Morning Roundup (6/10/2024) — Watching The Fed

Good Morning! Today is Monday, June 10. Apple is showcasing a generative AI version of Siri. Israeli minister Benny Gantz resigned from the country’s war cabinet. Part of Wyoming’s highway system collapsed in a landslide, blocking a major traffic route.

The Mortgage Note Reports

Watching The Fed: Writer Patrick Lavery looks ahead to the FOMC meeting this week and breaks down the economic indicators that will impact the Fed’s moves.

Lock Volumes Up: Mortgage lock volumes jumped nearly 7% last month despite rates moving very little, but the market is closely watching the Fed’s moves.

OB Finds A CEO: Former ICE Mortgage exec Joe Tyrrell has been named CEO of Optimal Blue, succeeding interim leader Scott Smith.

In other mortgage and housing news…

Rates Here To Stay: Homebuyers are frustrated by 7% mortgage rates, but Fannie Mae chief economist Doug Duncan suggests that they’ll need to get used to them.

Inflation’s Impact: It costs 26% more to maintain a single-family home– excluding the mortgage– than before the pandemic.

Predicting The Future: Three economists offer their predictions on the housing market if Biden wins again in November.

Company News: Meridian Capital named Melissa Martinez Chief Risk Officer; Teresa Matthews joined First Farmers as Secondary Mortgage Operations Manager.

Ideas In Motion: The U.S. once considered modular construction an efficient way to build large amounts of housing at scale, but Sweden put it into practice.

Biggest Listings: Homes for sale in some of the country’s hottest real estate markets stand to break state sales records if they sell for their tens-of-millions listing prices.