Morning Roundup (7/1/2024) — Political Divide

Good Morning! Today is Monday, July 1. Top Democratic leaders and donors urged the party to stick with Joe Biden as their nominee despite his debate performance. Boeing agreed to buy a supplier in an attempt to manage quality control. Hurricane Beryl is moving west through the Atlantic as a Category 3 storm.

The Mortgage Note Reports

Divided Opinions: Housing experts and economists responded varyingly to Biden’s comments about rent caps in the debate last week.

Proper Rate President: Former Guaranteed Rate exec Chris Knapp has been named president of boutique firm Proper Rate.

In other mortgage and housing news…

Zillow Therapy: Make-believe house hunts are helping people manage stress in their daily lives as they envision a future in homes they’ll likely never buy.

Intervene Early On: Not having stable housing in childhood can harm Americans’ health for years, and pediatricians say intervening is a major life benefit.

“It’s Stressful”: More than 100,000 ARM loan holders will see their low introductory rates reset in the coming year, leading to much higher monthly payments.

Huge Increases: State Farm General is asking for drastic insurance rate hikes, including a 30% increase for homeowners, in California due to wildfires and inflation.

Company News: Eastern Union hired Alex Carroll as a broker in its Bethesda, MD, office; Down Payment Resource added three new team members.

“Boommates”: More and more Baby Boomers with big houses and unused bedrooms are taking in renters, a co-living situation with benefits for both sides.