Morning Roundup (7/10/2024) — Powell’s Testimony

Good Morning! Today is Wednesday, July 10. Democratic senators asked the Justice Department to open a criminal investigation into Supreme Court Judge Clarence Thomas. Israel’s defense minister approved a plan to start drafting ultra-Orthodox Jewish men into the military. Parts of Houston, Texas, are still without power after Hurricane Beryl.

The Mortgage Note Reports

Powell’s Testimony: The chair of the Federal Reserve acknowledged on Tuesday that their tightening policies to bring down inflation have affected the housing sector. Editor Kimberley Haas has the story.

Summertime Slump: Mortgage applications fell last week as rates hovered around 7%.

Fixer Upper: HUD updated policies for its 203(k) Rehabilitation Mortgage Insurance Program to modernize and streamline home repair financing.

In other mortgage and housing news…

Best Place To Rent: Bismarck, ND, was named the best city for renters in the U.S. as renters pay just 15% of their income towards homes with plenty of square footage…

Millennial-Minded Metros: …while Austin, TX, took the top spot for metros best suited to Millennial homebuyers.

Spotlight On Care: This Disability Pride Month, Down Payment Resource is highlighting 18 buyer assistance programs designed to support people with disabilities.

Retirement Stressors: More than a quarter of retired investors are still paying their mortgages and credit card debt as the landscape of retirement changes.

Company News: Informative Research named Brandon Hall its new EVP of Operations; nbkc bank announced a down payment assistance mortgage program.

Stagnant Market: Purchase activity was subdued in June, Optimal Blue says, though recent buyers with higher rates jumped at opportunities to refinance.