Morning Roundup (9/14/2022) – Rates Exceed 6%

Good Morning! Today is Wednesday, September 14.  The S&P 500 fell 4.3%, its biggest one-day drop in more than two years, partly in response to the inflation numbers. Senator Lindsey Graham introduced a bill to ban abortions nationwide after 15 weeks of pregnancy. West Virginia’s legislature passed a bill banning nearly all abortions.

The Mortgage Note Reports

Rates Hit 6%: Mortgage loan application volume fell last week as mortgage rates topped 6% for the first time since 2008, nearly doubling YOY.

MCCU VP: Denise Miller has been promoted to Vice President, Controller, at Monroe Community Credit Union.

Share your promotions! Email Editor Kimberley Haas at [email protected].

In other mortgage and housing news…

Producer Price Index: Wholesale prices fell slightly in August, a mild respite from inflation pressures that are threatening to send the U.S. economy into recession.

Credit Declines: Mortgage credit availability dropped in August due to investors reducing their offerings of ARM and non-QM loan programs.

Best Time To Buy: says fall is the best season to buy for hopeful homebuyers when it comes to home prices, competition, and inventory.

“Takeaways From My Story”: Lessons learned from a loan officer who went bankrupt after 2009 and got back up again.

Thoughts Moving Forward: “Volatility is still going to be the name of the game” in the housing market as experts predict rising rates and sky-high prices are here to stay.

Commercial Delinquencies: Commercial and multifamily mortgage delinquencies declined in the second quarter of 2022, MBA reported.

CV, Explained: What is Computer Vision, the next big thing in real estate tech?