Rate locks declined in December and loan applications fell to levels last seen in 1996. Interest rates are to blame. Economists offer some glimmers of hope for the second half of the year.
Rising interest rates took a bigger bite out of private MI activity than FHA business in the fourth quarter of 2022. On an annual basis, primary MI activity fell, based on agency MBS issuance, though issuance volume involving loans without MI was off by even more. (Includes two data charts.)
The share of homebuyers using all cash to purchase homes rather than a mortgage is increasing. Some affluent homebuyers are avoiding purchase mortgages due to high interest rates.
FTC proposes banning noncompete clauses across wide swath of industries; Rocket unveils special purpose credit program; Guild joins other lenders in offering temporary buydowns.
Banks and thrifts reported significant declines in loan origination volume and loan sales during the third quarter. Even their loan pipelines contracted drastically. (Includes two data charts.)
Both Moody’s and Fitch expect a recession in 2023. But, unless conditions change markedly, they predict the impact on the housing market will be limited on a national basis.
The wholesale lender announced a $500 credit for borrowers seeking Fannie Mae HomePath properties. The program is one of a slew of discounts offered in the past year by lenders trying to generate volume.
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.
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