Morning Roundup (9/5/2024) – Retreating Refis

Good Morning! Today is Thursday, September 5. A fourteen-year-old killed four people in a Georgia school shooting. Harris’ campaign agreed to have microphones muted when candidates aren’t speaking during next week’s debate. International mediators are finalizing a new proposal for a cease-fire in Gaza.

The Mortgage Note Reports

Product Launch: Guild Mortgage introduced new reverse finance offerings geared towards seniors who hope to age in place.

Refis Dwindle: Mortgage applications rose again last week as government purchase activity made up for retreating refinances.

In other mortgage and housing news…

High-Risk Markets: Housing markets in California, New Jersey, and Illinois still have an elevated risk of a downturn in the last half of 2024, ATTOM says.

Gambling On Cuts: Mortgage lock volume rose 3.33% month-over-month as some lenders price in the rate cuts expected at the Central Bank’s September meeting.

Company News: Beeline Financial is merging with an Oregon-based distilling company; Rajinder Singh joins Pagaya as Chief Risk Officer; OCMBC completed its acquisition of HomeStar Financial Corporation.

Not Enough Homes: Fannie Mae’s experts say price growth will cool through 2025 but aren’t confident that housing policy reforms will lead to significantly more construction.

“Questioning The American Dream”: Nearly half of prospective buyers are struggling to pay basic home costs and desperate for affordable home insurance.