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This Week's Mortgage + Media Update with JohnB

Author

John Birke
February 12, 2024

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

February 12th, 2024

Not a ton of economic data this week, but there’s still a lot of 💩 going down:

  1. Nobody’s affording houses

  2. The weather is taking all the rentals

  3. Commercial properties are in peril

  4. The Fed is taking it easy

  5. Debt is out of control

Plus, I got nothing…

Really quick, if someone forwarded this email to you, don’t settle for being at mooch. Sign up and get it for yourself here 👇

Oh, and if you want to learn about a simple tool called the Content Planning Kit that can help you create a strong, consistent social media presence in just 1 hour/day, join tomorrow’s training at 11AM EST 👇

Ok, let’s get to it!

 The Mortgage Part 

🏡 Affordability in the dirt: Home affordability remains near historic lows despite the recent drop in rates

Housing Affordability Remains Near Historic Low Level | Eye On Housing

Mortgage rates that hit more than a 20-year high, coupled with elevated construction costs and excessive regulatory costs, left housing affordability in the fourth quarter of 2023 virtually unchanged from the previous quarter and holding near its lowest level in more than a decade. According to the National Association of Home Builders (NAHB)/Wells Fargo Housing

eyeonhousing.org/2024/02/housing-affordability-remains-near-historic-low-level

🌪 Weather for rent: More frequent and intense weather events are putting a lot of rental housing in jeopardy. As of we need anything else wrecked our home inventory

More than 18 million rental units at risk from climate hazards as extreme weather becomes more common, Harvard study finds

As extreme weather and climate-related hazards become more frequent across the U.S., renters face particular challenges.

www.cnbc.com/2024/02/07/over-18-million-rental-units-are-at-risk-from-environmental-hazards-study.html

📉 Commercial Collapse: Yellen worries that the upcoming wave of commercial property expense increase might break the banks

Yellen Concerned About US Commercial Real Estate but Says Stresses Manageable

Treasury Secretary Janet Yellen on Tuesday said she is concerned about looming commercial real estate stresses on banks and property owners

money.usnews.com/investing/news/articles/2024-02-06/yellen-concerned-about-us-commercial-real-estate-but-says-stresses-manageable

😭 No relief in sight: Kashkari echoed other Fed officials in saying that rates won't be coming down anytime soon

Fed's Kashkari backs sentiment that policymakers can take their time cutting interest rates

Kashkari said economic developments have shown that Fed policy is not as restrictive on growth as it appears on the surface.

www.cnbc.com/2024/02/05/kashkari-backs-sentiment-that-the-fed-can-take-its-time-cutting-interest-rates.html

📈 Debt spike: Total debt has exploded, up 30% in the last 4 years as rates have skyrocketed! But Wells Fargo says it's nothing to worry about?

Fed Chief Jerome Powell says a March rate cut is not likely

Fed Chairman Jerome Powell said the central bank is unlikely to have enough confidence about inflation to cut rates as soon as March.

www.cnbc.com/2024/01/31/fed-chief-jerome-powell-says-a-march-rate-cut-is-not-likely.html

% Mortgage Rates: Stayed steady despite good economic data as we wait for a lot of big numbers to come out next week

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: Big PCL inflation numbers, along with builder confidence and consumer sentiment.

U.S. Economic Calendar - MarketWatch

U.S. economic calendar consensus forecasts from MarketWatch.

www.marketwatch.com/economy-politics/calendar

 The Media Part 

❓ Uhhhhhhh

Ok, so I’m too hung over from my “shot every time they show Taylor Swift at the Super Bowl” drinking game. I’ll do a media part next week after I hydrate 🥴

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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