Morning Roundup (6/13/2024) — Fed Doesn’t Budge

Good Morning! Today is Thursday, June 13. South Florida was hit with torrential downpours and life-threatening floods. Senate Republicans blocked a bill to create new ethics and transparency rules for Supreme Court justices. Tesla shareholders will vote today on whether to give Elon Musk a pay package worth $45 billion.


The Mortgage Note Reports

Fed Doesn’t Budge: The Federal Open Market Committee voted on Wednesday to maintain the target range for its federal funds rate at 5.25% to 5.5%. Writer Patrick Lavery has the story.

High-Risk Zones: California, New Jersey, and Illinois have the highest concentration of markets at risk for home price declines, propelled by counties near NYC and Chicago.

“Tremendous Success”: The Broker Action Coalition says its first event brought hundreds of mortgage pros together with political leaders.

Technology Podcast: Generative AI is revolutionizing every aspect of the mortgage industry. Hear from industry leaders about its impact on accuracy, efficiency, and enhanced customer service.


In other mortgage and housing news…

Standout Success: As the VA Loan turns 80, a new analysis finds that the benefit has contributed $3.9 trillion to the economy and helped 90% of servicemembers.

Inflation Data: The consumer price index held flat in May though it increased 3.3% YOY; producer prices unexpectedly decreased, down 0.2%.

Foreclosure Data: May saw a 25.6% month-over-month spike in rate-and-term mortgage refinances in response to a modest drop in the 30-year conforming rate.

Company News: New American Funding rebranded its NAF Dream program to NAF Black Impact; MCT and Lender Price teamed up to improve mortgage pricing with loan-level MSR values; CBRE expanded its climate risk assessment capabilities.

RMBS Back: Guaranteed Rate announced its first residential mortgage-backed securities deal of 2024, making it the first 100% retail non-bank lender to re-enter the securitization space with a Prime Jumbo deal since the pandemic.

“Stale” Listings: More than three in five (61.9%) homes on the market in May were listed for at least 30 days without going under contract as costs dampen demand.