Mortgage rates were good for a really bad reason ๐Ÿ˜ฌ and they'll probably come back up quick ๐Ÿ“ˆ

This Week's Market + Media Update with JohnB

Author

John Birke
October 16, 2023

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

๐Ÿ”ฅOctober 16th, 2023๐Ÿ”ฅ

Last Week:

  1. Hamas and Israel go to war, and potential global recession looms

  2. Inflation was up, very much what we did NOT want to hear

  3. The House gets no closer to finding a new Speaker

  4. Elevated mortgage rates cause a drop in housing sentiment

  5. Rates were down for the week, but that could be very temporary

Really quick, if someone forwarded this email to you, donโ€™t settle for being at mooch. Sign up and get it for yourself here ๐Ÿ‘‡

Ok, now letโ€™s get to it!

 The Mortgage Part 

Check out this weekโ€™s video ๐Ÿ“ฝ๐Ÿ‘‡

โš  War in Israel: Hamas attack sparks a new Middle East war that could bring the whole world economy to itโ€™s knees

Israel-Hamas War Impact Could Tip Global Economy Into Recession

Like Middle East wars of the past, the conflict between Israel and Hamas that broke out this past week has the potential to disrupt the world economy โ€” and even tip it into recession if more countries are drawn in.

https://www.bloomberg.com/news/features/2023-10-12/israel-hamas-war-impact-could-tip-global-economy-into-recession

๐Ÿ’ต Inflation: New Consumer Price Index shows that inflation ticked up last month, markets fear more rate hikes ahead

Consumer prices rose 0.4% in September, more than expected

The consumer price index was expected to increase 0.3% in September, according to a Dow Jones consensus estimate.

www.cnbc.com/2023/10/12/cpi-september-2023.html

Getting to 2% inflation won't be easy. This is what will need to happen, and it might not be pretty

In theory, getting inflation closer to the Fed's target doesn't sound terribly difficult. In practice, it could be a different story.

www.cnbc.com/2023/10/12/getting-to-2percent-inflation-wont-be-easy-this-is-what-will-need-to-happen-and-it-might-not-be-pretty.html

๐Ÿ› House Speaker Battle: More Republican infighting led Scalise to back out of the running for Speaker of the House, leaving Congress paralyzed. Desperation leads to GOP leaders asking for help from rival Dems

GOP's Scalise ends his bid to become House speaker as Republican holdouts refuse to back the nominee

Scalise told GOP colleagues at a closed-door meeting late Thursday of his decision.

apnews.com/article/kevin-mccarthy-ousted-speaker-jordan-scalise-1492ca6b58604c51186015c23f7efccd

๐Ÿก Housing Sentiment: High mortgage rates are making things tough on potential buyers and sellers, pushing Housing Sentiment to new lows

Mortgage rates near 8%, an 'inventory crisis': Homebuyers face a 'tricky' market, expert says

The housing market is dealing with several "tricky" dynamics, said Tracy Kasper, president of the National Association of Realtors.

www.cnbc.com/2023/10/12/mortgage-rates-near-8percent-low-inventory-homebuyers-face-a-tricky-market.html

Elevated Mortgage Rates Push Housing Sentiment Even Lower

This chart shows how buyers and sellers feel (and how different those feelings are) in the current housing market

www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey

% Mortgage Rates: Dropped early in the week as investors flocked to bond safe-havens, but wavered as the reality of stubborn inflation sunk in

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

๐Ÿ” Coming this week: Israel is about to step up itโ€™s retaliation in Gaza, with retail, home sales, and housing starts upcoming

 The Media Part 

๐Ÿ”ฅ Canva + AI: Magic at your Fingertips

Last week we saw a lot of excitement over the new AI-Powered Magic Studio in Canva! So, Iโ€™ll be hosting a new online event with proceeds going to charity! Check it out!

Hit the marketing easy button with the newest tech in the marketing industry! Learn to create high-level, AI-generated content in a click with Canva's new Magic Studio.

Sick of spending hours brainstorming content ideas, researching topics, and writing articles? Well Canva's Magic Studio just entered the chat. It uses advanced Artificial Intelligence to generate high-quality content in just a click.

With a simple prompt, Magic Studio can generate unique and engaging graphics, blog posts, social media captions, seemingly impossible edits, custom images and so much more. All set to you branding, unique voice and style!

No more staring at a blank page or struggling to come up with fresh ideas. With the Magic Studio, creating compelling content has never been easier. Join us and see the magic for yourself!

Plus, a๏ปฟll proceeds will go to charity!

B๏ปฟONUS: I'll credit every dollar you donate back to you, make sure you're there for the details on how!

Friday, October 20th at 1PM EST

Tuesday, October 24th at 10AM EST

Wednesday, October 25th at 12PM EST

๐Ÿ“‰ X catches more flack as Israel-Hamas war misinformation

Misinformation about the Israel-Hamas war has been spreading rapidly on X. Videos claiming to show the conflict are garnering huge views, even though many are completely fabricated.

For example, a video supposedly showing an Israeli helicopter being shot down actually came from the video game Arma 3. Meanwhile, "Israeli bombings" lighting up the sky in red were actually last year's fireworks in Algeria.

However, X's owner Elon Musk does not appear concerned about tackling this misinformation. He recommended following two accounts known for spreading false narratives. This decision facilitates the proliferation of bogus war videos on the platform.

The abundance of misinformation likely stems from Musk firing the employees responsible for detecting and removing false content. Furthermore, allowing any user to obtain a verified checkmark makes it easier for misleading posts to appear credible.

In summary, exercise caution when viewing content about the Israel-Hamas war on X, as much of it is potentially unreliable. There has been an influx of misinformation masquerading as factual news on the platform.

Well thatโ€™s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week please pray for all the innocent civilians caught up in the violence in Israel and Gaza ๐Ÿ™

And as always, Iโ€™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

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