CNBC, Mar. 2, 2023–Diana OlickGrowing fears that inflation is not cooling off are pushing bond yields higher. Mortgage rates loosely follow the yield on the U.S. 10-year Treasury. (MBA mention)https://www.cnbc.com/2023/03/02/mortgage-rates-back-over-7percent.html
Category: Top National News
Americans Need to Be Richer Than Ever to Buy Their First Home
Bloomberg, March 2, 2023–Paulina CacheroThe U.S. housing market has softened a bit after years of soaring prices and frantic bidding wars, but there’s little reprieve for buyers trying to crack …
US Teachers Grapple With a Growing Housing Crisis: ‘We Can’t Afford Rent’
The Guardian (U.K.), March 2, 2023–Edwin RiosAcross the U.S., teachers are navigating a difficult terrain: making enough money to afford living in the districts where they serve. The so-called “wage …
FHA Premium Change Will Help Home Buyers
Wall Street Journal, March 1, 2023–Bob Broeksmit (subscription) In this letter to the editor of the Wall Street Journal, Mortgage Bankers Association President and CEO Bob Broeksmit, CMB, said HUD’s …
Foreign Buyers, Who Nearly Disappeared During Covid, Finally Return to the U.S. Housing Market
Wall Street Journal, March 2, 2023–Katherine Clarke (subscription)Real estate insiders across the country say they have seen an acceleration in the number of overseas buyers returning to the U.S. market.https://www.wsj.com/articles/foreign-buyers-who-nearly-disappeared-during-covid-finally-return-to-the-u-s-housing-market-6d98dbe1?
Park National Bank to Pay $9M Redlining Fine
National Mortgage News, Mar. 2, 2023–Maria Volkova (subscription)Newark, Ohio-based Park National Bank (PNB) will pay $9 million to settle allegations of using redlining practices in the Columbus metro area spanning …
Fed Seen Likely to Raise Policy Rate Above 5.5% by September
Reuters, Mar. 1, 2023–Ann SaphirTraders of futures tied to the Federal Reserve’s policy rate added to bets on Wednesday that the U.S. central bank will raise its benchmark rate to …
Fannie Mae: Appraislas are No Longer the Default Option
HousingWire, Mar. 1, 2023–Sarah WheelerFannie Mae updated its Selling Guide on Wednesday to include more options for property valuations, saying that they are “moving away from implying that an appraisal …
Long-Robust U.S. Labor Market Shows Signs of Cooling
Wall Street Journal, Mar. 1, 2023–Jon Hilsenrath, Bryan Mena (subscription)Demand for U.S. workers shows signs of slowing, a long-anticipated development that is showing up in private-sector job postings even while …
UWM Loses Money in 4Q But Remains Top Lender
National Mortgage News, Mar. 1, 2023–Andrew Martinez (subscription)While United Wholesale Mortgage had its best year ever for purchase originations in 2022, its parent company lost money in the fourth quarter …