Morning Roundup (5/3/2024) — Rates Jump

Good Morning! Today is Friday, May 3. President Biden condemned violence and intimidation on college campuses. Political leader for Hamas said the group was studying Israel’s latest cease-fire proposal with a “positive spirit.” The U.S. accused Russia of using chemical weapons against Ukrainian troops.

The Mortgage Note Reports

Rates Jump: Average mortgage rates increased for a fifth consecutive week to 7.22% just as spring buying season entered its peak months.

Rocket Earnings: Rocket Companies gained momentum in the first quarter as leaders continue to push advances in the latest technology.

In other mortgage and housing news…

Employment Report: The US economy added 175,000 jobs last month, less than expected, leading analysts to bet on a September rate cut from the Central Bank.

More Opportunities: People of color are taking out a rising share of mortgages as America becomes more diverse and they see new income gains.

Using Home Equity: Should you pay off your mortgage with a HELOC? It makes sense sometimes, for some people, experts say.

AI Best Practices: HUD issued guidance on the use of AI in tenant screening and advertising of housing and housing-related services.

“Increase The Pressure”: The leader behind a plan to build a new city in Northern California says AI will exacerbate the state’s housing shortage.

Company News: Fairway Independent Mortgage hired four new origination teams; Tim Potempa joined E Mortgage Capital; loanDepot introduced “Home School” for consumers.

Opinion: Freddie Mac moving into the secondary mortgage market would be a win-win for everyone that could “unleash the next big U.S. stimulus.”