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Vaultedge Newsletter - Purchase mortgage rates highest ever !

Vaultedge Newsletter - Purchase mortgage rates highest ever !
By Sanat from Vaultedge • Issue #36 • View online
The news that woke me up from my sleep today (without my daily dose of caffeine) was about the purchase mortgage rates that have hit the 5.11% mark. This is the highest ever in the past 12 years. And experts have predicted that the rates aren’t going to drop anytime soon. Homebuying will be much more unaffordable and a big impediment to the ‘American dream’. Most companies will be cutting corners to reduce costs and stay ahead in the market. Deploying business process automation around this might seem like a costly affair, but looking at the distant future, this is one investment that the lenders will not regret.
Lender American Financial Resources reported a data breach affecting 216,645 borrowers in March, according to a disclosure with the Indiana Attorney General’s Office. AFR is working towards building a more robust security system against these attackers. The recent MBA Tech 2022 highlighted the ongoing cybersecurity warfare between the companies and the arbitrators and how there are measures available to prevent further damage. Before I forget, we have crafted a report on the recent MBA Tech event that summarizes a few of the key sessions, so do take a look.
The week isn’t ending on a high note. I don’t wish to be the harbinger of bad news but the economy doesn’t look all hunky-dory in 2023. In their latest forecast this week, Fannie Mae economists said that a ‘modest recession’ is expected in 2023. It won’t resemble the severity or duration of the Great Recession, but owing to higher mortgage rates and the decline in home sales will decline by 7.4 percent this year and by 9.7 percent in 2023.
I am not much into OTT but recently I watched The Queen’s Gambit on Netflix. Set during the Cold war era, the story is about an orphaned chess prodigy, Beth who struggles with addiction in a quest to become the greatest chess player in the world. What caught my interest was Beth’s relentlessness and sheer audacity to be the best despite the circumstances. Much like a lot of entrepreneurs that I meet. The bad news (here I go again!) is that more than 100 million global households use a shared password for Netflix, with more than 30 million of those in the U.S. and Canada. It has decided to bring the hammer down on global password sharing. So, your cousin’s ex’s Uncle Billy will face a dark day soon.
A lot has happened this week. Keeping fingers crossed for a better next week!
Happy reading.

Purchase mortgage rates climb to 5.11% - HousingWire
Fannie Mae cuts origination projection, forecasts recession in 2023 - HousingWire
Large data breaches reported by multiple mortgage firms | National Mortgage News
Rocket Mortgage and LoanDepot talk sports marketing | National Mortgage News
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Sanat from Vaultedge

We write about the future of mortgages, real estate and automation.

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