Morning Roundup (5/8/2024) — Mortgage Apps Rally

Good Morning! Today is Wednesday, May 8. Stormy Daniels testified at Donald Trump’s criminal trial. TikTok sued the U.S. over a law that would ban the app unless it is sold to another company. Panera Bread will stop selling its caffeinated lemonades after two wrongful-death lawsuits.

The Mortgage Note Reports

Good News: Mortgage applications rallied last week as a slowing jobs market and positive indications from the Central Bank led to rates plummeting.

1% Down: Panorama Mortgage Group rolled out a new down payment-plus-grant program for first-generation homebuyers.

Tech Talk: Although artificial intelligence is getting lots of attention in the mortgage industry, there is still plenty of room for automation, according to Floify’s president.

In other mortgage and housing news…

Passing The Baton: MLS execs are now responsible for ensuring agents and brokers follow the new commission rules, NAR says.

No Room For New Folks: Record immigration is running up against global housing shortages and associated cost-of-living explosions.

Light-Touch Density: This New Jersey town may hold the solution to the housing crisis, paving a new path forward with single-family zoning.

Tax Time: Selling a home is now so profitable that many more Americans are getting hit with an unexpected bill: the capital-gains tax.

Company News: Steven Winokur joined Carrington Mortgage Services as VP of Marketing, Third-Party Origination; Planet Home Lending named Paul Walker CFO.

Buyers Softening: Housing sentiment shows signs of plateauing as buyers maintain a “wait and see” attitude but appear to be adjusting to higher rates and prices.

Nostalgia-Bomb: More than 40% of adults would buy their childhood home if they could afford it, and most are still pining for houses they dreamed of as kids.