Morning Roundup (4/28/2023) —Rates Up And Down

Good Morning! Today is Friday, April 28. Russia launched a major assault on civilian targets in Ukraine, killing at least 12 people. Mike Pence appeared before the grand jury hearing evidence about Trump’s election interference. Talk show host Jerry Springer died at 79.

The Mortgage Note Reports

Rates Up And Down: The 30-year FRM increased once again last week, up to 6.43%, but the 15-year declined to 5.71%, providing relief for a small segment of buyers.

Impac Booted Out: Impac Mortgage stock has been delisted from NYSE following the company’s exit from the TPO channel.

ICYMI: This week, TMN had articles about mortgage fee changes being under fire, industry concerns that were shared at the MBA’s National Advocacy Conference, and what Rocket is doing to address affordability issues.

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…

Inflation Remains “Brisk”: The Fed’s preferred measure of underlying inflation, personal consumption expenditures, rose 0.3% in March and 4.6% YOY.

Win-Win Situation: Salt Lake City is considering incentives that would allow builders to win certain rights by including rent-subsidized dwellings in their projects.

Immigration Still Hot: Out-of-town home searches have dropped 4% YOY, compared with a 16% drop for searches near home, as movers seek out affordable places to live.

Listings Tank: New listings across the country fell 22.4% YOY during the four weeks ending April 23, one of the biggest declines since the start of the pandemic.

Payments Creep Up: Affordability declined in March, with MBA’s index hitting a record high as application payments rose to $2,093.