Morning Roundup (9/30/2022) – Rates Near 7%, Fannie Mae’s New CEO

Good Morning! Today is Friday, September 30. Hurricane Ian strengthened and is expected to make landfall in South Carolina today. Six Republican-led states sued to block Biden’s student loan forgiveness plan. Vladimir Putin is planning to declare that four regions in eastern and southern Ukraine are now part of Russia.

The Mortgage Note Reports

Rates Near 7%: Mortgage rates skyrocketed to 6.70% from 6.29% this week, adding pressure on homebuyers who are already struggling with high home prices.

Fannie CEO: Priscilla Almodovar has been named Fannie Mae’s Chief Executive Officer and member of the Board of Directors.

Settlement: Eight senior living facilities that are inaccessible to the disabled will be retrofitted as part of a settlement between officials at the U.S. Justice Department and a New Jersey architecture firm.

Take A Look: Fans of HBO’s “The Gilded Age” can take a guided tour of one of the mansions where the popular show created by Julian Fellowes is being filmed this fall. Editor Kimberley Haas has the story with photos.

What do you think will happen in the housing market in 2023? Share your opinion by emailing us at [email protected].

In other mortgage and housing news…

Payments Increase: The typical homebuyer’s monthly mortgage payment has climbed by $337 just in the past six weeks to a new high of $2,547, pushing sales down.

Ian’s Damage: Estimated losses from Hurricane Ian’s wind and storm surge are between $28 billion and $47 billion, the costliest Florida storm since Hurricane Andrew.

Housing Survey: HUD’s 2021 American Housing Survey outlines the ways in which 2020 and 2021 were good for homeowners but presented challenges for many renters.

Best Place To Live: Atlanta ranked 1st in Money’s annual ranking of Best Places to Live for its strong labor markets, affordable homes, and diversity.

The Sweet Spot: Rising rates happened to coincide with the “seasonal sweet spot,” the purported best time to buy a house in September, which buyers may regret missing.

Price Growth Slows: Home prices continued to climb in August but at a significantly slower rate than before, marking the second straight month of cooling appreciation.

Newsom Moves On Housing: CA’s governor signed dozens of bills into law this week meant to “address the worsening housing crisis” by speeding up the production of new homes across the state.

“Feeling Like A Kid Again”: Hidden rooms have seen a resurgence in recent years, as examples on the internet rekindle widespread nostalgia for the amenity.