Morning Roundup (8/11/2023) — Hawaiian Housing Grant

Good Morning! Today is Friday, August 11. Maui wildfires have killed at least 55 people and have yet to be contained. Iran agreed to free five imprisoned Americans. Trump said he would not promise to support whoever wins the Republican presidential nomination, a requirement for the first debate.

The Mortgage Note Reports

Marching Up: Mortgage rates increased for a third consecutive week, pushing averages closer to 7% and adding further pressure on buyers.

Hawaiian Housing Grant: HUD devoted $21 million to affordable housing efforts in Hawaii, where the median single-family home is more than $1m.

Policy Overkill: In an opinion piece, Desmond Lachman writes that the Fed is engaged in monetary policy overkill.

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…

“Rare Move”: In what experts say is a new strategy to protect tenants, Freddie Mac filed a lawsuit to foreclose on a building’s owner because of substandard living conditions.

Fear Of Rent Control: Housing providers and lenders sent a letter to the FHFA cautioning against rent control, saying it would exacerbate the housing affordability crisis.

“Winners And Losers”: The total worth of U.S. homes hit a record $46.8 trillion in June, giving homeowners a financial leg up while buyers are left in the dust.

CPI: Consumer prices rose 3.2% in the year through July, in line with analysts’ expectations, but accelerated annually for the first time in more than a year.

Company News: AG Mortgage Investment Trust is merging with Western Asset Mortgage Capital Corporation;  PenFed Credit Union promoted four leaders to oversee their home lending technology.