Morning Roundup (8/14/2023) — Feeling The Pain

Good Morning! Today is Monday, August 14. Nearly 100 people died in the Maui wildfire, and many are still missing. EG.5, a new Covid variant, is spreading in the U.S. but is no more dangerous than past strains. Mark Zuckerburg backed out of a cage fight with Elon Musk, saying Musk isn’t “serious” about the prospect.

The Mortgage Note Reports

Feeling The Pain: Rate hikes by the Feds add to the affordability and inventory issues mortgage professionals are seeing throughout the country. Writer Chuck Green has the story.

Bleak Prospects: Mortgage delinquencies improved in the second quarter of 2023, but homeowners face increasing credit stress as the year drags on.

July Originations: Rate lock volumes sank in July as mortgage rates exceeded 7% for the first time since November 2022.

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…

New MMI Tool: Mortgage Mobility Intelligence released a LO Quick Profile search tool, which provides a summary view of a loan originator’s production and top referral partners.

ICE Anxiety: Some lenders are anxious about ICE’s takeover of Black Knight and the control it will have over the mortgage tech market.

“Soul Sucking”: Buzzfeed asked homeowners who bought a house in 2023 what their experience was like. Most said the process was a nightmare.

Playing Second Fiddle: Millennial house hunters are struggling to get a foothold in the market and losing to Baby Boomers buying homes with equity.

No Hope Post-Rent: Many Gen Z feel they’ll never be able to own a home, partly because they’re spending so much on rent that anything more feels impossible.