Morning Roundup (6/15/2023) — Fed Pauses Rate Hikes

Good Morning! Today is Thursday, June 15. The Supreme Court upheld a federal law that prioritizes the placement of Native American children with Native families. Southern Baptists voted to restrict women in church leadership. Miami mayor Francis Suarez entered the race for the Republican presidential nomination.

The Mortgage Note Reports

They Paused: The Federal Open Market Committee called a pause on their rate hikes Wednesday, electing to keep the target range at 5% to 5.25%, but they expect to raise rates “somewhat further” before the end of 2023. Writer Patrick Lavery has the story.

Racial Bias In Appraisal: Veros says its automated valuation model isn’t biased, producing comparable figures for redlined and non-redlined homes.

Kellett At FirstClose: Dan Kellett has been named Chief Technology Officer of the data and workflow solutions company FirstClose.

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.

In other mortgage and housing news…

Key Risks: The OCC said the banking system is sound overall despite the liquidity crisis in Q1 2023, but banks should focus on credit and operational risk, as well as climate risk.

Two Years Of High Rates?: Fed officials suggested rate cuts won’t come for at least a “couple of years.”

Inventory Crunch: Listings saw their biggest decline in 13 months. Now there are 39% fewer homes for sale than there were five years ago, in June 2018.

Pricey Markets Hit Hardest: Upscale and Western markets felt the housing downturn more than other areas of the country, ATTOM reports.

Voucher Future: New research shows that a strong homeowner voucher program could significantly shrink the racial gap between Black and white homeownership.

Company News: Korth Direct Mortgage is now a majority woman-owned franchiseGuild Mortgage named Lamont Watson its first VP of Diverse Talent Development.