Morning Roundup (8/4/2023) — Rates Rise

Good Morning! Today is Friday, August 4. Donald Trump pleaded not guilty to plotting to overturn the 2020 election. The U.S. charged two Navy sailors with passing military secrets to China. Controversial online influencer Andrew Tate, charged with human trafficking, was released from house arrest in Romania.

The Mortgage Note Reports

Rate Rise: Mortgage rates rose once again last week, pushed up by the news of Fitch’s U.S. credit downgrade and “upbeat” economic indicators.

“Wake-Up Call”: After the Fitch downgrade – which affected Fannie Mae and Freddie Mac’s ratings – conservatives are arguing that it’s time to stop wasteful spending.

Future Problem: Student loan payments are set to resume this October, giving Americans more payments to stress about and another roadblock to homeownership.

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…

Monthly Payments Up: The typical U.S. homebuyer’s monthly payment is up nearly 20% from a year ago as home prices soared in the last few weeks.

“Essentially Over”: NAR’s Chief Economist is declaring the housing recession over as home price growth accelerates and indicators point to a possible rebound.

Housing Drought Ending?: There are growing signs that the supply of homes on the market will pick up in 2024, taking some of the steam out of prices.

Criminal Impact: The charges against the Gilgo Beach serial killing suspect is not expected to affect home prices or sales in the Long Island community where he lived.

Company News: Xactus launched the next generation of its verification tech platform, Xactus360; Lennar elected Serena Wolfe to its Board of Directors.