Morning Roundup (9/29/2023) — Rates Jump To 7.31%

Good Morning! Today is Friday, September 29. Dianne Feinstein, the longest-serving female US senator in history, has died at the age of 90. Biden accused Trump and other “MAGA extremists” of threatening the Constitution in a speech. More than 50 people died in a suicide bombing at a religious gathering in Pakistan.

The Mortgage Note Reports

Rates Shoot Up: Mortgage rates jumped to 7.31% last week, a more than two-decade high, exacerbating creeping financial troubles for many would-be buyers.

Loan Simple CMO: Industry veteran Jim Anderson is joining Colorado-based Loan Simple as its new chief marketing officer.

In other mortgage and housing news…

“The Long View”: Thinking ahead is essential for lender success in the current market dynamic, including keeping compliance and risk management departments staffed.

PCE: The Fed’s preferred inflation gauge rose less than expected in August, showing that the central bank’s fight against higher prices is making progress.

Buyer’s On Top: Record-high mortgage payments are motivating sellers to drop asking prices to attract buyers, who are unwilling to pay top dollar for their new home.

Redlining Settlement: Washington Trust will pay $9 million to resolve allegations it redlined Black and Hispanic neighborhoods in Rhode Island.

Company News: Mobility Market Intelligence enhanced its dashboard with CRA, LMI, and majority-minority census tract data analytics.

Take A Look: Point2 compiled the most expensive homes on the market in every state.