Morning Roundup (5/1/2024) — Apps Fall Again

Good Morning! Today is Wednesday, May 1. Protesters at Brown University dispersed after university officials agreed to discuss divestment from support for the Israeli military. Other schools continue to have protests. Mississippi lawmakers reached a deal to expand Medicaid. Elon Musk laid off hundreds of Tesla employees.

The Mortgage Note Reports

Apps Fall Again: Mortgage applications declined again last week as rates continued their upward march, reaching 7.29%, their highest point since November 2023.

Fannie Mae Profits In Q1: Although Fannie Mae’s Q1 earnings fell short of expectations it still turned a profit last quarter, reporting $4.3 billion in net income.

In other mortgage and housing news…

Mind Games: A CFPB report says that consumers tend to pay more when prices are separated into multiple fees, taking another swing at the mortgage industry.

Political Impact: As President Biden prepares for November, one economic issue looms large over the upcoming election: a historic lack of affordable housing.

Myth Busting: “I pay $623 in rent and have a doorman.” Residents of an affordable housing complex in New York City explain the misconceptions about their living situation.

Austrian Inspiration: California advocates are looking to Vienna, a densely-built renters’ city, for ideas on how to provide more housing.

Company News: Truv is now an authorized report supplier for Fannie Mae’s DU validation service.

Check It Out: Washington, D.C. tops this list of the ten best metros for MBA graduates looking for a new job and a new home.