Morning Roundup (5/26/2023) — Rates Respond To Capitol Hill

Good Morning! Today is Friday, May 26. There will be no newsletter on Monday in recognition of Memorial Day. Ron DeSantis’s campaign said it raised $8.2 million in his first 24 hours as a presidential candidate. Federal prosecutors are investigating whether Senator Robert Menendez (D-NJ) received unreported gifts. Hyundai and LG will build a $4.3 billion electric vehicle battery plant in Georgia.

The Mortgage Note Reports

Rates Respond To Capitol Hill: Mortgage rates increased again last week, reaching 6.57%, due to a heap of political and financial news.

Home Sales Flat: April brought no change at all in pending home sales, NAR said, due to continuing inventory and affordability concerns.

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

Colonial Reroutes: Texas-based Colonial Savings is exiting the mortgage origination business, focusing on full-service banking and servicing instead.

API Housing Burdens: Asian and Pacific Islander-headed households, despite relatively high income levels, face higher housing payment burdens than any other race.

Scared To Move: Fewer homebuyers are looking to move, both within their metro or to a different part of the country, as high mortgage rates cool the housing market.

PCE Index: The cost of goods and services rose 0.4% in April and inflation seems stuck in the 4% to 5% range, complicating the Fed’s decision-making on a rate hike pause.

“Ingenious Idea”: Colorado has an incredible idea to solve the housing crisis, Jerusalem Demsas argues in the Atlantic, but local governments hate it.

It’s A Renter’s World: What can we learn from Vienna, a major city that has managed to largely avoid the housing crisis?