Expenses reached their lowest level as measured by basis points since the third quarter of 2021.

“The highest mortgage rates of the year hit right in the middle of summer, and that’s pulling back contract signings,” said Lawrence Yun, chief economist at NAR.

Better is seeking a ruling requiring Garg to pause his activity and file required disclosures with the SEC.

The $337.5 million expanded-credit MBS Annaly Capital Management is marketing is much smaller than any other expanded-credit MBS the firm has issued this year.

Spreads on the second-quarter issuance widened significantly compared with the prior deals issued by the GSEs.

Nationally, home prices declined by 0.5% on a monthly basis in July, according to First American Data & Analytics.

“Custom home builders continue to report stronger market conditions than spec builders, reflecting better conditions at the higher end of the market,” said Robert Dietz, chief economist at the National Association of Home Builders.

"We have retained a dedicated team of experienced advisors to assist us with this matter, allowing our leadership team and employees to remain focused on our key operational objectives," Daniel Lewis, interim CEO of Better Home & Finance, wrote to employees amid a battle for leadership of the company.

FHA mortgages continued to show the worst performance.

Better’s board responded with a statement suggesting that Garg may have violated securities laws.