Morning Roundup (5/5/2023) —Rates Fall, Rocket Q1 2023

Good Morning! Today is Friday, May 5. Four members of the Proud Boys were convicted of sedition for leading a violent mob on the Capitol. North Carolina passed a 12-week abortion ban, but its governor plans to veto it. A jury found that Ed Sheeran’s 2014 “Thinking Out Loud” did not copy Marvin Gaye’s “Let’s Get It On.”

The Mortgage Note Reports

Rates Dip: Mortgage rates fell last week, averaging 6.39%, after Jerome Powell’s suggestion that a pause in rate hikes may be coming.

Besting Expectations: Rocket Companies had a better first quarter than many analysts feared, losing less than expected.

ICYMI: This week, TMN had articles about marijuana’s impact on the rental market, the Fed raising interest rates at its May meeting, and lawmakers trying to block recent loan level price adjustments made by the FHFA.

Spring Update Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers. Check out our spring podcast for the latest.


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.

What are you seeing this spring homebuying season? We want to know. Email us at [email protected].

In other mortgage and housing news…

Equity Cooling: Equity remained historically high in Q1 but the equity-rich portion of mortgaged homes fell for a second straight quarter.

No Signs Of A Peak: Nearly half of recently-sold homes went under contract within two weeks, a notable bump because the share typically falls after peaking in March.

All Cash Explosion: Cash buyers are everywhere in NYC, with all-cash deals making up a larger portion of the market than at any time on record (60%).

New Treats: UWM announced that its brokers can request a dedicated loan coordinator, and can also connect their loan origination platform to UWM’s system.

No April Inventory Boost: In April, active inventory growth slowed for the second month in a row as newly listed homes fell 21.3% YOY.

“I Don’t Like Him”: Mat Ishbia shared “spicy” comments in a podcast interview regarding his business and personal rivalry with Dan Gilbert.