Mortgage rates have been in a very narrow range for nearly 3 weeks with the last major move seen on September 17th and 18th following the Fed rate cut. Paradoxically but not surprisingly, rates actually moved higher after the Fed cut the Fed Funds Rate. Contrary to popular belief, Fed comments and policy changes are […]
Mortgage Rates Hold Steady in Tight Range Read More »
With the market favoring buyers, more home sales are falling through as minor disagreements can lead to deals being called off. Nearly 60,000 home-purchase agreements were canceled in August, according to a new report from Redfin, a subsidiary of Rocket Cos. That’s 15.1% of homes that went under contract, up from 14.3% a year earlier
More home sales fall through as buyers gain leverage Read More »
Minority homebuilding businesses grew noticeably in the years after the Great Financial Crisis, but their share still lags when compared to the total population of people of color in the U.S., new analysis finds. The percentage of newly established minority-owned homebuilders more than doubled between pre-crisis 2007 and 2022 from 6% to 14%, according to
Growth of minority builders collides with policy rollback Read More »
Prolonged funding pressures in US money markets, just as bank reserves held at the Federal Reserve are dwindling, suggest the central bank may be getting closer to ending the unwinding of its massive portfolio of securities. Overnight funding markets, where banks and asset managers borrow and lend to each other on a day-to-day basis, have
Fed’s balance sheet runoff in focus as bank reserves are ebbing Read More »
Key insight: Bank regulators typically offer supervisory relief for banks so they can offer credit during temporary hardships like shutdowns and natural disasters. What’s at stake: Thousands of government workers and contractors could go without paychecks depending on how long the shutdown lasts. Forward look: It’s not clear if the White House will try to
Exclusive: Waters presses bank regulators on shutdown relief Read More »
OpenAI is making it easier for ChatGPT users to connect with third-party apps within the chatbot to carry out tasks, the company’s latest bid to turn its flagship product into a key gateway for digital services. With the new option, unveiled Monday during OpenAI’s annual developers event, a ChatGPT user can ask to create a playlist for
OpenAI lets ChatGPT users connect with Zillow in app Read More »
Bloomberg News Key Insight: Fed Gov. Stephen Miran said central bank independence in setting monetary policy is of “critical importance,” highlighting that the central bank’s decisions should be insulated from politics. Expert quote: “Monetary policy should be set for the goals that Congress has assigned the Fed — for price stability and full employment —
Miran cites ‘critical importance’ of Fed independence Read More »
Treasury Secretary Scott Bessent is tapping Social Security Administration Commissioner Frank Bisignano to serve as the chief executive officer of the Internal Revenue Service, a new position at an agency that has undergone multiple leadership shakeups this year. Bisignano will continue to lead the SSA while managing day-to-day operations at the IRS. Bessent, who has
Bessent taps Bisignano as IRS CEO in latest agency shakeup Read More »
The parent company of Veterans United Home Loans has started up a new brand, while at the same time retiring an existing one. Mortgage Research Center has multiple trade names, present and past, listed on its Nationwide Multistate Licensing System page, including several forms of Veterans United, the nation’s most prolific Veterans Affairs lender. Now,
Veterans United parent launches new mortgage brand Read More »
Artificial intelligence is no longer a buzzword in mortgage lending — it’s rapidly becoming central to how loans are originated. But while some lenders are racing ahead with aggressive AI strategies, others are still inching forward, slowed down by cost, caution or compliance questions. Exclusive new research from National Mortgage News reveals just how uneven
EXCLUSIVE RESEARCH: How lender size impacts their AI choices Read More »