Morning Roundup (5/10/2024) — Rates Fall To 7.09%

Good Morning! Today is Friday, May 10. An appeals court rejected Hunter Biden’s effort to dismiss his federal gun charges. The Senate passed legislation to reauthorize the Federal Aviation Administration and hire more air traffic controllers. A new rule aims to speed up asylum processing at the southern border for people suspected of crimes.

The Mortgage Note Reports

Rates Fall To 7.09%: Average mortgage rates declined for the first time in five weeks following cooling employment, a sign of easing inflation.

Housing Grants: The White House and HUD announced $5.5 billion in funding for urgently needed affordable housing and community development.

In other mortgage and housing news…

Earnings Report: Guild Mortgage’s parent company recorded a 6% increase in originations and much higher revenue levels in the first quarter of 2024 than in 2023.

Policy Action: The Biden administration is under pressure to finalize a policy hailed by Democrats as essential to ensuring people of color have access to affordable housing.

More Options: Assumable mortgage platform Roam introduced a cash lending option for down payments.

Difficult Process: Assumable mortgages are making a comeback in the high-rate, high-price environment, but the process can be challenging.

“Summer From Hell”: The age of insane bidding wars and desperate dealmaking is coming to an end, creating new challenges for home sellers in the coming months.