Good morning! Today is Friday, March 5. As supply expands, most states are now seeking to vaccinate people in their 50s. Federal Reserve Chairman Jerome Powell reaffirmed his intention of keeping easy-money policies in place until the labor market improves much further. A new supersonic jet could fly from New York to London in 90 minutes.
And in mortgage and housing news …
BROKER WAR: The United Wholesale Mortgage CEO announced that his company will no longer work with brokers who do business with Rocket Mortgage or Fairway Independent Mortgage Corp.
MORTGAGE RATES: Mortgage rates climbed to 3.02 percent this week, their highest level since the week ending July 23, according to Freddie Mac’s Primary Mortgage Market Survey.
QM DELAY: The Consumer Finance Protection Bureau (CFPB) officially proposed a delay in compliance for the Qualified Mortgage rule.
QM RULE CONFLICT: The major conflict of interest behind the CFPB’s seasoned Qualified Mortgage rule.
BRAKES ON BOOM: The increasingly optimistic economic recovery could force the Federal Reserve to raise interest rates a lot earlier than expected, tapping the brakes on the real estate rally.
POCKET LISTING: The former private listing network for agents seeks to overturn a ruling that threw out its lawsuit alleging the National Association of Realtors’ Clear Cooperation Policy harms competition.
CRE RECOVERY: Empty office buildings in New York are putting a squeeze on city budgets as property values fall. A looming hit to tax revenues puts pressure on Congress to deliver relief.
ROCKET/UWM STOCKS: After Reddit surge, Rocket shares fall back to earth as UWM sees more modest gains.
APARTMENT NIMBY: A new study finds that prices for rental and single-family properties continue to climb even when high-density apartments and condos are nearby.
HOTEL CONVERSIONS: A NY bill introduced this week would allow the state to buy up financially distressed commercial buildings to convert into affordable housing.
INVESTOR CAUTION: WallStreetBets and a short squeeze may be driving mortgage stocks higher, but the outlook for the mortgage business is worsening.