Morning Roundup (5/12/2023) — “Sideways” Rates

Good Morning! Today is Friday, May 12. The F.D.A. ended its ban on blood donations from gay and bisexual men. Travelers to the U.S. no longer need to be vaccinated against Covid to enter the country. A Palestinian group and the Israeli military continue a three-day exchange of rocket and missile attacks across the Israel-Gaza border.

The Mortgage Note Reports

“Sideways” Rate Trend: Mortgage rates dipped again last week, continuing to fluctuate within the 6% range.

Fed “Made A Mistake”: NAR Chief Economist Lawrence Yun believes the latest quarter-point rate hike from the Fed was unnecessary, causing more harm than good.

ICYMI: This week, we had an article about the spring season in nontraditional markets, industry reactions to changes in mortgage fees, and an analysis of what might happen to housing if the U.S. defaults on its debts.

Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers to the market. 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…

“Hot And Cold”: Fewer homes are selling than usual this spring, but those that sell are moving fast, with a small pool of buyers circling an even smaller pool of listings.

NIMBY Neighbors: “When America’s greatest housing war came to my city, I watched my neighbors delude themselves in real-time,” Dan Kois writes in Slate.

HUD Money: HUD awarded $12 million in grants to support non-profit, self-help housing organizations that enable homeownership opportunities for low-income families.

GR API: Guaranteed Rate released a proprietary digital insurance API, giving business partner customers a way to purchase various insurance policies at the point of sale.

“Sick Of Living With Each Other”: Renters are ditching their roommates and apartment hunting solo in some parts of the country, contributing to a shortage.

Asking Rents Down: A wave of new rentals coincided with a slowdown in tenant demand, causing rent growth to cool for the 11th straight month.