Morning Roundup (4/8/2024) — Blame Game

Good Morning! Today is Monday, April 8. Parts of the U.S. will experience a total solar eclipse today. Democratic lawmakers are calling for an investigation into an Israeli strike that killed seven World Central Kitchen staffers. A Boeing plane made an emergency landing after an engine cover fell off during takeoff.

The Mortgage Note Reports

Blame Game: UWM and Mat Ishbia are lashing out after a bombshell report last week that was followed up with a consumer class action lawsuit filed on behalf of borrowers.

Multi-Year High: Average homebuyer credit scores soared to their highest point since 2018 in March as buyers with lower scores were priced out of the market.

Unlocking Listings: Inventory is doing best in cities with fewer mortgages and older homeowners, where rate lock-in doesn’t have as much power over sellers.

Portable Mortgages: If homeowners could keep their current interest rates, they may be more likely to sell their homes and buy a new one. Could portable mortgages thaw a frozen housing market? Writer Erin Flynn Jay has the story.

In other mortgage and housing news…

Comments Under Fire: National LGBTQ+ advocacy groups condemned Mat Ishbia’s alleged use of an antigay slur in a leaked voicemail.

DOJ Strikes Again: In another loss for NAR, a court ruled that the Department of Justice can reopen its investigation into rules around commission sharing.

Attitude Check: Consumers are pessimistic about the prospect of rates declining but may finally be coming to terms with the idea of buying and selling in the 6% range.

Rebounding Cities: A handful of housing markets have managed to fully recover from the Covid boom, seeing inventory reach pre-pandemic levels.

Understanding The 40: Check out this breakdown of the 40-year mortgage, which offers a path to homeownership but comes with steep risks.

Island Dreams: Charming, marshy Kiawah Island, SC — home of former presidential candidate Nikki Haley — is one of the luxury world’s hottest markets.