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- Kevin is out, jobs are in, and the rest of us are screwed 😭
Kevin is out, jobs are in, and the rest of us are screwed 😭
This Week's Market + Media Update with JohnB
John Birke
October 09, 2023
The only newsletter (probably) where you can get the latest market trends, mortgage news, and social media updates all in one place
🔥October 9th, 2023🔥
Home prices are showing no signs of slowing their roll, in fact they’re increasing exponentially per the August price report. And they’re not alone, mortgage rates have kept their momentum for the last couple weeks and we managed to set some multi-decade records again!
And the chaos doesn’t stop there, Kevin McCarthy got kicked out as Speaker of the House and the Jobs Report way beat expectations in the worst way 😢
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: Keep up the pace and accelerate growth despite rates doing a number on affordability
😱 Mortgage: Rates get pummeled, setting a record on Monday, then beating it on Friday 🤦♂️
🏛 Kevin McCarthy: Well, he promised to make history. Now he’s the first ever House Speaker to get fired
👷♂️ The Jobs Report: Horrifically great, almost doubling what was expected. Which sounds good at first glance, but it means the economy is cooking more than inflation and the Fed want
% Mortgage Rates: Keep setting records as the 30-year average gets closer and closer to the dreaded 8% mark
🔍 Coming this week: The Consumer Price Index (inflation numbers) is coming up… nothing else matters
The Media Part
🔥 Canva + AI = Magic Studio 😍
If you love Canva (like me) and you’re aspiring AI nerd (also like me), then this week was like Christmas for you! On Wednesday, Canva released a host of new AI tools that did not disappoint 🤩 The list of new creation tech, as part of Canva’s Magic Studio, includes tools that will write copy, create designs, develop full presentations, edit video, transform words, expand pictures, even finish your thoughts! If you haven’t played with it yet, you really need to get in there and see how Canva is upping the creativity game to a new level.
📉 A year of Elon has been a great big X… but it’s not marking any treasure spot
Monthly revenue at X (formerly Twitter) has consistently dropped by 55% year over year for the past year after Elon Musk assumed control of the company in October ‘22.
Between May and August this year, the platform's revenue fell by 61% compared to the same period in 2022. The most significant decline was in December, where X saw a 78% drop YoY. In June last year, the company reported earning $1.2 billion in Q2 revenue. However, Guideline's above research contradicts the optimistic outlook presented by X CEO Linda Yaccarino at a conference last week. She claimed that 90% of the top 100 advertisers had returned to the platform recently, and X boasted 540 million monthly active users.
✅ Social Media Tip of the Week
When you’re creating a video in Tiktok or Instagram, before posting make sure to download the video to your phone. This is a fairly new feature for TikTok, and both are easy to do. Just click the downward arrows next to your other option buttons. Now when you repost to other platforms, you won’t have that pesky, view-killing water mark holding your content back 👍
Well that’s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week do yourself a favor, don’t watch the mortgage rates. All bets are off and I don’t want you giving yourself an ulcer.
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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