Good Morning! Today is Friday, May 3. President Biden condemned violence and intimidation on college campuses. Political leader for Hamas said the group was studying Israel’s latest cease-fire proposal with a “positive spirit.” The U.S. accused Russia of using chemical weapons against Ukrainian troops.
The Mortgage Note Reports
Rates Jump: Average mortgage rates increased for a fifth consecutive week to 7.22% just as spring buying season entered its peak months.
Rocket Earnings: Rocket Companies gained momentum in the first quarter as leaders continue to push advances in the latest technology.
In other mortgage and housing news…
Employment Report: The US economy added 175,000 jobs last month, less than expected, leading analysts to bet on a September rate cut from the…
Good Morning! Today is Thursday, May 2. The Arizona legislature voted to repeal the state’s nearly total ban on abortions. Manhattan prosecutors said they would retry Harvey Weinstein on sex crime charges after a court overturned his conviction. Senate Democrats reintroduced legislation that would legalize marijuana.
The Mortgage Note Reports
No Rate Change: As predicted, the Federal Open Market Committee will maintain its target range for the federal funds rate at 5.25% to 5.5%. Writer Patrick Lavery has the story.
Reigning Region: The Northeast and Midwest have gained buyer attention in recent months, but that could change as the South doubles down on affordable inventory.
MMI CFO: Mobility Market Intelligence named Ron Ross as its new CFO.
Opinion: Carly Peroutka …
Good Morning! Today is Wednesday, May 1. Protesters at Brown University dispersed after university officials agreed to discuss divestment from support for the Israeli military. Other schools continue to have protests. Mississippi lawmakers reached a deal to expand Medicaid. Elon Musk laid off hundreds of Tesla employees.
The Mortgage Note Reports
Apps Fall Again: Mortgage applications declined again last week as rates continued their upward march, reaching 7.29%, their highest point since November 2023.
Fannie Mae Profits In Q1: Although Fannie Mae’s Q1 earnings fell short of expectations it still turned a profit last quarter, reporting $4.3 billion in net income.
In other mortgage and housing news…
Mind Games: A CFPB report says that consumers tend to pay more when…
Good Morning! Today is Tuesday, April 30. Protesters at Columbia University have occupied a building on campus and built barricades. Donald Trump was held in contempt for violating a gag order in his criminal trial. A former NSA worker was sentenced to nearly 22 years in prison for selling classified information to an undercover FBI agent.
The Mortgage Note Reports
Junk Fees: As the Biden administration’s war on “junk fees” continues, industry leaders say closing costs are not the source of home affordability challenges. Writer Erin Flynn Jay has the story.
Price Jump: Home prices soared to a new record high in February, accelerating on both an annual and monthly basis, a reversal from January.
VA Info: loanDepot introduced a…
Good Morning! Today is Monday, April 29. Police have arrested more than 800 campus protesters across the country. Severe storms in Oklahoma and Iowa killed at least five people. The Rolling Stones kicked off the latest tour of their more than 60-year run.
The Mortgage Note Reports
Watching The Fed: It’s unlikely the Federal Reserve will cut rates this week or at their next meeting. Writer Patrick Lavery breaks down what that means.
Second Swing: Hunterbrook Media took a second swing at UWM last week, claiming that an executive there helped a shell company establish Philadelphia-based UMortgage.
Hottest Markets: The Northeast and Midwest dominate the list of hottest markets for the year, proving affordability and climate concerns remain top of…
Good Morning! Today is Friday, April 26. New York’s highest court overturned Harvey Weinstein’s 2020 conviction for sex crimes. A ruling council took office in Haiti as its Prime Minister resigned. The Senate voted to dismiss impeachment articles against DHS Secretary Mayorkas.
The Mortgage Note Reports
Up Again: Mortgage rates increased last week to 7.17%, worsening affordability and setting the market up for a slump as the spring buying season progresses.
LD Leader: Jeff Wilkish has been named Regional VP for New England at loanDepot.
In other mortgage and housing news…
Worsening Finances: IMBs lost an average of $1,056 on each loan they originated in 2023 as costs escalated to a study-high $11,258 per loan.
PCE: A key inflation measure …
Good Morning! Today is Thursday, April 25. President Biden signed a bill with aid for Ukraine, Israel, and Taiwan. Benjamin Netanyahu called student protesters at universities “antisemitic mobs.” New Jersey Congressman Donald Payne Jr. died at 65.
The Mortgage Note Reports
Importance Of AI: The co-founder and president at Nexval Group in Miami sat down with Editor Kimberley Haas to talk about AI, saying it is an essential tool moving forward.
Servicers Under Fire: The CFPB is once again targeting “junk fees” in the mortgage sector, this time addressing illegal actions by servicers.
Good News: Pending home sales improved in March, seeing their best performance of 2024, but low inventory remains a challenge to affordability.
In other mortgage and housing…
Good Morning! Today is Wednesday, April 24. The Senate passed a foreign aid bill that requires ByteDance to sell TikTok. President Biden won Pennsylvania’s Democratic primary. Tennessee’s legislature passed a bill to allow teachers to carry concealed handguns on school grounds.
The Mortgage Note Reports
Dutch-Style Mortgages: The Dutch offer home mortgages with interest rates that go down automatically as the loan gets paid off. Writer Erin Flynn Jay finds out if they could work in America.
Apps Sink: Mortgage applications declined last week as rates soared to a new high, giving ARMs a boost as borrowers consider ways to save.
AI Technology: Rocket Mortgage launched Rocket Logic – Synopsis, an enhancement that listens to, analyzes, and transcribes client calls…
Good Morning! Today is Tuesday, April 23. The judge in Donald Trump’s criminal trial is hearing arguments on whether the former President violated a gag order. The British Parliament passed a law allowing the government to deport asylum seekers to Rwanda. Taiwan experienced two earthquakes.
The Mortgage Note Reports
New Home Sales: New residential sales rebounded in March as an unexpected February downturn corrected, up both month-over-month and year-over-year.
G-Rate Makes Moves: Guaranteed Rate has bolstered its leadership by promoting company veteran CJ Rose and rehiring top NC LO Chris Hutchens.
In other mortgage and housing news…
Cost Burdened: Prospective buyers need an annual income of at least $119,769 to afford the monthly costs of a home with a 10%…
Good Morning! Today is Monday, April 22. Columbia University will hold classes virtually today as protests at the school continue. The U.S. is considering sanctions on some Israeli forces in the occupied West Bank. Armed men attacked voting booths in northeastern India. Today is Earth Day.
The Mortgage Note Reports
Retirement Communities: Are you ready to cash in on the equity in your home and retire? Writer Chuck Green takes a look at life plan communities.
McCargo Out: Ginnie Mae president Alanna McCargo is stepping down, calling the move a “deeply personal decision to return to private life.”
Section 184 Update: HUD announced a new final rule aimed at boosting homeownership for Native American families.
In other mortgage and housing…
