The MBA, NAHB and NAR want the Fed to announce it’s done raising interest rates and that it won’t sell MBS holdings until there’s some stability in the housing market. The request could fall on deaf ears.
The current bad times for lenders can’t last forever. Eventually, the Federal Reserve will ease credit and normalcy will return to the industry. But before we get there, more job cuts will be the order of the day.
If the National Flood Insurance Program is allowed to lapse mid-November, the impact could extend beyond single-family lending, the Congressional Research Service has warned.
The GSEs provided new disclosures on temporary buydowns. Borrowers most commonly take a buydown that lasts no more than two years and usage of the feature is declining amid elevated interest rates.
The stage is set for some potential buyers to be priced out, which would reduce demand and the upward pressure on prices, according to data analytics firm Attom.
Income verification services provided by the IRS could continue to operate during a government shutdown; Rocket leads the way on raising loan limits; Redfin leaves NAR.
Originations of home equity lines of credit and closed-end second liens in 2023 haven’t kept pace with production in 2022 as elevated interest rates are limiting activity. (Includes three data charts.)
Smaller lenders appeared to punch over their weight as companies ranking below the top five generally posted bigger gains in first-lien originations in the second quarter. (Includes two data charts.)
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