What the 💩 happened last week??

It was all just a bit much don't you think?

Author

John Birke
March 18, 2024

The only newsletter (probably) where you can get the latest market trends, mortgage news, and social + AI updates all in one place

March 18th, 2024

I swear some weeks there’s so much that happened I get exhausted just by reliving it to write this Newsletter

  1. Inflation numbers came in higher, freaking out the markets

  2. mostly because of housing costs

  3. which the HUD Secretary has been trying to fix… until now

  4. and things may have just gotten a whole lot worse for buyers.

  5. Oh, and rates are back over 7% 😭

Plus, watch your inbox tomorrow for a special treat 🥰

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, let’s get to it!

 The Mortgage Part 

📈 Price Problems: This week's inflation reports show that costs are still climbing faster than we want, and that has us worried about what the Fed will do (or not do) next

This week provided a reminder that inflation isn't going away anytime soon

Price pressures increasing at a faster-than-expected pace raised concern that inflation could be more durable than anticipated.

www.cnbc.com/2024/03/14/this-week-provided-a-reminder-that-inflation-isnt-going-away-anytime-soon.html

🏠 Housing is The Cuplrit: Shelter costs make up 2/3 of all inflation before food and energy, as housing continues to be the primary driver of increasing expenses

Housing Continues to Keep Inflation Elevated | Eye On Housing

Consumer prices in February saw another uptick, primarily fueled by the increases in shelter and gasoline prices, which contributed to over 60% of the total increase.

eyeonhousing.org/2024/03/housing-continues-to-keep-inflation-elevated

 ❌ Yeah, I’m Out: HUD Secretary Marcia Fudge resigns amid stalled efforts and “this crazy, silly season of an election”.

HUD Secretary Marcia Fudge to resign, says affordable housing is 'an American issue'

HUD Secretary Marcia Fudge will step down from Biden administration, saying the agency has done much to help families but more needs to be done.

www.usatoday.com/story/news/politics/2024/03/11/hud-secretary-marcia-fudge-steps-down/72886441007

🤦‍♀️ NAR Throws in the Towel: The National Association of Realtors settled a number of anti-trust lawsuits, changing their rules that could mean much higher costs for homebuyers and uncertainty in the homebuying process.

No more 6%? Home buyers and sellers will soon negotiate their own commissions with agents.

www.morningstar.com/news/marketwatch/20240315367/no-more-6-home-buyers-and-sellers-will-soon-negotiate-their-own-commissions-with-agents

% Mortgage Rates: Well, after the inflation data came in higher than expected, our rates are back over 7%

MBS Dashboard - MBS Prices, Treasuries and Analysis

View MBS prices and charts and follow the day's market activity with Micro News and Commentary.

www.mortgagenewsdaily.com/mbs

🔍 Coming this week: We have the Federal Reserve Interest Rate Meeting this week, so we can get some insight into what ‘ol Jerome is thinking

U.S. Economic Calendar - MarketWatch

U.S. economic calendar consensus forecasts from MarketWatch.

www.marketwatch.com/economy-politics/calendar

 The Media Part 

Ok after all that, I’m tired! So instead of last week’s Media headlines, I’m going to send you a special opportunity tomorrow. Let me give you a hint. If the words Kim, Tito’s, and TikTok ring a bell you’re probably pretty excited already!

So watch your inbox tomorrow and find out about how WE are going to help you stop feeling like you suck as social media! I promise you’re gonna love it!

Well that’s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week do yourself a favor and watch Jerome Powel’s speech after the Fed meeting. He’ll give us some gold nuggets about what the future of our economy and housing market might look like!

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.


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