Originations of home equity loans declined in the fourth quarter as interest rates increased. Though HELOCs still dominate home equity production, closed-end second liens gained share in 2023. (Includes three data tables.)

The National Association of Realtors’ recent settlement could prompt a decline in the commission of a homebuyer’s real estate agent. The change could put pressure on both homebuyers and lenders.

Employee count increased at United Wholesale Mortgage in 2023, while at Rocket Companies it was down 20.5% on an annual basis. (Includes data table.)

"There are likely several more challenging quarters ahead for mortgage companies," said Eric Orenstein, a senior director at Fitch Ratings.

The Fed plans to reduce the speed of the runoff of Treasuries and MBS from its balance sheet "fairly soon," according to Fed Chair Jerome Powell.

The increase was driven by refinances, particularly VA refis.

Starts of single-family homes increased in February and are projected to remain high.

According to FHFA researchers, mortgage lock-in prevented 1.33 million home sales between the second quarter of 2022 and the end of 2023.

Economists at Fannie Mae revised their interest rate projections, anticipating that rates on mortgages will stay higher for longer.

"Using third parties to circumvent this insurance feature creates uncertain financial risks for lenders and for Treasury Department’s ongoing financial support of the GSEs," said Edward DeMarco, president of the Housing Policy Council.