Morning Roundup (4/7/2023) — Profits In The Red

Good Morning! Today is Friday, April 7. It’s Good Friday. We hope everyone who celebrates Easter has a wonderful weekend. Supreme Court Justice Clarence Thomas is under fire for decades of luxury vacations funded by a Republican megadonor. Tennessee House Republicans voted to expel two Democrats who protested in the legislative chamber for stricter gun laws.

The Mortgage Note Reports

Profits In The Red: IMBs lost an average of $301 on every loan they originated last year as buyer demand shrank and production costs soared.

Rates Down: Mortgage rates declined for another week, giving spring buyers more bang for their buck, but many Americans are still priced out of the market.

ICYMI: A California landlord is being charged with discrimination against a growing family, Matt Stepnovich at SingleSource Property Solutions talks about appraisal modernization, and Chuck Green reports on what people can expect during this spring’s homebuying season.

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…

Employment Report: The U.S. economy created 236,000 jobs in March, marking the slowest pace of growth in more than two years as the labor market cools slightly.

Layoffs Revving Up: Companies will lay off nearly 90,000 employees in March, a sharp increase from February, with tech companies leading the charge.

Originations Up: Lock volume increased across the board in March, with purchase locks (+23%), rate/term refis (+39%), and cash-out refis (+28%) all seeing a boost.

Lingering Market Heat: Limited new listings are making it feel like a seller’s market in some parts of the U.S. even though sales are down by double digits.

Slightly More Optimistic: Fannie’s Home Purchase Sentiment Index rose 3.3 points in March – a surprise given recent economic turmoil – but it remains near an all-time low.

Best For Vets: These are the top 15 states for military veterans to retire to.