Morning Roundup (4/3/2023) — Spring’s Here

Good Morning! Today is Monday, April 3. Trump spent the weekend making plans for his arrest, while officials in New York prepared for potential turmoil. Saudi Arabia, Russia, and their oil-producing allies said they would cut production, an apparent effort to increase prices. Pope Francis left the hospital after receiving treatment for bronchitis.

The Mortgage Note Reports

Spring’s Here: As the traditional spring homebuying season begins, a lack of inventory, high interest rates, and economic uncertainty due to banking troubles have dominated the news. So what can people expect? Writer Chuck Green has the story.

Wyndham x SoFi: Financial services company SoFi Technologies has acquired Wyndham Capital Mortgage in an all-cash deal.

Rocket Rolls Out More: Rocket Mortgage and Rocket Homes announced BUY+ and SELL+, new money-saving programs for buyers and sellers who use the companies.

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…

Construction Spending: February construction spending fell by just 0.1% from the month prior, but was up 5.2% from YOY revised estimates.

Bad News: Despite stabilizing prices, market activity in terms of contract volume and net new listing volume remains sharply down year-over-year.

Layoffs: Homebridge Financial Services will lay off 139 employees in June, three months after the acquisition of its retail division by CMG Mortgage.

Class-Action: A judge ruled that the lawsuit accusing NAR and several real estate brokerages of conspiring to inflate commissions can move forward as a class-action case.

Early-Stage Demand Boom: Redfin’s Homebuyer Demand Index jumped as prices fell for the sixth-straight week and mortgage rates declined for the third week in a row.

“Total Paradox”: Housing indicators have sent mixed signals, including considerable differences in regional demand, muddying the picture on where the market is headed.


Growth And Stability: Texas metros dominate the list of best markets based on consistent growth with few major drops, with Austin home prices up 350% since 1998.