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- That was a lot!
February 5th, 2024
The mortgage world trying to process the information dump we got this week.
We had a lot of news, some good, some less good, that we’re all still trying to process:
We had a bit of a home price cool down
Even as high prices and mortgage blues effect homeownership rates.
We applied for fewer new loans than we had been recently
Even as corporations gobble up supply and are hungry for more.
The Fed decided to hold rats for a while
Even as the crucial jobs report said things are hotter than ever
While job-seekers are feeling a different kind of heat.
And of course mortgage rates took a hit for that
Plus, So many things happened in the social media realm from Taylor Swift deepfakes, to Senate hearings, to social anniversaries, to Elmo taking over X!
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Ok, let’s get to it!
The Mortgage Part
🥶 A Cool Down?: Case-Schiller Report shows home prices slowing down at the end of 2023. Is this a new trend or a calm before the storm?
💰 Affordability Woes: Homeownership rates continued their slide as affordability and inventory put strain on buyers and the housing market
↘ Application Crunch: Mortgage applications were lower last week as this affordability remains an issue, but this could just be a blip
📈 Corporate Buyups: Blackstone set to become the 3rd largest single-family property owner in the US as it buys up another investment firm
🏛 The Fed: Holds rates steady and says we’ll have to keep waiting for cuts until later this year as it keeps a close eye on inflation data
👷♂️ So Much Work: The economy added way more jobs than expected… again! But the Fed doesn’t seem too worried about it hurting our chances of rate drops in the future
🤷♀️ But Nobody Cares: Despite a strong job market, job-seekers, especially younger ones, are struggling to find their place.
% Mortgage Rates: Stayed steady despite good economic data as we wait for a lot of big numbers to come out next week
🔍 Coming this week: A quiet week for data but we’ll hear thoughts from all kinds of Fed officials after last week’s meeting
The Media Part
🎉 A lot happened in the Media and AI worlds this week, here’s a quick synopsis:
Social CEO’s Catch Some Heat: During a U.S. Senate hearing, leaders from social media giants like Meta, TikTok, and others faced serious questions about their efforts to protect children online. Senators criticized these companies for not doing enough to prevent dangers like sexual exploitation on their platforms. Meta CEO Mark Zuckerburg was even pressured into apologizing to parents and children in the audience who had suffered from harm through social media. They discussed introducing new laws to make the internet safer for kids. The meeting highlighted a strong call for these tech companies to take more responsibility in safeguarding young users' online experiences
Deepfake Explicit Content Goes Viral: The article from Exodus Cry discusses the serious issue of AI-generated deepfake pornography, highlighting the case where Taylor Swift became a victim of such content. It explains how AI technology is used to create realistic pornographic images and videos without consent, affecting celebrities and ordinary individuals alike. The situation has sparked outrage and calls for legal action to regulate AI and protect individuals' images and mental health. The article emphasizes the need for legislation and proactive measures to combat the non-consensual distribution of deepfake content and protect victims of image-based sexual abuse
Elmo Takes Over for Elon: The fuzzy Sesame Street monster (who also just turned 3½ for like the 40th time) went viral on X for simply asking how everyone’s day was. The comments ranged from simple happy emoji’s to entire outpours of stories like Elmo was their new therapist.
Elmo is just checking in! How is everybody doing?
— Elmo (@elmo)
3:46 PM • Jan 29, 2024
A Social Birthday: Facebook, the largest social media platform on the planet, took the world by storm 20 years ago last week. Happy birthday to Zuck’s excuse for quitting on Harvard!
Well that’s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week take a break from the News cycle and focus on the things that matter, like family, friends, and how many times they’ll show Taylor Swift at the Super Bowl on Sunday!
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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