Good Morning! Today is Tuesday, September 20. September’s FOMC meeting begins today, and a 75-point hike is expected. The 10-year Treasury yield crossed 3.5% on Monday for the first time since 2011, while the rate on the 2-year Treasury rose overnight to a 15-year high of 3.97%. Adnan Syed, whose murder conviction became famous in the hit podcast “Serial,” has been released from prison.
The Mortgage Note Reports
Investing In Hispanic Borrowers: CrossCountry Mortgage is investing in the rapidly-growing future of Hispanic homeownership through a new Spanish mortgage application and a focused Hispanic website.
Boost In Starts: Housing starts surprised the industry with a boost in August, though building permits lagged at their slowest pace in the last two years.
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In other mortgage and housing news…
Builder Sentiment: Builder sentiment fell for the ninth month straight in September due to rising rates, supply chain disruptions, and high home prices.
Looking To Move: A record 33.9% of Redfin.com users looked to move in July and August, driven from expensive coastal cities towards less pricey Sun Belt metros.
Homeowners Locked-In: About 85% of U.S. homeowners with mortgages have a mortgage interest rate far below today’s level of 6%, making them hesitant to sell.
Fifth Third Warehouse: Fifth Third Bank is launching a mortgage warehouse finance business to meet the needs of independent mortgage bankers.
New Tool: Staircase announced a new tool that allows private mortgage insurers to automate the underwriting of non-delegated policies for lenders instantly.
Forbearances Fall: The total number of loans now in forbearance fell from 0.74% of servicers’ portfolio volume in the prior month to 0.72% as of August 31, 2022.
Take A Look: LendingTree listed the towns with the greatest number of million-dollar homes– the results may surprise you.