Morning Roundup (4/14/2023) — Rates Down Again

Good Morning! Today is Friday, April 14. The FBI arrested a 21-year-old Massachusetts Air National Guardsman for the Pentagon document leak. Trump was questioned under oath in a civil fraud lawsuit. Both Mitch McConnell and Dianne Feinstein are ill, stalling action in Congress.

The Mortgage Note Reports

Rates Down Again: Mortgage rates ticked down again, the fifth straight week of declines, as inflation shows signs of decelerating and labor markets remain tight.

Urmersbach At Kiavi: Fix and Flip lender Kiavi has named Alex Urmersbach as CFO.

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…

WF Q1 Earnings: Wells Fargo reported growing profits in Q1 thanks to higher interest rates, but noninterest revenue fell, including its mortgage income.

FOMC’s Outlook: The FOMC’s March minutes show the Fed is expecting a recession this year and will likely pause rate hikes after one more quarter-point increase.

Second Place: Total commercial real estate mortgage borrowing and lending equaled $816 billion in 2022, down 8% from 2021 but still the second-highest on record.

“Sellers Won’t Sell”: New listings dropped 25% YOY during the four weeks ending April 9, continuing an eight-month streak of double-digit declines.

Rents Moderate: The median U.S. asking rent fell 0.4% YOY to $1,937 in March, the first annual decline since March 2020 and the lowest median asking rent in 13 months.