Morning Roundup (7/21/2023) — FOMC Questions Linger

Good Morning! Today is Friday, July 21. The House passed legislation to improve air travel by hiring more air traffic controllers and modernizing airports. Minneapolis plans to loosen enforcement around psychedelic drugs. Singer Tony Bennett died at the age of 96.

The Mortgage Note Reports

Questions Linger: With the Fed’s next meeting less than a week away, could Chairman Jerome Powell be preparing to announce one of the rate hikes that he said in June might take place this year? Writer Patrick Lavery has the story.

Rates Pull Back: Positive inflation data pushed mortgage rates down last week, dropping more than ten basis points to 6.78%.

Taking Aim At Unfair Fees: HUD announced commitments by some of the biggest rental search platforms to address unexpected and junk fees.

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…

Existing-Home Sales: At $410,200, the median existing-home sales price for June was the second-highest price ever recorded by NAR. Home sales fell by 3.3%.

Market Predictions: Goldman Sachs issued predictions for the housing market through 2026, and expects home price growth to remain constrained over the next four years.

“Frogs In A Slow Boil”: With M&A deals becoming more frequent, independent mortgage lenders are faced with difficult choices as they struggle to survive.

Low Simmer: The national delinquency rate continues to hover near recent record lows, with June’s marking the third lowest level on record, Black Knight said.

First-Timer For Life?: Chinese regulators are considering scrapping rules that disqualify former mortgage holders from being considered first-time buyers in major cities.