Morning Roundup (5/17/2024) — Rates Fall To 7.09%

Good Morning! Today is Friday, May 17. Gov. Greg Abbott of Texas pardoned a man who fatally shot a Black Lives Matter protester in 2020. Storms around Houston killed at least four people and knocked out power for more than a million. Israel plans to send more troops into Rafah.

The Mortgage Note Reports

Economist Perspective: As the spring homebuying season continues, there are concerns about the housing market. Writer Nicole Murray spoke with Patrick Gourley to get a fresh perspective on prices, rates, and the realtors settlement.

Rates Fall To 7.09%: Average mortgage rates declined for a second week as inflation moderated in the Fed’s preferred indicator, but remained over 7%.

No Money Down: UWM rolled out a new 0% down payment program and made several other major announcements during its annual broker event.

In other mortgage and housing news…

Regional Differences: The median asking rent rose nationwide by 1% to $1,648 in April, the first increase in a year, but rents are sinking in the Sun Belt and Seattle.

“Needs And Opportunities”: The Biden-Harris Administration is awarding nearly $40 million to expand comprehensive housing counseling services for Americans.

Company News: Optimal Blue announced a new campaign, “Optimize Your Advantage”; LoanCare appointed David Vida as its first Chief Revenue Officer.

Death Benefit: CrossCountry Mortgage launched a Line of Duty Death Benefit, providing up to $525,000 in mortgage protection to first responders’ families at no cost.

China’s Breakdown: China announced its biggest attempt yet to rescue its property market, relaxing mortgage rules and urging local governments to buy unsold homes.