House hunters in the United States saw signs of hope earlier this year when average mortgage rates dipped more than three-quarters of a point from their 2022 peak of 7.08%. But those hopes have dimmed.
“If you have no interest in banking, you are not a loan.” (Best said out loud to a 6th grader.) Cutting edge humor aside, this morning I head to Orlando for the FAMP event, in a state where there are a total of 186 banks operating with 4162 branches. Some of the conversation will be about Freddie Mac earning $2.9 billion in the 2nd quarter (how’d your company do?). Banks… Last Friday we saw something we haven’t seen for a while: a bank closure. “Heartland Tri-State Bank of Elkhart, Kansas, was closed by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver… the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas…” While we’re on Agency and government news, the Federal Reserve's quarterly Senior Loan Officer Opinion Survey found that banks have tightened credit standards f
Mortgages are only part of our lives, right? I only know what I read online, although Abraham Lincoln once said, “Don’t believe everything you read on the internet.” Before you fly down the freeway on a summer vacation, I also know that I have received my fair share of speeding tickets. (For those of you who haven’t, it’s a “punch in the gut” feeling to see that red light in the rear-view mirror. I’ve been able to talk them out of… none.) In something that smacks of Big Brother watching all the data, apparently 9 percent of drivers had a speeding ticket in 2022. Those drivers probably knew the speed limits, but in case you’d like a map of worldwide speed limits, here you go. (Thank you to Carol K.!) The official FHFA 2024 loan limits won’t be out until around Thanksgiving, of course, but in terms of inventions there is no limit on innovation. Face it: there isn’t a lot of innovation in lending. Sure the