnerable to losses.

Rate Locks Down: After an uptick in January, lock volume decreased across the board in February, with purchase lock activity down 13%.

Markets On The Verge: Inland California, Illinois, New Jersey, and Delaware remain at high risk of price declines, with the biggest clusters in the NYC and Chicago metros.