- The Mortgage + Media Newsletter
- Posts
- Everything looks great other than that giant growing disaster ready to tear the economy apart 🥰
Everything looks great other than that giant growing disaster ready to tear the economy apart 🥰
But like... let's stay positive, right? đź‘Ť
John Birke
November 06, 2023
The only newsletter (probably) where you can get the latest market trends, mortgage news, and social media updates all in one place
November 6th, 2023
Markets and mortgage rates reacting to a goodly bad jobs report and the Federal Reserve’s decision to hold interest rates still. Quick tribute to Matthew Perry, we miss you Friend
Last Week:
Home prices are literally better than ever
The Fed kept it’s cool while we wait to see what’s next
Credit scores and credit card debt, seemingly opposed to the other, are both now higher than ever? All while interest is at it’s peak??
Job growth was down which made market smiles go up
Mortgage rates plunged for the first time in forever!
Plus, Uncle Joe gets serious about the robot invasion and there’s a new FLIPpin kid in town
Really quick, if someone forwarded this email to you, don’t settle for being at mooch. Sign up and get it for yourself here 👇
Ok, now let’s get to it!
The Mortgage Part
Check out this week’s video 📽👇
👷‍♀️ Home Prices: Just hit a new all-time high despite highest rates and lowest affordability on record due to low inventory
🏛 The Fed: Keeps rates where they are rather than increasing again, and waves of hope and relief ripple across markets. But will those feelings last?
💳 Credit scores vs. credit cards: Somehow we’ve managed to set 2 records simultaneously. 1: Credit scores are the highest in history. 2: We are over $1 trillion in credit card debt! Not to mention, interest is at news highs too! This skyrocketing debt could spell disaster if it gets out of control.
âš’ The Jobs Report: Coming in cool with surprisingly low job growth numbers, which means more good news for the Fed, markets, and rates
% Mortgage Rates: With the flurry of much-wanted news, rates had their best week in I don’t even want to count how long, dropping not just back under 8%, but well under 7.5% in a matter of days 🙏
🔍 Coming this week: A slow week coming up, with consumer credit, some trade numbers, and Veteran’s Day on Friday
The Media Part
🤖 Uncle Joe Cracks Down on AI
Biden dropped a big ol' executive order on AI yesterday that's aiming to rein in the Wild West of artificial intelligence. This comprehensive set of guidelines is Uncle Sam's first real attempt to regulate an industry that's pretty much had free rein up 'til now.
The big takeaway? Any developers cooking up advanced AI models in the future are gonna have to run their creations through some safety tests and show the results to the federal government to prove the tech isn't a threat to John Q. Public.
It'll be a team effort across the government to keep AI on the straight and narrow. The National Institute of Standards and Technology will set the benchmarks for testing safety. The Department of Homeland Security and Department of Energy will scrutinize new AI for national security and infrastructure risks. And the Department of Commerce is gonna issue rules on watermarking AI-made stuff so you know if that viral Harry and Meghan divorce tweet is just a deepfake.
There are also plans in the works to study AI's impact on jobs, prevent algorithmic bias, and develop guidelines to strengthen privacy protections around AI. Biden made it clear though that it's up to Congress to pass solid consumer privacy legislation.
The order aims to standardize the government's use of AI, make it easier for agencies to acquire AI tools and hire experts, and provide resources for smaller developers and researchers so a handful of big tech firms don't end up dominating the field.
But the order is really just a starting point that lays out important norms and guidelines. Some of it isn't enforceable or binding, so it remains to be seen how effective it'll be. And of course it doesn't have much sway over AI developers outside the US. Still, it's a meaningful first step in regulating this rapidly evolving industry.
🛍 What the FLIP is this??
Have you hear of the new Social Shopping app? It’s called FLIP and it’s kinda like TikTok Shop and Instagram had a baby. Here’s how it works: you shop like any other app, but you also earn cash and free products by creating content, doing reviews and referring friends to the platforms.
This app shows just how social shopping is becoming. And not just for complicated shoes but for everything they need. That includes real estate… it includes YOU! Your social presence is what will attract your ideal client to you, so treat it like it’s your billboard for the world to see… because it is!
Well that’s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week with a slow news cycle just sit back, soak in the rate relief, and thank a vet you know for their service!
And as always, I’m happy to help you and your clients with anything mortgage, marketing, or social media. See you next week and
Thanks for reading!
John Birke | Mortgage Advisor | Content Coach
NMNLS 1150795
Movement Mortgage
9726 Old Bailes Road, Suites 121 & 130, Fort Mill, South Carolina 29707
NC-I-211026, SC-MLO-1150795, AR-128178, MO-1150795, OK-MLO29209 | Movement Mortgage LLC. All rights reserved. NMLS ID #39179 (www.nmlsconsumeraccess.org). Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. For more licensing information please visit movement.com/legal.
Please be aware that e-mail is not a secured communication vehicle, and that others may in certain circumstances be able to view its contents. As a result, while we are happy to provide this information by e-mail, we do not conduct actual business transactions by e-mail. Please contact the sender directly if you have any concerns about this message. All loans subject to credit approval and property appraisal. This communication is confidential and propriety business communication. It is intended solely for the use of the designated recipients(s). If this communication is received in error, please contact the sender and delete this communication.