The worst is officially behind us...

Right?

Author

John Birke
September 23, 2024

Nuke

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

September 23rd, 2024

Mission Accomplished GIF

Jerome’s probably feelin himself about now, but the work isn’t actually done and he knows it.

We had 2 MAJOR announcements last week, but are they enough to change this economic and real estate landscape?

  1. We’ve pushed our limitations (in a good way)

  2. and the Fed pushed our expectations (also the good way)

  3. but it doesn’t look like that’s going to be enough.

  4. And the crisis may already be moving into a new phase

  5. even if rates are playing the waiting game

Plus, TikTok just made it so you can go back and unscrew your screwups! Finally!

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 

📈 Limits were pushed: Conforming loan limits were increased to $802,650 by a few lenders ahead of official changes in January. Most can’t do it yet, but I can so let’s talk more about it.

Some lenders increase conforming loan limit to $802,650

Well ahead of official FHFA announcement

www.housingwire.com/articles/pennymac-increases-conforming-loan-limit-to-802650/

📉 Expectations too: The Fed dropped key interest rate by .5% in a shockingly aggressive announcement

Fed slashes interest rates by a half point, an aggressive start to its first easing campaign in four years

First interest rate cut since the early days of the Covid pandemic was more than expected

www.cnbc.com/2024/09/18/fed-cuts-rates-september-2024-.html

🏘️ But it’s not enough: Powell admits that rates will not fix the housing crisis. Only more inventory (i.e. construction) can do that

Jerome Powell says the Fed can’t fix the housing crisis

“This is not something that the Fed can really fix,” he said after delivering a historic rate cut.

fortune.com/2024/09/19/jerome-powell-fed-cant-fix-housing-crisis-mortgage-rates

🔢 And the crisis may be stepping it up: Mortgage demand jumped 14% last week on rates hitting a 2-year low. But it’s a double-edged sword as further rate drops could lead to another feeding frenzy

Weekly mortgage demand surges 14% higher as interest rates hit two-year low

Mortgage rates don't follow the Fed exactly, but they are influenced by policy and could move on Wednesday's news.

www.cnbc.com/2024/09/18/weekly-mortgage-demand-surges-as-interest-rates-hit-two-year-low.html

% Mortgage Rates: Were surprisingly flat despite the higher-than-expected Fed rate drop. And we are likely in a valley until the next big numbers come out

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: A busy one with home prices, home sales, tons of Fed Governors speaking, and the closely watch PCE inflation report

U.S. Economic Calendar - MarketWatch

U.S. economic calendar consensus forecasts from MarketWatch.

www.marketwatch.com/economy-politics/calendar

 The Media Part 

TikTok now lets you unscrew your screwups!

Ever post a TikTok vid and immediately say “damnit I forgot to add (insert screw up here)? I have. Moe times than I’d like to admit.

Well, TikTok just rolled out a new "Delete and Re-Edit" feature, and it's super handy. Let’s say you post a video but realize later you want to change something—maybe tweak the caption or add a stronger hook.

Now, instead of deleting the whole thing and starting over, you can just go back and make those changes while keeping all your original in-app edits like filters and text overlays. It's a great way to boost your content’s performance without losing any effort.

Plus, by making tweaks directly in TikTok, it tells the algorithm your video is fresh, which can help get it more views. It's a total game-changer for anyone trying to up their TikTok game

TikTok Adds ‘Delete and Re-Edit’ Option for Uploaded Clips

A handy update for those who primarily capture and edit in-app.

www.socialmediatoday.com/news/tiktok-adds-delete-re-edit-option-uploaded-clips/727050/

Well that’s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week don’t get angry when people ask you about the Fed “dropping mortgage rates”. It’s easy to tell them they’re wrong and mortgage rates are separate. But it’s easier to just say “yes, rates are finally down, how can I help you take advantage of that?”

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

@johnbmortgage

479.445.5062

NMNLS 1150795