Good morning! Today is Monday, May 17. Bill Gates left the Microsoft board amid a probe into a prior relationship with a staffer. Israel launched a new round of heavy air strikes on Gaza City. A wildfire near Los Angeles continues to grow and evacuations were ordered. And in mortgage and housing news … BANK JOB CUTS: U.S. banks could cut 200,000 jobs over next decade, top analyst says. LOW-TECH APPS: Half of big lenders still get most mortgage applications on paper. TOO MUCH: Some questions to consider if you are thinking of going beyond your original budget to buy a home. SELLER’S MARKET: Some tips for navigating a hot housing market. FIRST-TIME BUYERS: The housing market is a tale of two Americas and first-time buyers are struggling. LOW MORTGAGE PAYMENT: Four ways…
Good morning! Today is Friday, May 14. The CDC says that fully vaccinated people don’t need to wear a mask or physically distance during outdoor or indoor activities, with a few exceptions. Colonial Pipeline paid nearly $5 million in ransom to hackers. A NASA astronaut tweeted photos of the Charleston area from International Space Station. And in mortgage and housing news … MORTGAGE RATES: Mortgage rates remain parked below 3 percent. WELLS FARGO EXODUS: Wells Fargo is experiencing an exodus of mortgage bankers. Insiders explain why. LIBOR REPLACEMENT: While large banks and mortgage lenders like Fannie Mae have started actively using the LIBOR benchmark, some large U.S. corporations and other borrowers held off, seeking a benchmark that could fix rates over longer time spans. CUTTING MARGINS: Why…
Good morning! Today is Thursday, May 13. The owner of the primary fuel conduit for the East Coast said it would take several days for deliveries to get back to normal, following a cyber attack. The CDC is recommending Covid-19 vaccines for children ages 12 to 15. Tesla stopped accepting Bitcoin as payment for car purchases. And in mortgage and housing news … MORTGAGE APPS: The Mortgage Note reports that mortgage applications increased 2.1 percent for the week amid low rates and high demand for homes, the Mortgage Bankers Association reported. CHEAPEST HOUSES: The red-hot U.S. housing market is giving an extra boost to the cheapest houses, including many in historically stagnant neighborhoods that have suffered from a lack of investment. LIBOR LETTER: If you have…
Good morning! Today is Wednesday, May 12. A gas pipeline hack is leading to panic buying and fuel shortages on the East Coast. Ride-sharing companies Uber and Lyft will make all rides to and from vaccination sites free until July 4 under a new White House transportation partnership. An unusual fish normally found thousands of feet deep in the ocean floor washed ashore on a California beach last week. And in mortgage and housing news … MORTGAGE CREDIT: The Mortgage Note reports that the mortgage credit market opened up a bit more in April. SCARY PRICES: U.S. home prices are surging and scaring off buyers. UWM DECLINE: United Wholesale Mortgage expects a big margin decline in Q2. CREDIT CARD DEBT: Credit card debt keeps falling and banks are on edge…
Good morning! Today is Tuesday, May 11. The first Covid-19 vaccine has been cleared for use by adolescents. The International Olympic Committee chief postponed his trip to Japan amid a spike in the country’s Covid-19 rates. Animal shelters report that people are returning pets they adopted during Covid. And in mortgage and housing news … MORTGAGE RATES: The Mortgage Note reports that the share of US mortgages in forbearance decreased again this week. DÉJÀ VU 1970’S: Inflation and rising mortgage rates will add pressure to real estate markets, says NAR Chief Economist Lawrence Yun. HOMEOWNERSHIP GROWTH: Houses of color are expected to dominate the homeownership growth rate. REFINANCE COST: How much does refinancing cost? AFFORDABLE HOUSING: Credit scores affect affordable housing eligibility. New Jersey lawmakers consider a bill to help renters…
Good morning! Today is Monday, May 10. Americans are relieved as rocket debris is reported to have splashed down in Indian Ocean west of Maldives. SpaceX accepted Dogecoin as payment to launch ‘DOGE-1 mission to the Moon’ next year. Kentucky Derby winner Medina Spirit failed a postrace drug test, trainer Bob Baffert said, raising the prospect of a disqualification in horse racing’s marquee event. And in mortgage and housing news … FADING BOOM: A decline in demand is fueling price wars across the mortgage industry, pushing down profits and spooking the shareholders of firms that went public during the lending boom. SEVERE WEATHER: There are more reasons this year to check your homeowners insurance. ROCKET AUTO: Rocket Mortgage Company is adding auto loans to its future e-commerce…
Good morning! Today is Friday, May 7. New York City is pitching free vaccines for tourists to spur economic recovery. There’s a chicken shortage, and restaurants can’t keep up with demand. South Florida’s population growth slowed sharply as people moved away or died during the pandemic. And in mortgage and housing news … MORTGAGE RATES: The Mortgage Note reports that mortgage rates dropped slightly again, remaining under 3 percent for the week. HOME VALUES: Homeowners aged 62 and older saw their collective housing wealth increase in Q4 2020 by 3 percent compared to the previous quarter. CONSUMER BEEF: New CFPB reports show that overall consumer complaints about their mortgage complaints have climbed to their highest levels in three years. MAKING MONEY: Where are home seller profits the highest? NEW HOMES: Newly built…
Good morning! Today is Thursday, May 6. The U.S. birth rate has dropped significantly. The Pentagon is tracking an out-of-control Chinese rocket expected to crash into Earth this weekend somewhere over the Pacific Ocean. And in mortgage and housing news … EVICTION BAN: The Mortgage Note reports that a federal court tossed the CDC’s ban on evicting tenants who do not pay their rent during the Covid-19 pandemic, saying the health agency lacks the authority to issue such a moratorium. MAY DAYS: ATTOM Data Solutions’ researchers analyzed 40.1 million home sales from 2011 to 2020. Home sellers, on average, saw a 13.4% above estimated market value when selling in May—the highest of any other month. RESHAPED REAL ESTATE: The Covid retreat from urban centers has been…
Good morning! Today is Wednesday, May 5. President Biden set a new goal of administering at least one Covid-19 vaccine dose to 70% of the US adult population by July 4. Facebook’s independent Oversight Board will decide whether to uphold or reverse Facebook’s indefinite ban on former President Donald Trump. New York, New Jersey and Connecticut are pushing ahead with May 19 reopening plans, and the NYC subway will return to 24-hour service. And in mortgage and housing news … FORBEARANCE: The Mortgage Note reports that the number of US mortgages in forbearance sits at 2.23 million borrowers. CONSTRUCTION LOANS: In a guest editorial, The Mortgage Note takes a look at VA construction loans. LENDING BOOM: Lenders awash in cheap funding face no credit issues for now, but…
Good morning! Today is Tuesday, May 4. President Biden is raising the refugee admissions cap to 62,500, after facing blowback for backing away from that number amid a surge of migrants crossing the southern border illegally. The next generation of the Covid-19 vaccine could be a pill or spray. Bill Gates, co-founder and former CEO of Microsoft, said in a tweet that he and his wife, Melinda Gates, will be splitting up after 27 years. And in mortgage and housing news … EVICTION BAN: The Mortgage Note reports on the federal government sending letters to the nation’s largest apartment landlords warning them to honor federal rules preventing renters from being evicted for non-payment of rent during the pandemic. COMMERCIAL DELINQUENCIES: The Mortgage Note reports…
