Morning Roundup (4/21/2023) — Rates Reverse Course

Good Morning! Today is Friday, April 21. The Pentagon is sending U.S. troops to eastern Africa for a possible evacuation of the American Embassy in Sudan. Britain’s deputy prime minister, Dominic Raab, resigned after a bullying investigation. SpaceX’s Starship rocket exploded minutes after lifting off yesterday.

The Mortgage Note Reports

Rates Reverse Course: Mortgage rates jumped last week, up from 6.27% to 6.39%, breaking a five-week streak of declines.

Sales Dip: Existing-home sales fell by 2.4% in March after rising the month prior as the housing market remains rate sensitive.

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…

Not A “Crisis”: BOA CEO Brian Moynihan said deposit insurance “worked pretty well” to stymie disruption from bank failures and that banks aren’t in a “crisis.”

CFPB Data Breach: A CFPB employee forwarded the personal information of more than a quarter-million consumers to a personal email account, a “major” breach.

“It’s Going To Get Worse”: Jittery homebuilders aren’t ramping up construction fast enough to ease what’s already a severe housing shortage.

Record Highs: The typical U.S. homebuyer’s monthly housing payment hit an all-time high of $2,538, though many people are still out house hunting.

Foreclosures To Rise: A softening labor market and falling house prices may lead to more foreclosures, but most homeowners will be protected by their equity.

WF Letting More Go: Wells Fargo is laying off 78 more employees.

Investing Pains: Roughly one of every seven homes sold by an investor in March sold for less than the investor bought it for, and those who gained saw profits shrink.