Well that'll take the wind right out of you're sails šŸ™ƒ

This Week's Mortgage + Media Update with JohnB

Author

John Birke
February 19, 2024

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

February 19th, 2024

A little false hope and dashed dreams for this week:

  1. Affordability is back?

  2. Youngā€™uns are getting rich quick?

  3. Despite some money woes

  4. And rising rates

  5. With les spending

Plus, Are you ready to not have to shoot video ever again with Sora AI?

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

Ok, letā€™s get to it!

 The Mortgage Part 

šŸ” Affordability is coming back?: Supposedly when rates get to 6.625% homes become ā€œaffordableā€ againā€¦ but IDK

Why 6.625% Is An Affordable Mortgage Rate In 2024

Mortgage rates spiked this week as inflation ticked up. But here's the case for mid-6% rates by Spring and math on why this is affordable.

thebasispoint.com/why-6-625-is-an-affordable-mortgage-rate-in-2024

šŸ‘¶ Youngā€™uns getting rich: Americans under 40 saw their wealth spike 80% in the last few years

Younger generations have gained more wealth than other age groups since 2019, study says

The biggest driver of the wealth gains for younger generations was stocks, according to the study.

www.cnbc.com/2024/02/15/younger-generations-gained-more-wealth-than-others-since-2019-study-says.html

šŸ’² Money woes: Inflation report shows CPI is still over 3% a real bummer for all of us waiting for the Fed to drop their rates.

Prices rose more than expected in January as inflation won't go away

The consumer price index was expected to show a 0.2% increase in January, butā€¦

www.cnbc.com/2024/02/13/cpi-inflation-january-2024-consumer-prices-rose-0point3percent-in-january-more-than-expected-as-the-annual-rate-moved-to-3point1percent.html

šŸ“ˆ Inflation to rates: The inflation report sent rates through the roof last week, losing the momentum we made the last few months

Mortgage rates shoot to 2-month high after new report shows inflation is still hot

The average rate on the 30-year fixed mortgage jumped to 7.14%, according to Mortgage News Daily. That is the highest level in two months.

www.cnbc.com/2024/02/16/mortgage-rates-shoot-to-2-month-high-after-hot-inflation-report.html

šŸŒ Buying snail: We spent a lot less than anticipated, an early sign of troubles afoot?

Retail sales tumbled 0.8% in January, much more than expected

Sales declined 0.8%, down from a 0.4% gain in December and worse than the estimate for a 0.3% drop.

www.cnbc.com/2024/02/15/retail-sales-january-2024-.html

% Mortgage Rates: Jumped over 7% on bad inflation news

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

šŸ” Coming this week: Some Fed officials speak and some home sale numbers come in. Overall a slow week ahead

U.S. Economic Calendar - MarketWatch

U.S. economic calendar consensus forecasts from MarketWatch.

www.marketwatch.com/economy-politics/calendar

 The Media Part 

šŸ¤Æ Open AI drops itā€™s biggest bombshell since ChatGPT

Open AI, the company behind ChatGPT, just announced a new tool called Sora. It can generate hyper-realistic videos from nothing more than a text prompt. Want to watch a bald eagle snowboard on some killer powder? Sora will make it.

And even though this tool isnā€™t going to be open to the public any time soon, thereā€™s a lot of talk about how dangerous this technology could become. Deepfakes of politicians, for example, could spread lies, change elections and potentially the altar the course of our democracy! OK thatā€™s maybe a bit dramatic, but the potential for this tech being used by bad actors is serious. Weā€™ll see how this plays out.

In the meantime, check out this short video showcasing the power of Sora AI

Well thatā€™s it for the best (and likely only) Mortgage AND Media Newsletter out there. This week take a look at your business plan. How close are you to your goals and are you still track for what you want to accomplish?

And as always, Iā€™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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