The average interest rate on a 30-year fixed-rate mortgage declined to 6.20% this week, according to Freddie Mac.

Mat Ishbia, president and CEO of UWM, said “retail competitors and large servicers are intensely working to solicit” borrowers who received their existing mortgages through brokers.

Previous industry changes — the Uniform Mortgage Data Program, the single security initiative and the transition away from the London Interbank Offered Rate — took longer than expected to put into place and caught some stakeholders flat-footed.

Buying a home is “roughly affordable again at the national level,” according to Zillow.

Income from mortgage production increased in the second quarter as servicing income declined.

Given confusion around the commission structure for home sales, it’s important for loan officers to advise real estate agents and become a source of knowledge for homebuyers, according to Jonathon Haddad, CEO of the Association of Independent Mortgage Experts.

Applications for both purchase mortgages and refinances were up modestly last week.

The Federal Reserve responds to industry criticism by back-pedalling on some of the more aggressive capital requirements in the proposal.

After issuing a final rule on open banking, the CFPB plans a follow-on rule for open banking with mortgages.

“There’s a surprising amount of people moving around the industry these days," said one consultant.