Good Morning! Today is Friday, June 2. The Senate approved the bill to raise the debt limit and avert a default. It now goes to President Biden to sign. Biden plans to pick Mandy Cohen, a former North Carolina health secretary, as the next C.D.C. director. Arizona will limit new housing construction in the Phoenix area because of a shrinking water supply.
The Mortgage Note Reports
Making It Work: A senior loan officer who works in Tennessee says inventory and affordability issues have hit the communities he serves. Editor Kimberley Haas sat down with Matt Ronne to get his predictions for the rest of the year and advice for other mortgage professionals.
Rates Soar: Mortgage rates increased again last week — up from 6.57% to 6.79% — due to signs that beating inflation may take a while and possibly prompt another rate hike.
Q1 Woes: Residential lending fell to a more than 20-year low in the first quarter, according to a new ATTOM report.
Doctorow Leaving Move Inc: Damian Eales is taking over Realtor.com as Move, Inc. CEO David Doctorow steps down from his role.
Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers to the market. Listen to our podcast.
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…
FHA Assistance: In the FHA’s new plan for distressed homeowners, the agency would pay part of their monthly bill, to be repaid as a second loan due after the first is paid off.
Only One Winner: With rates hitting a 7-month high and homebuyers sidelined by limited listings, sellers see the only silver lining: low inventory is keeping prices high.
Housing Burdened: One in four Americans spend more than 30% of their income on housing, according to an analysis from the Chamber of Commerce.
Commercial Failure: Commercial and multifamily mortgage delinquencies rose in Q1 2023 due to “ongoing stress” in the troubled sector.
Likely Delinquencies Down: Of mortgage loans originated by GSEs in Q1 2023, 3.44% will become delinquent over their lifetimes, a decline from Q4 2022.
Priced Out: Homeowners in Florida pay four times the national average for home insurance, partly due to the under-regulation of local companies, and it’s only getting worse.