Morning Roundup (9/15/2023) — Rates Back On The Rise

Good Morning! Today is Friday, September 15. The United Auto Workers union is on strike against General Motors, Ford, and Stellantis, the first-ever action against all three companies at the same time. Hunter Biden was indicted on charges that he lied about his drug use when he bought a handgun in 2018. Residents of New England are bracing themselves for the impact of Hurricane Lee, which is expected to weaken.

The Mortgage Note Reports

Rates Back On The Rise: Mortgage rates increased to 7.18% last week, breaking a two-week streak of declines and cementing their +7% status for a while longer.

loanDepot Leadership Update: Dan Hanson has been named executive director of enterprise partnerships and acquisitions at loanDepot, a newly created position.

ICYMI: This week, Erin Flynn Jay reported on why Americans are moving and how back-to-the-office mandates are a factor.

In other mortgage and housing news…

“Ongoing Demand”: First-time homebuyers are largely undeterred by interest rates, a new study found, though they impacted decisions such as home size.

All-Time High: The median monthly mortgage payment hit an all-time high of $2,632 during the four weeks ending September 10.

Backing Out: Buyers are canceling deals at the highest rate in almost a year as high mortgage rates give homebuyers sticker shock.

Flawed System?: Federal Home Loan Banks have a stated mission of supporting affordable housing, but community lenders have a tough time getting access to funds.

Company News: Nations Lending opened two new branches in Sparta and Toms River, New Jersey; SnapDocs president Michael Sachdev was promoted to CEO.

“Best Time To Get Rich”: The author of “Rich Dad Poor Dad” sees an Airbnb-lead real estate crash on the horizon that will create opportunities for homebuyers.