Structural inequities make it more difficult for Black households and other people of color to make on-time rental and utility payments compared to the average white household, the Urban Institute noted in a new report.
While interest rate hikes are deflating originations, lenders aren’t budging much on underwriting standards for purchase mortgages, based on an analysis of mortgages delivered to the GSEs in the third quarter. (Includes two data charts.)
Among purchase mortgages with primary mortgage insurance, GSE volume declined in the third quarter while FHA and VA volume increased. California also lost its spot as the top source of loans with MI. (Includes two data charts.)
Rate locks jump; home prices decline for second consecutive month; the remote work factor; website will connect borrowers with brokers; new loan origination system promises “fun.”
Commercial banks and savings institutions reported significant declines in secondary market mortgage activity during the second quarter. Home loans held for sale on banks’ books also saw a severe drop. (Includes two data charts.)
Home prices depreciated in July; foreclosure starts near pre-pandemic levels in August; mortgage rate locks continued downward trend in August; applications for mortgages on second homes fall to pre-pandemic levels; Experian allowing renters to boost their credit scores.