Morning Roundup (4/26/2024) — Rates Rise To 7.17%

Good Morning! Today is Friday, April 26. New York’s highest court overturned Harvey Weinstein’s 2020 conviction for sex crimes. A ruling council took office in Haiti as its Prime Minister resigned. The Senate voted to dismiss impeachment articles against DHS Secretary Mayorkas.

The Mortgage Note Reports

Up Again: Mortgage rates increased last week to 7.17%, worsening affordability and setting the market up for a slump as the spring buying season progresses.

LD Leader: Jeff Wilkish has been named Regional VP for New England at loanDepot.

In other mortgage and housing news…

Worsening Finances: IMBs lost an average of $1,056 on each loan they originated in 2023 as costs escalated to a study-high $11,258 per loan.

PCE: A key inflation measure increased by 2.8% from a year ago in March, the same as in February and more than expected.

New CE Co.: Nathan Knottingham, COO at Vetted VA, announced the launch of MLO Force, a new mortgage continuing education provider.

DPA Expansion: Wells Fargo expanded its $10,000 down payment grant program to additional communities in eight metros.

CEO Pay: Mat Ishbia’s total compensation grew by nearly 75% in 2023, the year his company posted its first net loss as a publicly traded firm.

Case Study: In Florida and parts of Texas, housing supply is soaring, leading to prices stagnating, sellers making cuts, and time-on-market jumping.

“A Piece Of A House”: In a chaotic housing market that has shut many buyers out, fractional homeownership and investing trends are taking off.