Rocket's new home-equity loan; NYCB waiting for regulatory approval on Flagstar merger; homeowners looking for financing for energy efficiency improvements.
Mortgage earnings declined across a group of 24 banks in the second quarter of 2022 as rising interest rates continued to eat into originations and margins. The outlook for the third quarter isn’t great either. (Includes data chart.)
MBA punts on recession forecast; interest rates on mortgages expected to decline; Flagstar merger dragging on; homeowners want mortgage financing for energy improvements.
With FHA loan performance relatively strong and the spike in interest rates this year, early buyout activity from Ginnie MBS is limited. Overall, removals are slowing thanks to elevated interest rates. (Includes data chart.)
The two largest REITs in terms of holdings of agency MBS noted extreme volatility in the second quarter while also suggesting that market dynamics are set to improve.