Good Morning! Today is Wednesday, May 10. A jury found Donald Trump liable for the sexual abuse and defamation of magazine writer E. Jean Carroll. President Biden and Speaker Kevin McCarthy did not reach a consensus over the debt ceiling but agreed to meet again. Former Fox News host Tucker Carlson said he would start a show on Twitter.
The Mortgage Note Reports
Fee Changes: Industry leaders and economists are sharing their opinions about changes to fees for loans backed by Fannie Mae and Freddie Mac after reports that homebuyers with good credit scores and substantial down payments will pay more so fees for borrowers limited by income or wealth can be reduced. Writer Chuck Green has the story.
Prices Soar Again: Home sale prices are back up due to high competition in budget-friendly markets, with single-family existing-home sales prices rising in 70% of metros.
Application Boost: Mortgage applications rose across the board last week, including a 10% refi surge, as rates dipped in the wake of positive news from the Fed.
Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers. Check out our spring podcast.
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.
In other mortgage and housing news…
CPI Win: The Consumer Price Index rose 4.9% YOY in April, slightly less than the 5% expected by analysts and a good sign in the Fed’s inflation fight.
Rate Hike Outlook: Policymakers are no longer providing explicit forward guidance on rates, NY Fed President John Williams said, implying there may not be another increase.
UWM Earnings: UWM Holdings reported a loss in Q1, double that of the previous quarter, due to a decline in MSRs and origination volumes.
End Of The Line: The pandemic’s end also means the end of generous mortgage forbearance programs, but new loss mitigation plans are emerging.
Sellers Back On Top: Steady buyer demand coupled with scarce new listings pushed up price growth and pending sales in April as a “normal” spring seller’s market takes root.
Not Another 2008: The housing market is holding up surprisingly well, so we’ll likely experience a “garden-variety” recession this year, Edward Harrison argues in Bloomberg.